SOURCE: Schrader Real Estate & Auction Company

Schrader Real Estate & Auction Company

March 22, 2011 12:44 ET

Jay County Farmland Auction Draws Capacity Crowd as Land Sells for $3.73 Million

PORTLAND, IN--(Marketwire - March 22, 2011) - Midwestern tillable farmland continued to show strength Monday as a capacity crowd jammed into the Jay Community Center for the auction of 492.9 acres near Portland.

A field of 38 bidders competed vigorously for the land, resulting in a sale for a total of $3.73 million.

"We're continuing to see strength across the board in demand for quality land, and there's no sign of that abating as farmers and investors continue to compete. Yesterday, the farmers got the upper hand, but competition from investors definitely played a role," said R.D. Schrader, president of Schrader Real Estate & Auction Company, which marketed the land and conducted the auction.

Most of the land -- 413.8 acres -- went to a family for $3.24 million, or an average of $7,829 per acre. The remaining 79.1 acres sold for $490,000, or $6,194 per acre, according to Schrader.

Major upcoming auctions for Schrader include the auction of 960 acres in Kansas (March 25) and 9,698 acres in Northwest Oklahoma (April 13) and 830 acres near Bellevue, Neb. Individuals seeking information on those and other Schrader sales may contact the company at 800-451-2709 or visit www.schraderauction.com.

Schrader Real Estate and Auction Company, based in Columbia City, Ind., is a leading auctioneer of farm and ranch land farmland throughout the United States. Individuals seeking additional information about the firm and its auctions may visit www.schraderauction.com or call 800-451-2709. More auction information.

Contact Information

  • For more information:
    Carl Carter
    205-823-3273

    Lindsay Fernandes
    205-909-3705