More than 700 acres of farmland in Allen County are off the market. Columbia City-based Schrader Real Estate and Auction Co. says five buyers purchased the land for a total of $6.4 million.
Schrader says the land averaged $9,125 per acre. The highest price came for 117 acres, which sold for $1.2 million, according to the company, which marketed the property and conducted the auction.
"These prices were strong. While farmland values have declined some, it’s just been a few years ago that land values would have been half that," said R.D. Schrader, president of Schrader Real Estate. "Despite concerns about low commodity prices, landowners can still get a good price for quality land that is marketed well. I can’t say what the future will bring, but we’re still seeing vibrant demand, especially among farmers who are in a position to acquire land for the long run."
Schrader says the auction attracted 63 registered bidders. The five successful bidders all live within a few miles of the property.
The company will also auction off more than 600 acres of land near Nashville in September.