Faulk County land auction draws big crowd of bidders, resulting in $8.7 million sale
ABERDEEN, S.D., March 9, 2018 /PRNewswire/ -- The farmland market faced one of its first big tests of the year Wednesday, March 7, and it passed with flying colors. A Steffes Group auction of 2,117 acres drew a strong field of bidders, four of whom emerged as buyers, for a total of $8,724,636.
"This was the kind of land auction that has been rare in recent years – contiguous land with excellent access and good soils. Bidders responded with a lot of enthusiasm, and we got a great result for the sellers," said Max Steffes, representative for the auction company. "When we opened bidding, the first successful bidder purchased three of the nine tracts – 480 acres – at $5,100 per acre. In the second round of bidding for the remaining tracts, we sold an additional 304 acres for $4,400 per acre," he said.
The overflow crowd of 125 included 37 registered bidders.
"It was really encouraging – though not surprising – to see such demand. Farm income is improving in many cases, and this land had soil productivity ratings in the 80s. Our aggressive marketing program succeeded in bringing the land to the attention to both farmers and investors. Of the buyers, three were local farmers and one of the tillable tracts went to an investor," said Steffes.
Steffes Group, Inc., is headquartered in Fargo, North Dakota, with additional locations in Minnesota, Iowa and South Dakota. The firm sells a wide range of assets including farmland, farm and construction equipment, large estates, and business holdings. The firm also conducts regular hay auctions and provides farm management services. Individuals interested in additional information may call 800-451-7087 or visit www.SteffesGroup.com.
For more information:
Carl Carter, 205-823-3273
SOURCE Steffes Group
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