Newton County Farmland Sells for $6 Million
February 21st — Approximately 637 acres of farmland in Newton County sold at auction this week for $6.02 million, or $9,450 per acre. According to Schrader Real Estate and Auction Company, which conducted the auction February 18th at South Newton Elementary School in Kentland, over 100 people attended the sale and 40 registered as bidders.
According to the auction company’s website, the land is mostly productive cropland acres with 2 homes, tool sheds, and grain bins located approximately 6 miles Northeast of Brook, Indiana.
“For all the speculation about possible weakness down the road, we as auctioneers deal with the reality of the open market on a given day. And that reality is that there’s still a good market for quality farmland. All of our 2014 auctions to date have resulted in sales,” said R.D. Schrader, president of the auction company.
“Farmland is still a great long-term investment, and we’re continuing to see a lot of demand from both farmers and investors,” said Schrader. “The two farms we sold in Newton County went as an entirety, but before they were combined for the highest total bid, we had bids on the higher quality land reaching $9,900 per acre.”
Schrader said the company has other upcoming sales in the area. “In March, we’ll be selling 533 acres in Illinois and another 541 acres in Sullivan County, Ind. Then in April, we have 833 acres in Delaware County, Ind. Several upcoming sales of smaller farms will also give useful indications,” he said.