SULLIVAN, Ind., June 21, 2013 /PRNewswire/ -- The auction of 1,035 acres of Indiana and Illinois farmland drew a standing-room-only crowd of approximately 250 people Tuesday, resulting in active bidding and strong prices.
"Farmers and investors alike were actively bidding, and during the past few months, farmers have been prevailing. But in this case, most of the cropland went to the investors," said Gene Klingaman, executive vice president of Schrader. "This exceeded our expectations and demonstrates what we've been seeing for quite a while now -- that demand for farmland remains high among investors and farmers alike," he said.
Joe Bubon, executive vice president of Murray Wise Associates, agreed. "There isn't a lot of supply of available farmland, so a property like this one that is more than 80 percent tillable is very attractive. I think we'll continue to see strong farmland prices, because there really aren't a lot of alternatives that combine the return and stability, especially with the recent volatility in stocks and bonds."
The auction was held at the Sullivan County 4-H Fair Grounds Exhibit Building.
Schrader Real Estate and Auction Company, based in Columbia City, Ind., is a leading auctioneer of agricultural land throughout the United States. Individuals seeking additional information about the firm and its auctions may visit www.schraderauction.com or call 800-451-2709.
Murray Wise Associates, based in Champaign, Ill., is a leading auctioneer of farms and ranches throughout the United States. Individuals seeking additional information may visit www.murraywiseassociates.com or call 800-607-6888.
For more information:
Carl Carter, 205-823-3273
SOURCE Schrader Real Estate and Auction Company