The chill of mid-Autumn rolled into southwest Ohio over the past week, but the cooler temperatures didn’t appear to thwart the bidding on a 99-acre Greene County farm. Sheridan & Associates offered the 99-acre Moore Family Farm between Xenia and Jamestown to a full house at the Greene County Fairgrounds in Xenia Thursday evening, November 14, and the bidding quickly heated and produced better than expected results, finally ending at $645,000.
“The Moore family, and this farm in particular, has been a special part of our company’s history,” reported Auctioneer Bart Sheridan. “Our father, Keith Sheridan, conducted a large three-day auction in the fall of 1991 after Ms. Moore’s passing, selling everything from a full lineup of farm equipment to an excellent selection of antiques and household goods. My brother Matt and I were away from home at the time, but we know the importance of this family and the farm in our company’s development.”
The decision to sell the farm was a difficult one for Nellie’s nephew Dale Moore and the entire family. The Moore family has owned the property for nearly six decades, with ownership transferring to a trust upon Nellie Moore’s death in 1991. Ms. Moore farmed the land for years and milked a string of Jersey cows throughout the sixties, seventies and eighties. The family maintained ownership in a trust since her death.
From his home in Colorado, Dale had managed the farm’s operations since 1991, but it was evident that as the family had moved from Ohio and with the agricultural real estate market being at an historical high point, now was an appropriate time to market the property.
Beginning in May, Sheridan & Associates met with Moore and began to develop the marketing plan for the auction. “We have been telling clients for some time that the market is hot for farmland, but with the declines in corn and soybean prices that we have been seeing especially since July, we knew that it was important to cultivate a good network of area buyers,” explained Sheridan.
Sheridan received several calls from outside the area, but believed that the farm would most likely sell to local buyers. “This is not the best farm in the area. With only about sixty acres tillable we knew that adjoining or nearby landowners were the most likely candidates. This farm is on a well-traveled state highway and has generated a lot of interest over the past twenty-two years. We knew the local market was probably going to produce our most likely purchasers.” The company’s marketing strategy included a healthy diet of local newspaper and direct mail advertising as well as a broad coverage through regional and nationwide outlets.
Sheridan offered the farm in four tracts with two larger tracts of fifty-two and forty-five acres and two small building lots of one acre each at the corner of the property. Using the Multi-Parcel Auction Method, the bidding on the entire farm began at $225,000 and quickly escalated to $375,000 before beginning its deliberate climb to the final total of $645,000 ($6,516 per acre).
The relatively low amount of tillable acres was a concern. “We really thought that if we hit the $500,000 mark we would have had a successful auction,” Sheridan admitted. “Of course, that doesn’t take into account what can happen at an auction when more than one buyer really wants the property.”
Two local landowners were the eventual winning bidders with one taking the fifty-two acre tract and one grabbing the other three tracts in a combination bid. Visit Sheridan & Associates here for complete information on this and other recent land sales that the company has marketed.