Bidding was fast and furious at the recent land auction conducted by Sheridan & Associates on June 5th. The real estate auction, conducted at the Greene County Fairgrounds in Xenia, Ohio, included the sale of four tracts of land contained within a 74-acre farm owned by Winston Bahns (deceased) and Lois Bahns since the early 1930’s. The property is located at 990 Long Road in New Jasper Township, just east of the City of Xenia, Ohio, in central Greene County.
The property featured four tracts consisting of a 60-acre vacant farmland tract; a 4.9-acre tract improved with an older 2-story brick home, outbuildings and spring-fed pond; and two 4-acre rolling building lots. The home and outbuildings were in poor condition and were uninhabited for the last five years. The property bordered a branch of Caesar Creek, featured significant road frontage, and included approximately 53 rolling tillable acres.
Matt Sheridan, the Auction Manager for Sheridan & Associates, said that the scarcity of available land in the general area contributed to a record price for area farmland. Following the auction, Sheridan said “With farmland prices at record highs, we would expect land owners to take advantage of this continuing upward trend and liquidate some farmland. However, many land owners are choosing to ride the wave of high land prices, which is creating a significant sellers’ market.” Sheridan further stated that this continuing upward trend of land values, which has only seen one small blip (in 2009) during the last 20+ years, is being spurred on by investors choosing to benefit from the strong land values, high grain prices, high yields, and low interest rates.
Bidders for the farmland tract included in this auction consisted of a mixed group of investors and farmers, with investors bidding the highest prices for the farmland. When Bart Sheridan, the lead auctioneer for Sheridan & Associates, dropped the hammer to conclude the auction, the final selling price for the entire property tallied $627,000 ($8,525 per acre). The 60-acre vacant farmland tract sold for $484,000, or $8,031 per acre, which according to Matt Sheridan, is a record price for farmland in this area of Greene County.
Sheridan & Associates is a real estate, auction and appraisal company specializing in the sale of residential, commercial and agricultural properties throughout Southwest and Central Ohio. Details of this auction and other upcoming/past auctions can be viewed at www.SheridanTeam.com.
(Article provided by Matt Sheridan, Partner with Sheridan & Associates © 2013)