Successful Hancock County Auction Demonstrates Steffes Group Marketing Results in Illinois
The auction of 86 acres in Hancock County, Illinois, may not have registered a big number on the Richter Scale, but it marked a significant step in Steffes Group’s continuing penetration of the Illinois farmland market.
The auction attracted a crowd of approximately 60, with active bidding that resulted in a sales price of $587,185, or $8,505 per acre.
“While Steffes Group has been more active in Iowa, North Dakota, South Dakota and Minnesota, our auctions in Illinois have caused folks there to sit up and take notice. This auction, which attracted a good crowd and resulted in a high sales price relative to the land’s Productivity Index, is exactly the kind of thing that gets the attention of farmers and investors with land to sell,” said Steffes Representative Nate Larson.
“With an auction like this, it’s healthy to see both farmers and investors bidding, and we had that. Ultimately, the buyer who emerged was an investor doing a 1031 exchange,” said Larson. “The farm had an average Productivity Index of 116, with some of the higher quality land up in the 130 range. The form brought $73 per PI point, which is really strong,” said Larson.
All of the bidders were live.
“Given all the negative news and continuing weak commodity prices, the land market remains strong. Farmers are staying positive and focused on the long-term rather than the news of the day,” said General Manager Tim Meyer.
Meyer said Steffes Group began focusing more on Illinois more than a year ago and is taking a higher profile with the opening of its Mount Pleasant, Iowa, office. “It’s really a natural market for
View Hancock County Auction Results
Individuals with land, equipment or other assets to sell may contact Larson at 319-931-3944, or email nate.larson@steffesgroup.com.
