Recent Hertz Sales Continue to Surpass Expectations

January 18, 2024
Auctions

Article from Winter 2024 Hertz Outlook Newsletter

IOWA

599.01 acres in Clayton and Delaware Counties in northeast Iowa, were offered in 8 parcels via Hybrid auction. Parcels 1-3, which were mainly row-crop acres with CSR2 ratings between 75.10 and 88.70, sold for $16,100/Ac. equating to a price/ CSR2 point/tillable acre ranging between $196.20 to $296.73. Parcels 4-7, which consisted of a combination of crop/timber/ CRP acres, sold in a range from $7,000/Ac. to $10,000/Ac. With lower CSR2 ratings on these parcels, the price/CSR2 point/tillable acre ranged between$314.35 to $413.52. There was also a 23-acre building site that sold for $670,000. The farms were geographically located near Edgewood, Elkport, Garber and Osterdock.

76.70 acres in Marshall Co., IA, located east of Liscomb was sold via Hybrid auction. The farm had 72.81 tillable acres with a CSR2 of 94.40 with an open lease for the 2024 crop year. Farm was located on a hard-surface road. Sale price of $21,300/Ac. was equivalent to $237.69/CSR2 point/tillable acre.

162.72. acres in Benton Co., IA, south of Keystone was offered in 2 parcels via Hybrid auction. Both parcels were 94% (+) tillable. Parcel 1, consisting of 97.67 total acres had 96.74 tillable acres and a CSR2 rating of 95.60. Parcel 2 had 65.05 total acres, 61.00 tillable acres and a CSR2 rating of 91.50. Both farms sold well with Parcel 1 bringing $20,900/Ac. (or $220.72/CSR2 point/tillable acre), and Parcel 2 bringing $16,500/Ac. (or $192.30/CSR2 point/tillable acre).

ILLINOIS

176.49 acres in Piatt Co., IL, west of Bement was offered in 2 parcels via Hybrid auction and sold to a single buyer for $21,200/Ac. or $152.45/PI point/tillable acre. The farms had a total of 171.09 tillable acres with an average PI of 143.45.

90.00 acres in Henry Co., IL, west of Geneseo was sold via Virtual Online Only auction. The farm had 87.08 tillable acres with a PI of 140.60. Property brought $19,100/Ac., or $140.40/ PI point/tillable acre.

1,006.26 acres in northwest Iroquois Co., IL was offered in 12 parcels via Virtual Online Only auction. Parcels had PI ratings ranging from 123.10 on the low-end up to 134.00 on the high-end, and sold well with sale prices ranging from $9,300/Ac. to $14,600/Ac.

MINNESOTA

165.31 acres in Renville Co., MN, north of Stewart was offered in 2 parcels via Hybrid auction. Both parcels sold to the high bidder at $16,800/Ac. The combined farms had a total of 163.68 tillable acres with a CPI rating of 93.30. Sale price equates to $181.86/CPI point/tillable acre.

984.41 acres in Mower Co., MN, were offered in 9 parcels at a Hybrid auction. Parcels 1 through 4, totaling 530.60 acres, were taken in the first round of bidding at $11,900/Ac; followed by Parcels 6, 8 and 9, totaling 328.94 acres, at $11,000/Ac. in round 2. Rounds 3 and 4 saw Parcel 5 (50.95 acres) selling at $10,000/Ac. and Parcel 7 (73.92 acres) selling at $8,100/Ac. Prices per CPI point per tillable acre ranged from $106.07 to $152.18. Recent Hertz Sales Continue To Surpass Expectations Serving farmland owners for over 75 years with offices across the Midwest.

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