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Record Iowa land price $21,900/ac.

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Can some one explain to me how this land can be worth that kind of money?

New record land price in Iowa. 80 acres sold by Sanborn IA sold for a record $21,900/acre. Earlier in nearby Hull IA, previous record was $20,000/acre. Is there competitive neighbors in NW IA wanting the same piece of ground to drive it to this price?

Why are we doing this to each other?
Link/URL:   http://www.kcci.com/news/project-economy/report-iowa-farmland-sells-for-new-record-amount/-/9356884/
Author :          av1
Date Posted : 10/28/2012 11:24:09 AM
Re:Record Iowa land price $21,900/ac. Report this Message    |   Reply to this Message
Here is the story.

SANBORN, Iowa — Iowa farmland sold Thursday for a new record price, according to agweb.com reporter Mike Walsten.

Walsten said a parcel sold Thursday by Rich Vander Werff, Vander Weff and Associates had a sale price of $21,900 per acre.

The old record was $20,000 per acre set in December of 2011.

The 80.5 acres sold Thursday were located near the Iowa town of Sanborn in the far northwestern corner of the state, reported agweb.com.

A new survey released last month by the Iowa Farm and Land Chapter of the Realtors Land Institute found farmland prices have risen an average of 7.7 percent since March and 18.5 percent in the past 12 months to hit nearly $7,900 an acre.

The institute surveyed 300 of its members.

The institute's Kyle Hansen says much of the increase in demand has come since July, when the severe drought became apparent in Iowa and much of the Midwest.

Realtors said high corn and soybean prices, relatively low interest rates and the lack of land for sale helped lift prices.

Read more: http://www.kcci.com/news/project-economy/Report-Iowa-farmland-sells-for-new-record-amount/-/9356884/17134692/-/g0gm6ez/-/index.html#ixzz2AbjvKXrA
Date Posted : 10/28/2012 11:27:09 AM
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