Iowa Appraisal

Iowa Land Auction Prices, February 8-14, 2019

Posted on February 18, 2019 at 9:53 AM by Jim Rothermich

Iowa land sales were down this week with 2,310 acres auctioned, of which 1,757 were tillable. One farm was a “no sale.” The realtor felt the seller had too high of price expectations. The market appears to be steady.

Last week a farm was auctioned that included 30 acres once owned by Honest Abe Lincoln, the 16th president of the United States. Did the farm sell for a premium? Yes it did! It sold for $10,000/acre, a 43% premium above other tracts in that auction. Why? Emotions matter. Seth Baker of Field Level Agriculture, Inc. is a real estate broker familiar with that farm and has written a nice article about the sale: Successful Farming magazine wrote another good article about that auction: The sellers purchased these acres 30 years ago at $788/acre. Selling today at $10,000/acre equates to 8.83% appreciation per year.

“That’s my story and I’m sticking to it!” Please check back next week to see what the Iowa land market is doing.

Jim “the Land Talker”

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