|Area farm ground brings in possible record price|
|Friday, October 11, 2013 12:00 AM|
BY ED GEBERT
Times Bulletin Editor
Three tracts of farm ground near the intersection of Richey Road and Elm Sugar Grove Church Road in northern Van Wert County were sold at auction Monday at what many believe is a record price — $14,055 per acre.
“We believe this may be a new record for the county and it certainly shows that Midwestern farmland values continue to be strong,” stated Jerry Ehle, sale manager for Schrader Real Estate and Auction Company in a press release. “We had healthy participation by both farmers and investors and once bidding opened, it moved quickly past $3 million (total for all three tracts). Our high bidder was an investor from the Netherlands.”
There were three tracts of ground on the auction block, two of which are adjacent with a third connected at one corner. The tracts were all approximately 78 acres each of tillable cropland. In total, the 233 acres brought a price of $3,275,000. Most of the 233 acres are Hoytville soil with a few areas of Nappanee soil.
The land is within the boundaries of the Blue Creek Wind Farm, although there are no turbines on the land. The location is just north of the Stoneco quarry and less than one mile from the Van Wert-Paulding County Line.
According to reports, the auction brought around 100 people to the Van Wert County Fairgrounds for the sale. Although the auction has been completed, the sale has not closed and no paperwork has been filed at any of the county offices at the courthouse. The listed owners prior to the auction were David Wilson, Nicholas North Co., Inc., and Janice Wilson Terhune.
In the same release, the auction company’s president, R.D. Schrader, said that potential buyers of farm ground seem to be looking long term.
“Most of the people attending our auctions are focused on the enduring value and stable returns provided by farmland,” he said. “Operators and investors who are buying for the long term don’t worry too much about whether prices are up or down month to month. They are more concerned about location, soils and other farm-specific factors.”
|Last Updated on Thursday, October 10, 2013 11:57 PM|