A 233-acre farmland auction in Ohio's Van Wert County on Monday brought $3,275,000, or $14,055 per acre, according to Schrader Real Estate and Auction Company, which marketed the property and conducted the auction.
“We believe this may be a new record for the county, and it certainly shows that Midwestern farmland values continue to be strong,” said Jerry Ehle, sale manager. “We had healthy participation by both farmers and investors, and once bidding opened, it moved quickly past $3 million.
Our high bidder was an investor from the Netherlands,” he said.
R.D. Schrader, president of the auction company, said farmers and investors alike appear to be taking a long-term approach to farmland values. “Most of the people attending our auctions are focused on the enduring value and stable returns provided by farmland. Operators and investors who are buying for the long term don't worry too much about whether prices are up or down month to month. They are more concerned about location, soils, and other farm-specific factors.”
The land – all tillable cropland – was located at the intersection of Richey Road and Elm Sugar Road, just northwest of Van Wert, approximately 30 miles from Fort Wayne, Ind. The auction drew a crowd of approximately 100 to the Van Wert County Fairgrounds.