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Upcoming Mitchell Co. Farmland Auction - February 8, 2022

Updated: Jan 18, 2022

77.68 Acres of Mitchell County Farmland will be auctioned at the Cedar River Complex in Osage, Iowa, on February 8, 2022 at 10:00 AM.


The farm is part of the Arlene Sandry Estate, Tammy Mary, Executor.


Detailed information and graphics below. Please contact us if you have any questions regarding this sale: (641) 585-5043.


METHOD OF SALE-4
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MARKET ANALYSIS
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FARM DATA
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MARKET ANALYSIS

Arlene Sandry Farm. Owner: Estate of Arlene Sandry, Tammy Mary, Executor Acres: 77.68 Acres M/L Deeded Acres: 77.68 Acres M/L CSR2: 80.4 (this is based on tillable land) Market Value as of Date of December 4, 2021. GENERAL DESCRIPTION:

E1/2, SW ¼, § 21, T 98, R 16, Mitchell County. LEGAL DESCRIPTION: The East Half (E ½) of the Southwest Quarter (SW. ¼) of Section Twenty-one (21), Township Ninety-eight (98) North, Range Sixteen (16), West of the 5thP.M., Mitchell County, Iowa, not including Highway Right of Way. Directions: 3 miles East of Osage on the North Side of the Hwy. General Lay of the Land: The farm lays slightly sloping, but it generally falls off to the South and East. The land is accessible on the South side at the Highway in the center of the farm, there is a good “pull off” area and the initial entry into the farm appears to be well graveled to accommodate trucks for loadout. This land is generally level but slopes and drains well with the exception of a 6.3 acre sand pit or borrow pit in the center of the North half of the farm. The Farm is high on the watershed, no other land drains to this farm, except part of the farm to the West and a bit of the farm to the North. It all drains to the Southeast in general. The farm is located close to several grain buying points such as the local Coop Elevator and the Valent ethanol plant, both at Osage, 3 miles away. Competing Grain buyers include the Ethanol plant in adjacent Worth County. Drainage: The farm has no hills. There is very little slope, but the Farm is sloped to the East and South, with only 25 feet of total fall from the Northwest to the Southeast. The renter and owners report some tile work done in the past, but they do not use the 25 foot deep borrow pit for drainage. Corn/Bean Base Acres: The farm is completely tillable, except for the borrow pit. The Corn and Bean Base acres information was obtained at the local FSA office. On the farm it is Corn, __________; Bean Base ______. Soil Types and Amounts: The land is predominantly Saude Loam, Klinger silty clay loam and Clyde-Floyd complex soils with a 0 – 5% slope. This farm has been deemed in the past by the FSA to be all Non HEL. We make no comment on the 6 acre “borrow pit” as it has no agricultural value. The FSA and NRCS records are open to interested buyers. The farm is above average. Saude Loam 177B CSR2 55 (CSR 60) There are 15 acres of this and it is 22.3% of the farm. The Saude series consists of very deep, well drained soils with underlying loamy sand and sandy and gravelly sediments. This is generally considered adequate farming ground and seldom drowns out. The corn suitability rating is considered average to below average for Iowa farm ground.

Klinger Silty Clay CSR2 of 95 Map # 184 19.7% of the farm. There is zero erosion hazard with this soil. The subsoil permeability is moderate; this soil is generally not well drained naturally and the native vegetation was water tolerant prairie grasses. The soil is rich in micronutrients and organic matter and needs little nitrogen fertilizer in order to grow a good crop. Drainage is necessary in most places and, given a good tile outlet, this soil can be some of the most productive soils. Prime farmland. Clyde-Floyd Complex 14.6% of the farm CSR2 of 87 . This is deemed to be Prime Farmland. Its soil map number is 391B. This is deemed Prime Farmland. This is one of the finest corn growing, Prime soils in Iowa. It is very gently sloping, and poorly (naturally) drained soil. It does not erode easily. Permeability is moderate. Runoff is slow. Well suited to corn and beans. Fairly high in organic matter in the top layer. Prime soils on level areas. NOTE: In addition, almost 10% of the farm is the famed, Dinsdale silty clay loam, CSR2 of 99. Configuration: This farm has straight borders, the farm is a complete rectangle with half mile long rows. There is a small area to the North of the center, it consists of 6 acres and it is a 25 foot deep “pit.” It has been used in the past for recreation. The highway removed the earth for highway construction years ago. Fences or fencelines, boundaries: Iowa fence law may show that a fence has been “over the line” or that the fence is in your favor. In any event, any warranty of title does not include land which is on the other side of an ancient partition fence which both parties acquiesced in as the boundary fence for many years. There are old remnant fences which mark some of the borders. No guarantees of any certain number of acres, this is sold as an aliquot division, except for the Highway on the south. This the what is known as the East Half of the Southwest Quarter. This term survives the closing and is incorporated into any Contract without further reference. Taxes: Annual: $1964 per year. Summary: This is a good farm which I consider to be “very good” farmland with mostly “prime” to “good” soils. On a scale of 1 -10 this would rate about a 9 compared to other Iowa farms. The farm would be considered very desirable in today’s market and profitability atmosphere. Based on the open auction sale of this farm in December of 2021 and noting a 29% increase in local values this year according to Iowa State University’s annual Farmland Value Survey published in December, 2021. That survey reports an average farm land price in Mitchell County of $10,422. This farm is certainly above average if you discount the 6 acre pit as having Zero value. There were not a lot of auction sales in Mitchell County in December, 2021, but the one that I know of was an “eighty” which brought $17,500 per acre. That was $221 per CSR2 point based on tillable acres. Nearby Cerro Gordo saw one land auction in December which was reported and it brought $13,850, that was a “quarter” which had 150 acres. November auctions in Mitchell County were: 233 Acres which brought $13,600 with a CSR2 of 92; and 72.5 Acres which brought $13,668 CSR2 of 86.7, or almost $160 per CSR2 point. Nearby Floyd County saw November auctions as follows: Sold Acres$ Per AcreCSR2 (tillable A) $ per CSR2 point52.4711,10078.6149128.8110,30083.513059.127,30082.5135159.367,30071.51264013,25086.515564.4 9,50081.6122 Looking at the comparable farms in the area, and no two farms are alike, so it is difficult to get a true comparable, but using a $ per CSR2 point of the tillable land, only, I get a value of $11,200 per Tillable acre. This has been rented as “74 acres.” The Assessor lists this as having 71.38 tillable acres. It could be that the FSA office has the acres higher, but is must be remembered that this is or was on record as being farmed together with the “80” which is adjacent to it on the East. Assuming only 71.38 tillable acres and a conservative value of $139 per tillable acre and a CSR2 of 80.4, this farm would have a value of $799,436. Assuming $100 per acre in value to the recreational borrow pit, this farm would have a value of $800,036. As Col. Gordon E. Taylor has stated many times: “No one knows the exact value of any farm within less than Ten Percent” Gordon E. Taylor was a premier Auctioneer, Farm Land Appraisal Expert in the North Central Iowa Area for many decades. He was owner and President of the World Wide College of Auctioneering and trained many World Champion Auctioneers.

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