Land Auction Results in High Price Tag

By: Erin Myers Email
By: Erin Myers Email

It's the most noise you'll hear when making a million dollar purchase.

On Thursday, land in Adams County was up for grabs but for a certain price. The land auction was held at Adams County Fairgrounds. The available tracts of land are located a few miles southwest of Hastings.

Monte McIntyre is Vice President of Five Points Bank in Hastings and he says this is a rare opportunity for farmers.

"This auction itself draws a lot more people from a broader area just because of the number of acres. It's not very often that you get 1855 acres to bid on in one day," said McIntyre.

Jim Hain with the Lund Company says land prices are on the rise and Nebraska isn't any different.

"The land market is very strong and it's driven by the price of corn and soybeans which are near record highs. We set record highs earlier this summer," said Hain.

Because of the high demand for commodities, Hain says that translates into strong demand for land. When it was all said and done, 9 bidders walked away with more than 1,800 acres among them. The total cost-- $15,130,000.

Hain says land in Nebraska is even more attractive now following the summer drought.

"Nebraska is the number one irrigated state in the union and we have some of the highest quality of irrigation as well. So with the drought this past summer people really got to understand the value of irrigated land versus dry land," said Hain.

In the end, the average price per acre for the total 1,855 acres in Adams County is $8,400.

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