SOURCE: Murray Wise Associates

Murray Wise Associates

December 01, 2011 13:49 ET

Logan County Farmland Brings $2,675,000

LINCOLN, IL--(Marketwire - Dec 1, 2011) - A 302-acre farm in Logan County, Ill., sold to five different bidders for a total of $2,675,000 Wednesday -- an average price of $8,857 per acre. Murray Wise Associates managed the sale, which attracted 30 registered bidders to the American Legion post in Lincoln.

Each of the five tracts of land, ranging from 35 acres to 115 acres, sold to a different bidder under Wise's system, which puts bidders of all sizes on an equal footing as they compete for the land.

"These are some strong prices for this class of tillable land in this area of Illinois," said Joe Bubon, executive vice president of the company. "We had one bidder bidding aggressively on the entirety, but there were also a number of area farmers and local investors, who ended up buying four of the five tracts -- all but 47 acres," said Bubon.

The fifth tract of 47 acres went to Lincoln College, which already owned land adjacent to it.

Company President Ken Nofziger said the sale price indicates an underlying strength in farmland prices in Illinois and throughout the Midwest. "Practically every new report on worldwide demand for agricultural products points to greater demand, especially from China. Also, farmers are coming off a productive crop year, further underscoring the value of the land. It is significant that the buyers in Logan County were local people who understand its value better than anybody," he said.

"Our sellers, the Perry family, were extremely pleased with the outcome," said Nofziger.

Murray Wise Associates, based in Champaign, Ill., is a leading auctioneer of agricultural land throughout the United States. Individuals seeking additional information may visit or call 217-398-6400.

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