On February 8, 2019, we took 6 parcels to auction, and with the help of active bidders, we sold all 6 parcels. The first auction was in Marshalltown, Iowa, with the farms located SE of Marshalltown, near Ferguson. The sale totaled $1,864,000, or about $4905/acre. Tracts ended up selling anywhere from $3100/acre for timber up to $5550/acre on a 40 acre parcel with 32.5 crop acres for a price of $6830/tillable acre. That's a strong sale for the area, as these tracts were very rolling and has waste acres. Overall, this ended up at $6905/tillable acre.
The second auction in the afternoon was held at Liscomb, Iowa. These 2 tracts ended up selling for $6500/acre on the best parcel, which was 107 acres, and $4300/acre on a parcel with 51 crop acres out of 80 acres. These are great sales for the area, with good bidding from area landowners.
On Saturday, February 9, I was honored to be the feature speaker at the Beginning Farmers Conference at ISU. I had a great time with the younger crowd that was in attendance. I spoke about current land trends and prices, what they should look at in buying their first farm, and war stories from my 38 years in the real estate business. I had a great time and I've had several responses from them via email with questions about careers, etc.
We have several good auctions coming up in March. On March 1, 2019, at 10:00 am, we will be selling 35 acres in Jasper County across from the Oakland Acres Golf Course. It's a great area and a good farm with the opportunity for future development. On March 8, 2019, we will be selling 81 acres northeast of Reinbeck in Grundy County, Iowa, and then 79 acres in Franklin County, Iowa, SW of Sheffield. Both of these properties are good investment type properties. Please go to our website for more details or call my office for details.
The land market is still very active and prices have been reasonably strong. If you are thinking of selling a parcel of land, this is an excellent time. Demand is good, with some investor interest and 1031 money still trying to find a home.
Make it a great week!