SOURCE: Murray Wise Associates LLC

Murray Wise Associates LLC

February 23, 2012 13:34 ET

Central Iowa Farmland Sells at Strong Prices in Murray Wise Auction

FORT DODGE, IA--(Marketwire - Feb 23, 2012) - Approximately 430 acres of farmland in Iowa's Boone and Webster counties sold Wednesday at prices nearing $10,000 per acre as more than 100 people turned out for the Murray Wise Associates auction of property owned by the Strand Trust.

The land sold in five tracts, to four bidders -- two farmers and two individual investors who intend to lease the land to local farmers, according to John Kirkpatrick, who manages Iowa operations for Murray Wise Associates, which conducted the auction. The total sale price was $3,895,000.

"We had 40 registered bidders, and there was good competition for all the land, resulting in prices that were well above the recently appraised values," said Kirkpatrick. "The sellers, for whom we had been managing this land previously, decided with the recent appreciation in land values it was time to liquidate their investment, and the results exceeded their expectations," he said.

Just over half the land -- 220 acres -- went to two local farmers, who paid an average of $9,681 per acre.

"The prices paid pretty much followed the corn suitability rating (CSR) for the various tracts, which tells me that the buyers are people who understand the fundamental business and who have the fullest appreciation of the value of the land. The prices were strong, but the focus was clearly on value rather than speculation," said Kirkpatrick.

Murray Wise Associates LLC, headquartered in Champaign, Ill., with additional offices in Florida, Idaho and Iowa, is a leading national agricultural real estate marketing and auction company. The company also manages farmland assets for individual clients in Iowa, Idaho, Kansas, Kentucky, Missouri, Minnesota, Nebraska, North Dakota, Oklahoma, South Dakota and Wisconsin. Individuals interested in additional information may contact Kirkpatrick at 515-532-2878. More auction information.

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