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Steffes Group

November

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SOLD! Cass County, North Dakota Land Auction
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Steffes Group conducted a 603+/- acre land auction Tuesday, November 7, 2017 in Cass County, ND, near Enderlin, ND. The land has partial highway frontage and consists of mostly tillable cropland while also featuring a farmyard with pasture acres. The property was owned by the Krom Family and has been in their family for decades. This land auction was significant and rare because of the quality of the farmland being offered at public auction in an area where little land becomes available for public sale.

The auction drew a crowd of over 50 with 32 registered bidders! The room was packed and the environment was resonating with excitement. The farm was offered in 6 tracts with 1-5 being sold bidders choice with the privilege*. The high bidder had the option to take any or all tracts, or any combination of tracts, in any order, for their high bid. Tract 6 was sold separately.

After the first round of bidding, Tracts 1, 2, & 5 were the first tracts selected by the high bidder at a price of $5,000 x the multiplier, while Tracts 3 & 4 remained unsold. Rebidding commenced and Tract 4 was selected by the high bidder at a price of $4,650 x the multiplier. Tract 3 was selected by the last high bidder at a price of $4,550 x the multiplier. Tract 6, the farmstead, was sold for a price of $188,000. Two buyers ended up buying all 603+/- acres!

Here are the synopsized auction results!

Auction Details
Holiday Inn, Fargo, ND
Tuesday, November 7, 2017
Sellers: Kathryn, John, & Thomas Krom

AUCTION RESULTS
Tract 1: $5,000 x 142.09 = $710,450
Tract 2: $5,000 x 120 = $600,000
Tract 3: $4,450 x 34 = $154,700
Tract 4: $4,650 x 126.09 = $586,319
Tract 5: $5,000 x 128.74 = $643,700
Tract 6: $188,000
TOTAL:$2,883,169

* Tracts #1-5will be sold so much an acre X the multiplier (acres) for each tract and will be sold Choice with the Privilege, whereas the high bidder may take any or all tracts or any combination of tracts, in any order, for their high bid. This will continue until all tracts are sold. Tracts will not be recombined. Tract #6 will be sold lump sum price once Tracts 1-5 have been sold. The bidding will continue at the auctioneer’s discretion and only one break will be taken unless another break is requested by interested parties or if the auctioneer deems necessary.
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