Union County Farmland Goes for $6M in Auction
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowWhen it comes to good quality farmland in Indiana, it appears to be a seller’s market. Columbia City-based Schrader Real Estate and Auction Co. says it just managed the auction of an 804-acre farm in Union County that sold for $6.3 million.
Schrader says the sale of Hunt-Johnson Farms serves as an early signal that demand for quality farmland remains strong.
“There’s always a lot of anticipation around the first few major auctions after harvest, as farmers and investors watch to see how crop size, commodity prices and trade dynamics get translated into cropland prices,” said R.D. Schrader, president of the auction company.
The land had been owned by the same family for four generations. Schrader says the land included 713 contiguous acres offered in 11 tracts that ranged in size from 18 acres to 178 acres.
The auctioneer says the sale attracted 300 people of which 68 were registered bidders. By the end of the auction, seven bidders remained including four farmers and three investors.
“What we saw in Union County was consistent with other results that show solid demand for quality farmland. Most importantly, we had a satisfied seller,” Schrader said.