More than 750 acres of land in Ripley County are off the market. Columbia City-based Schrader Real Estate and Auction Co. says eight buyers purchased the land for a total of more than $4.5 million.
Schrader, which marketed the land and conducted the auction, says nearly 80 bidders competed for 16 tracts of land. R.D. Schrader, president of the company, says there is still solid demand for farmland.
"The bidding continues to be competitive, especially for the better quality land," said Schrader. "Despite commodity prices, investors see the current market as an opportunity to acquire land that will provide them good long-term returns without the volatility of some alternative investments. It’s noteworthy that we had both farmers and investors actively bidding, with investors buying much of the land. It’s important to remember that these prices remain high by historical standards, and I believe we will continue to see a favorable market for those who seek to sell land in the near future."
Schrader says the following day, more than 400 acres of farmland in Ohio sold for nearly $4 million.