7am News, Sports and Obits

Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
Expert: Farmland Values Still Strong, in a Way
The price of farmland in Illinois and other Midwestern states is still strong. But one expert offers this caveat: as long as it's farmers selling to other farmers.

Indiana-based real estate broker and auctioneer Rex Schrader handles farmland sales around the nation. He says in a place such as Will County , demand is softening for farmland that can be developed into, for example, strip malls. That has brought prices from last year's $20,000 an acre to $12,700, Schrader says.

Downstate land that is trading solely for agricultural purposes is in the $6,000-7,000 range per acre, Schrader says, citing recent large sales he has handled in Vermilion, Madison, and Montgomery Counties .

The situation is bleakest, Schrader says, for land that’s used for recreational purposes such as hunting. This non-tillable land, he says, is worth perhaps one-fifth of what it could have brought a few years ago.

(Illinois Radio Network)
11 26 09 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.