Southern Minnesota farmland sells for $9,285 per acre

AUSTIN, Minn., March 13, 2015 /PRNewswire/ -- Low corn prices weren't enough to dampen demand for a 224-acre farm in Mower County Thursday. The farm sold for $2.08 million, or $9,285 per acre, in an auction conducted by Murray Wise Associates.

The auction drew a full house that included investors and local farmers – who engaged in a spirited competition for the three tracts making up the farm.

"It helped that this was one of the better farms in the area, with good soils and tiling, but it really was a strong result," said MWA's John Kirkpatrick. "Two of our three buyers were investors – one from Oregon and the other from Arizona. While we did have a farmer purchase one of the tracts, the investors were really the biggest force in the room today. That runs counter to what a lot of people might have expected. Farmers have been buying most land offered at auction lately, and conventional wisdom has been that this trend would continue," he said.

Earlier in the week, company CEO Murray Wise said in a presentation at a conference sponsored by WILLag.org that higher quality land is holding its value better in the current market. "The Minnesota auction definitely supports my assertion that we have a tiered market right now, with much more stability – and in some cases even some price increases -- in the better land," he said.

Individuals seeking additional information may visit www.murraywiseassociates.com, www.woltz.com or call 800-607-6888.

Murray Wise Associates LLC, headquartered in Champaign, Ill., is a leading national agricultural real estate marketing and financial advisory firm, with additional offices in Naples, Florida and Clarion, Iowa.

For more information:Carl Carter, 205-823-3273

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SOURCE Murray Wise Associates