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| Estate sale just north of Elma, Iowa this morning. Good friend of mine, Randy Mitchell, the broker agent from Farmers National did the auction. 311 acres, 5 tracts. Highest priced tract was 106 acres, 99 tillable, 71 csr1, brought $8300, a 23 acre tract I think around $6400, a 20 acre tract of creek bottom (all non tillable) brought $2,200, which surprised me, as I dont know what it was good for. Another 81 acre tract that was mostly tillable but was oddly shaped had an opening bid of $5,000, and after 3 recesses with the family, and four attempts to raise the bid, ended up no saling. Was a 67 csr1. In the very same building where the sale was held, about a year ago, a tract no more than 3 miles from these parcels brought $14,300. Had it not been for Mennonites bidding heavily on the $8300 piece, it wouldn't have sold either as the first round of bidding stalled out at $5,700, and was by an "Englishman". When they started the bids back after an intermission to discuss things with family members, it was all Black hats after that doing the bidding. Very large Mennonite community in this area. The sale took a long time to complete. Never have I seen where they had to try four times to get some sold. Take the Mennonite factor out of the equation, I don't think any of it would have sold.
Edited by Boone & Crockett 11/20/2015 18:06
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Local land sale today- results
