CHAMPAIGN, Illinois (June 24, 2015) – A 334-acre farm in west central Illinois sold at auction Tuesday for $3,835,000, or $11,482 per acre, with Murray Wise Associates managing the auction.
The McDonough County land sold to two bidders – a local operator and an investor — in an event that drew a crowd of approximately 100 people.
“Land prices continue to hold up surprisingly well in the face of low commodity prices. It’s important to remember just where we are in the longer term perspective. This farmland brought a price that is very good by any historical standard, and that should be encouraging to those who are considering the sale of farmland,” said Joe Bubon, executive vice president of the auction company.
“If somebody is planning to sell anytime in a three or four year time frame, they may be well advised to go ahead and sell now, because I doubt it’s going to get any better over that period of time,” he said.
He noted that the current market environment calls for effective marketing. “A couple of years ago, there were plenty of buyers even for lower quality farms. Now it’s more of a challenge, because in the near term, farm profits for many operators will be lower, so you have to reach out more broadly,” Bubon said.
Individuals seeking additional information may visit www.murraywiseassociates.com or call 800-607-6888.
Murray Wise Associates LLC, headquartered in Champaign, Ill., is a leading national agricultural real state marketing and financial advisory firm, with additional offices in Naples, Florida and Clarion, Iowa.