Another Boom Land Sale

[SD51555]

http://www.agweb.com/article/land_sale_of_the_week_19700_an_acre_in_northern_iowa_NAA_Mike_Walsten/

Unreal! Could this be the end? Or will prime Iowa farmland go for $25,000/acre next year?

 

[huntall]

nuts!

 

[wklman]

I think as long as these farmers are cash rich you'll see the price go up but I think once they have a couple of down years in crop prices that you'll see land prices come down.

 

[Bill]

I learned long ago if Sullivan County Auctioneer is involved stay home.

They must have big contacts on both coasts that they blow smoke up the butts of.

Good for the seller but buyer beware.

They sold a farm around the corner from me. Buyer put it right back on the market. No bites in 2 years.

I've been thinking of offering penny's on the dollar but don't want to be rude :).

 

[Bill]

That's true Mo.

 

[Native Hunter]

A guy I know who has 80 acres of sandy soil somewhere near the Mississippi River and he told me the other day that he has his land leased for $500/acre/yr to people growing horseradish. He is not a close friend but seems like a very honest and reliable person who I work with about 4 times a year. Anyone else know of anything similar to that going on? It may be a common thing, but I just wasn't aware of it. No land where I live leases for anything like that.

 

[Native Hunter]

I'd wonder if they're growing anything else besides horseradish :eek:

LOL, he doesn't seem like the type for that, but who knows about the leasers. He acted like it was a common thing right now in some areas and mentioned a couple of other crops like watermelon, etc. which did well in sandy soils and talked about prices of more than $250 for some of those. Blows my mind....... He lives in Western KY but the farm (if I remember correctly) was in Missouri.

 

[West Branch]

A few years ago there were guys in parts of MN, Iowa, Illinois that were paying $600/acre for rent on corn land. There were a few bankruptcy filing with $10s of millions in debt with a large part being unpaid rent. I think 1 or 2 of the guys had "Top Producer" awards :rolleyes:.

 

[bwoods11]

There is a farmer in my area that was paying $200-300 cash rent up front for 3 years on thousands of acres. He told a local realtor (not myself) as I have never met him...that he will "either be the richest guy in the county or broke." He owns quite a bit of land, but I guess he wanted to get bigger.