Story Co. – 71.07 Acres

$639,630

Sold

Ames
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Property Documents

Details

Property ID 38172
Price $639,630
Land Area 71.07± Acres
Property Status Sold
Auction Time Jan 22, 2024 8:00AM CST
Auction Address 122 Main St.
Auction City/State Ames, Iowa
County Story County, Iowa

Lat/Long: 42.032053,-93.591394,0

Description

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Located north of 260th Street and east of I-35 south of Ames. The land is highly tillable with 67.16 FSA tillable acres. The land is on the east edge of the Skunk River floodplain with highly productive soils. The corn yield in 2023 was over 200 bu/acre. The land could be irrigated with plenty of water at a reasonable depth. The farm does not get any water from others with a drainage ditch on the north and east side and the DOT right of way ditch on the west. The land is underlain by sand and gravel may be a valuable resource in the future.

CSR 2: 72.4

Gross Assessed Acres: 71.07

Net Taxable Acres: 71.07

FSA Tillable Acres: 67.16

Annual Real Estate Taxes: $2,032

Brief Legal Description: The W 1/2 of the SW 1/4 east of I-35 and southwest of the drainage ditch plus the W 1/2 of the NE 1/4 laying SW of the drainage ditch: all in 19-83-23, Story Co IA
Yields and soil tests available upon request

2023 Farm Lease – the land is leased for 2023 with rent possibly credited to the Buyer at closing. Lease is open for 2024

2023 yield – We have an updated yield monitor data that is listed below for 2023. The map we have is in black and white so doesn’t show the variation well. We had previously stated the farm yielded better than 200 bu/acre but in fact it was 207.3 bu/acre.

Farm: Gannon

Field: Se i35

Year: 2023

Crop/Product: CORN 1

Area: 64.95 ac

Avg. Moisture: 15.42%

Avg. Yield: 207.30 bu/ac

Total Yield: (Wet): 13,632 bu

Total Yield: (Dry): 13.207 bu

Date/Time: 10/5/2023

Fall Fertilizer and Tillage – We agreed with the farm producer that if we sold the land then the Buyer would be required to either rent or reimburse the producer for their inputs and fieldwork for 2024. Below is a list of these costs which are $13.998.20. You can see the land is well fertilized and ready to go for whoever farms the land in 2024. It is an advantage to the property and any buyer that doesn’t farm and not wanting to hire the producer then they need to pass this along to their operator. This requirement will be in the sale purchase agreement. If anyone wants to talk to the producer we can call them.

SE I35

Lime applied 12/16/21, $2200 depreciated over 5 years, 3 years remaining. $1320.
Fertilizer applied 11/24/23 0-0-60 w/Gypsum and spreading $5042.20
Subsoiling $25.30 x 67/$1,720.40
NH3 W/Stabilizer 180 units $72.30 x 67/$4.916.40
Anhydrous injection w/tool bar 14.70 x 68/$999.60
$13,998.20 total

Auction Terms

Online Only Auction
Auction Sale Period: January 22 – 26th, 2024

Bidding opens at 8:00 AM on 1/22/24 & starts ending at 10 AM on 1/26/24 with possible extensions until a final price is reached. Closing date on or before February 28th, 2024.

The bidding will end at 10 am on January 26, 2024 unless there is a bid in the last 5 minutes before the ending time. If so, the bidding will be extended another 5 minutes and so on until a final price per acre is determined.

Bid increments will be $100/acre on a starting bid of $9,000/acre. The multiplier will be the 71.07 Gross acres.

This is a RESERVE Auction and all final bids will be presented to the owners and their advisors to decide whether to accept the top bid. The family has every intention to sell the properties but they have the right to reject any and all bids.

The final top bidder(s) will be contacted by Gannon Real Estate within 48 hours to report the owner’s decisions. If approved, the buyer will be contacted to sign a purchase agreement and deliver a cashier’s check or wire transfer made out to the Gannon RE Trust account for 10% of the final total bid amount.

Real Estate taxes will be prorated to closing.

Closing will be on or before February 28th, 2024 but we could accommodate timing for 1031 exchanges if they are approved ahead of July 24th, 2024. The farm lease is canceled and open for the 2024 crop year. Farm yields and soil tests are available upon request. The farm had a 200+ bu/acre corn yield in 2023. The Farm Service Information is provided by the Story County FSA.

This is a cash sale and not subject to financing. Buyers should have fully inspected the property and be comfortable with accepting the property as-is at the time of the sale.

The owner has the right to change the terms or withdraw the offering prior to the ending of the auction time period.

Please do not drive on the property in wet conditions that would create ruts without getting permission from Mark Gannon.

Owners are C G LEE JOINT VENTURE LLC. Please call Mark Gannon with any questions or concerns. The property has been managed by Gannon Real Estate & Consulting for many years.

The property is being offered as an online only auction and we expect a strong internet connection on our end. The potential buyers should also make sure they also have a good internet connection. If there are any issues on the broker’s end then there will need to be a decision made at that time to delay or postpone the offering. We have never had to do that but want to make sure everyone has a chance to bid and all goes well. After the bidding is ended we will confirm with the bidding platform provider to confirm a satisfactory event and final bid.

The sale is subject to all easements, covenants and restrictions of record. The property is sold “as is – where is” basis with no warranties expressed or implied by Gannon RE & Consulting. The property will not be surveyed.

All bids are on a price per acre amount times 71.07 acres. All bidders are representing themselves as they are
registered to bid with no assignments of the contract allowed prior to closing without the permission of the Sellers. No phone bids will be accepted without prior approval. All bidders must be registered on the website to bid.