When John Fiscus’s 55.5-acre Northeast Iowa farm went to auction in October, three bidders quickly drove up the price to $25,000 per acre. The winner paid a record-setting $26,250 an acre for a grand total of $1.458 million. Similar farmland in that market averages $20,000 to $22,500 per acre. As Iowa Appraisal Vice President Jim Rothermich explained, “There’s so many people in strong cash positions, especially up there in Northwest Iowa.” Located about 40 miles northeast of Sioux City, this property is considered “pure farmland.” The sale attracted widespread attention for several other reasons besides price. First, the land is too far away from any township to be considered transitional. It has no reasonable use for either commercial or residential development. Second, it does not contain any additional revenue potential, such as wind turbines or solar panels. Read more HERE.
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