2,050-acres of farmland in Grant County to hit auction block
LANCASTER, WI - After an extensive period in which relatively little farmland was being offered on the market, Steffes Group has announced an auction believed to be one of
the biggest ever in the area.
The court-ordered auction will include approximately 2,050 acres of highly productive farmland, according to Steffes representative Nate Larson.
"For months, farmers and investors have had to wait patiently because so little land was available. I can't remember anything this big in Grant County, and I can't find anybody else who does either."
Most of the land is tillable, but the auction also includes a modern cattle feeding facility, four confinement hog finishing units, three residences and some recreational land. It will be offered in 21 tracts, using the "high bidder's choice" method of bidding.
"Bidding will proceed based on price per acre. The high bidder at a given price will be allowed to choose which tracts to purchase, and we'll continue with additional rounds until all of the land is sold," said Larson.
Larson said he expects to see interest from large investors as well as local farmers.
"When a property like this becomes available, it's common to find neighboring operators who have been waiting for years or even decades for a chance to buy. But given the shortage of quality farmland in recent years, we believe this will merit the interest of
private investors and even funds," he said.
According to the company President Scott Steffes, farmland prices are on the upward trend.
“We’ve had several years of flat farmland prices and commodity prices, but now everything seems to be perking up. We’re seeing more demand in our auctions not only for land, but for farm equipment and other assets,” Steffes said. “A lot of farmers and investors who have been waiting for a stronger market for selling assets are realizing that the marketplace seems to have improved markedly.”
By all indications, 2018 is shaping up to be an excellent year for selling farmland.
"We saw it in Minnesota and Iowa, where the auction of 1,371 acres brought $10.2 million. And we saw it again on Wednesday March 7, in Faulk County, ND, when a Steffes Group Auction of 2,117 acres brought more than $8.7 million.
"The Faulk County auction attracted a crowd of 125 bidders, including 37 registered bidders. Bidding was vigorous, with 480 acres selling for $5,100 per acre and another 304 acres selling for $4,400 per acre," according to the group's website.
The auction will begin at 10 a.m. Wednesday, March 28, at the Grant County Fairgrounds Youth & Agriculture Center in Lancaster, Wisconsin.
A detailed Buyer's Prospectus is available, with complete terms and conditions. Contact the Steffes Group at 320-693-9371 or www.steffesgroup.com.