CHAMPAIGN, Ill., April 15, 2015 /PRNewswire/ -- Tuesday's auction of a farm that included 196 acres of tillable farmland attracted a crowd of more than 50 people – including 22 registered bidders – resulting in a sale price of $2,091,000, or $10,668 per acre, for the tillable land. Champaign-based Murray Wise Associates marketed the property and managed the auction.
The auction led to a spirited tug of war between farmers and investors, with active bidding for the individual tracts as well as for the two farmland tracts combined.
"This was a remarkable auction in several respects, starting with the fact that we had about a dozen bidders competing very actively for the individual tracts of 110 and 86 acres, and for the combination of all 196 acres. Things went back and forth for quite a while. Local farmers were seeking to add the land to their existing operations, and investors were seeking it as well," said Joe Bubon, executive vice president of the company.
"In the end, it was an investor buying both land tracts. But the runners-up were farmers bidding on the individual pieces," said Bubon. He said the price was strong compared with recent land sales.
"The farmland market may not be what it was a year ago, but it's still very high by historical standards," said Bubon.
Individuals seeking additional information may visit www.murraywiseassociates.com or call 800-607-6888.
Murray Wise Associates LLC, headquartered in Champaign, Illinois, is a leading national agricultural real estate marketing and financial advisory firm, with additional offices in Naples, Florida and Clarion, Iowa.
For more information:
Carl Carter, 205-823-3273
SOURCE Murray Wise Associates LLC