N.D. cropland cracks $10,000 per acre
November 8, 2012 at 10:14 am in Grand Forks Herald
In what could be a state record for the per-acre value of farmland, an 80-acre parcel in North Dakota’s Walsh County sold for $800,000, or a whopping $10,000 per acre, at public auction Thursday in Grand Forks, N.D. Continue Reading
Sugar beet land?
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Potatoe land.
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Hidden due to low comment rating. Click here to see.
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Exactly. That measure assures farmers and ranchers will not be questioned as to any of their practices. You can drive a truck with a pup through that one.
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How many city dwellers drive out to the rural areas and dump their litter of kittens and puppies???
If you want to stop unwanted pets, then spearhead a fundraising group to raise funds, to help neuter/spay pets.
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Speaking of dumping, since the topic was brought up, a couple of years ago a city dweller dumped a pickup load of trash on our original homestead. We went through the trash and found his name on several pieces of paper. Not to bright on his part. The sheriff took over from there.
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He should have listen to Arlo Grutheries “Alice’s Resturant”. Exact same thing happened in that song….And then he had o report to the draft board to beat the ticket….No draft today though…
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10k per acre? WoW if it were further west i’d say it was because someone still owned mineral rights.
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Just a guess … future housing lots? It must be on the edge of Grafton with a chance of being annexed into the city.
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It was cropland, no development potential, suitable for potatoes and beets.
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Holy balls….
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It doesn’t even pencil out. A-lot of red ink there. NO land is worth that in this region! It’s ones like that make things worse for others, does kind of make one wish crop prices crash so the conservatives can go to the irresponsible spenders auction sales. Happened before, it’ll happen again.
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How would this land be taxed? Would it be based off the sale price or the actual value of the land?
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I do not have land in ND but I assume that the land is evaluated and taxed in an area by recent land sales. So this guy not only raised his taxes but his neighbors most likely are going to benefit from this purchase .(sarcasm)
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The recent land sales in an area are factored into the value of the land which will increase the land tax……my last statement was misleading
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Why would people “Dislike” that statement? The land is 10 miles west of Grafton. It is farmland and will remain farmland.
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WOW!! My guess is two Bobby Bigwheels got in a u know what swinging contest and this is what happened. A great job by the auctioneers though, get the right bidders in the mix and this is what can happen.
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Crap like this is why I avoid land auctions, You have the ones lacking a few brain cells. Smart ones know when to quit.
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Heaven forbid someone from profiting from an increase in the value of their assets, eh?
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[Sarcasm on} Who says there is no money farming???
Good thing we subsidize the farmers. They may have not made it, without the subsidies! At least Heidi wants to get a farm program done in Congress. [sarcasm off]
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As long as farmers receive federal subsidies, land prices will continue to remain extremely high. The safety net is so large today. Federal Crop Insurance insures a successful farmer.
I am not knocking the farmer one bit. If it wasn’t for them, we wouldn’t have food on the table. Just saying that without those pieces in place, land wouldn’t be going for what it is today.
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Kerry is exactly right, when you are guaranteed a profit per acre then any land you purchase is going to be to your benefit despite the cost. Remember the GF area farmer who just won his lawsuit against the USDA for his 11000 acres in Colorado. His insurance payment was $ 8 million. pretty fine return on his investment. Of course these high land prices will preclude any new farmers from getting a start.
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The real value of land in this region should only be in the 1800 to 3200 range. Let’s see some farm when corn drops back to 3.00 bu. and soys at 6.00 bu. It’s never more than a year away, those prices were just months away this summer before the drought hit the central states.
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The farm bill does not need to be abandoned. It needs to be reformed. there is abuse of the system that is happening which could be eliminated if stricter rules existed on what qualifies as an actual claim. A land use history should be examined and the acres should be farmed for x years before it is eligible for insurance claims. That would actually eliminate a lot of the abuse of the system.
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Very true, there should be a set maximum one can get paid. The way it sounds now direct payments are history which doesn’t worry me. A max insurance payout of 750,000 sounds about right.
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Keep in mind, that is a max regardless of farm size. Most farmers won’t even come close to that, rarely even collect.
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I do not know where exactly that 80 was located but I do know there is some prime farm land in the eastern walsh area combined with some large farming operations. The perfect storm was brewing for awhile.
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Maybe it’s worth that much because he knows where the bodies are buried…….The plot thickens….
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Hoffa? Tundra, the plat thickens….
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it would have to be a maximum per acre to be fair.
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Though I think the price is outrageous, after taking a look at the plat book I have a better understanding of why the price went so high. There’s a fairly good bet the new owner was already renting the land because he owns the adjoining 80 acres. By purchasing the 80, he now owns the quarter. Sometimes, in a situation such as this the investment is a no brainer. I don’t know a farmer who wouldn’t want to do exactly the same if he has the finances to back it up. Land is limited. We can’t make more of it.
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I love updates.
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Yes elderton, I understand your theory. Setting a one size fits all maximum payout just punishes large farms when they actually have a legitimate claim and it also punishes high priced commodities. I would like to see a maximum percentage and payout based per acre, per your average yield compared to your neighbors average yield, and current commodity prices. It would be a complicated formula but insurance companies a great at math.
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Good farmland is a limited resource. Once a family owns it, it’s likely going to be at least a generation or two before it comes up for sale again. Also keep in mind, if the buyer bought (or inherited) all the other land they farm at $1000-$1500/acre, buying 80 acres at $10,000 may not affect their average “cost/acre”. If all their other acres are paid for, it’s pretty easy to cash flow this deal at today’s commodity prices.
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If they can pay that much, we do not need to have a farm bill that gives them price gaurantees. Current farm policy is like welfare, but you do not see people on welfare go out and buy million dollar homes.
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Not yet.
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