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n. Illinois | looks like it was a fair price for good quality Indiana soils. Here in Illinois that type of dirt would bring over 15,000/ac and over in NW Iowa it's going to push into the upper Teens to low 20,000/ac.
Be interested to know the details is the buyer just redeploying other assets that they had? Did they look at the cash return on $11,000/ac land when the net cash flow for a piece like that would be roughly $375/ac for a cash return of 3.4% . Folks invest in what they know and understand Farmers buy farm ground. They don't buy Apartment buildings even if they could more than double the cash return on their investment.
Every farm bought is in the end an emotional decision by the buyer not a decision made based upon facts and logic and reason.
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Land Auction
