Wisconsin Dairy Auction Demonstrates Market Strength
All eyes were on the Steffes Group’s auction of a major dairy operation in Fox Lake, Wisconsin, including 1,800 cows, two modern turnkey dairy operations and 396 acres.
Steffes Representative Randy Kath called it a test of the market -- one of the biggest dairy auctions in recent memory -- and it passed with flying colors. The real estate auction was first to close, selling in tracts to five different buyers -- one from Ireland. The auction drew bidders from eight states.
“The real estate really captured a lot of people’s attention by selling for a total of $8.5 million. I think that reflects a remarkable strength and depth in the market for dairy properties,” said Kath.
Two days later came the next big challenge: the livestock. And it was another good day, with bidders from 11 different states competing for the cattle. “The geographic reach was encouraging, and a second major factor was the participation of large bidders -- one purchasing 600 head,” said Kath. Overall, the cattle auction achieved expectations, averaging approximately $1,250 per head, he said.
The auction demonstrated once more that Steffes Group’s timed online auction format can achieve excellent results for virtually any type of assets. “It appears that the pandemic is going to be a fact of life for a few more months, at least, and it’s good to have a proven tool to keep selling assets for our clients,” said Max Steffes.
In fact, sellers are now taking the lead in asking for online auctions.
“We’ve been doing online auctions for years, but earlier in 2020, a few sellers were holding out for live auctions. Now, we’re seeing even more of a push for online from sellers for next spring,” said Max. He added that remaining 2020 auctions may benefit from 179 buyers taking advantage of tax benefits for the year.
If you want to learn more about selling your assets in a Steffes Group auction, call us at 800.726.8609 or contact any of our locations directly by using our directory.
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