SOURCE: Schrader Real Estate and Auction Company

Schrader Real Estate and Auction Company

October 08, 2010 09:42 ET

Kentucky Land Brings $17.5 Million at Auction Reflecting Strong Demand for Farmland

HENDERSON, KY--(Marketwire - October 8, 2010) -  Approximately 4,574 acres of farmland, hunting land and home sites sold for $17.5 million Wednesday in a Westchester-Schrader auction that attracted a strong field of buyers not only from the local area but from out of state as well.

"We had a number of factors that came together to create a strong market, and that led to an excellent outcome. Commodity prices -- especially for corn -- had a strong summer, which means the land produces higher returns. Plus, high quality tillable land has continued to show strength," said Gene Klingaman, executive vice president of Schrader Real Estate and Auction Company.

While the land was offered in 44 tracts, bidders seeking individual parts of the property were outpaced by those seeking the entire property, according to Klingaman.

"We had about a half dozen bidders seeking to buy the entire property, and the competition resulted in a good price. At $14 million, we still had four bidders actively competing, and we're very pleased with the result," said Klingaman.

While the property included waterfront and wooded land, the strongest interest was in the tillable land, according to Klingaman. "As we expected, the demand was strongest for the cropland, especially the higher quality land. This is consistent with the trends we've been seeing all year and even in 2009," said Klingaman.

Schrader Real Estate and Auction Company, based in Columbia City, Ind., is a leading auctioneer of tillable farmland throughout the United States. Westchester Auctions, based in Champaign, Ill., specializes in the sale of farmland, timberland, recreational land and other types of property throughout the United States. More auction information.

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