Saturday, June 16, 2012
The 191 acre farm up on Dade and Panhandle Roads sold last night. I thought Rick Williams did a good job procuring buyers and handling the auction. Everyone got a hot dog, drink, chip and cookie if they wanted it.
I figured you needed to be prepared to spend nearly a million dollars if you wanted the whole farm. It was sold in 3 tracts then sold in its entirety and then you could raise your parcel bid if you were out of the money. It worked pretty well for this sale.
LuAnn and I estimated the value at $900,000 and it was at $870,000 when we left so we have new owners and new neighbors this morning. It eventually brought $941,000 or $4902 per acre and was split 3 ways. You had to write a good check for 10% of purchase price and close within 30 days as the owners will be in Idaho.
The big thing to sweeten the deal was the buyer gets the 140 acre bean crop with the purchase. That should add nearly $100,000 income to the sale this fall. They said it made 55 bushels last year but I don't think it will break 50 bushels this year as it is dry, the beans are small and there are some resistant marestail on the farm, the worst is near the house.
I didn't like the muddy pond beside the house either but the pasture land had brand new high tensile wire on it. The bins and buildings are all gray galvanized paint on the way out the drive but are in good shape. It has a nice shop and storage building and bins on it.
All in all I think it was a good buy in today's market but it brought all it is worth around here. We don't command the big prices like north of here or across the midwest. A young friend said he had just bought 170 acres and another farm had brought $7650 per acre in his area 30 miles north.
The house would be ideal for a family or older couple like us. It is brand new and built right with two by six inch walls. I wouldn't build a new house much differently and it had the big open basement to the east like LuAnn likes.
The new line of six row machinery sells here in a little bit so I am going to the sale as an on-looker.
I really like this Gleaner picture harvesting wheat in Kansas I saw on Machinery Talk last night.