Southern Illinois farmland auction draws big crowd, competitive bidding
BENTON, Ill., Aug. 26, 2014 /PRNewswire/ -- Monday's auction of approximately 765 acres of farmland in southern Illinois attracted a strong field of 45 bidders that included farmers as well as local and institutional investors, resulting in an accepted high bid of $4,195,000.
"We had a classic competition between investors and local farmers, and a large investor was in the competition right up to the end, but it was the farmers who ended up as the high bidders," said Joe Bubon, executive vice president of the auction company. "In the end, we had four different buyers of the land, which was offered in 13 tracts," he said.
The price per acre came to $5,483 per acre. "This beat a recent appraisal by a significant amount and was an excellent outcome for land of this quality in Franklin County. We're thrilled for the sellers, the family of John and Earlene Whittington. Their family had owned this land for generations, and they were delighted with the result," said Bubon.
"Even with lower corn prices, we see a solid base of demand for land. Farmers and most investors are looking beyond the current commodity markets and thinking long term," Bubon said.
Bubon said the turnout in Benton is cause for optimism in upcoming farmland auctions.
Upcoming auctions include offerings of 294 acres in McLean County (Sept. 12), 447 acres in DeWitt County (Nov. 6), 741 acres in Clay County (Nov. 17), and 1,355 acres in Halifax County, N.C. (Oct. 28). Individuals seeking additional information may visit www.murraywiseassociates.com or call 800-607-6888.
Murray Wise Associates LLC, headquartered in Champaign, Ill., is a leading national agricultural real estate marketing and financial advisory firm, with additional offices in Florida and Iowa.
For more information:
Carl Carter, 205-823-3273
SOURCE Murray Wise Associates
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