Iowa Land Auction Prices, February 8-14, 2019
Posted on 02/18/2019 at 09:53 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: http://bit.ly/2X6nMxd. Successful Farming magazine wrote another good article about that auction: http://bit.ly/2N9ezzF. 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”
Monthly Iowa land auction results email: Click here to subscribe.