Much has changed in the world and in the real estate industry since Cates Auction & Realty was founded in 1942. One thing that remains the same, however, is the appeal of a land auction.
From its earliest days, the company’s founder, Dean Cates, specialized in farm and land auctions. A quick perusal of the company’s archives of original sale bills reveals the details of those early auctions. Though many of those sales were before his time, current company president and Dean’s grandson, Jeff Cates, says his earliest memories of auctions often revolved around the sale of land.
Fast-forward 72 years and a look at the company’s current auction calendar confirms that land auctions remain an important part of the business model. In the first nine months of this year alone the company has sold more than 1,300 acres for eight clients. According to Cates, land auctions remain popular today for the same reasons that they were years ago.
“Every piece of land is unique and holds different value to different people so auction is the best way to offer it fairly and get the best price,” Cates said.
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Cates Auction & Realty has two significant land auctions scheduled for November. On Nov. 7, approximately 380 acres on Northeast State Highway HH in Cameron, Mo., will be sold at public auction.
The acreage includes rolling hills, valleys, creeks, ponds and hardwood timber. It is terraced, fenced and cross fenced, and has asphalt highway road frontage. It is perfect for livestock, crops, hunting, home sites or investment.
The property is comprised of two tracts which can be purchased separately or together. Tract one of approximately 160 acres is primarily used for grazing cattle and includes 11 acres of bottom ground. Cates notes that it could easily be divided into multiple smaller tracts. Tract two is approximately 220 acres and is currently in pasture including nine acres in beans.
According to Cates, the farm has been in the same family for many years and the current heirs decided to sell.
“They chose auction to facilitate a simple, straightforward sale,” he said.
This auction will be held at the Elks Lodge in Cameron located at 9018 U.S. Highway 69. Registration opens at noon.
The second major land auction is an approximately 237-acre parcel located on Missouri Highway 150 in Lake Lotawana, Mo., scheduled for absolute (no reserve) auction on Nov. 21. The property has asphalt road frontage and is fenced and cross fenced.
According to Cates agent, Rick Bradford, “This versatile land is perfect for livestock, crops, hunting, home sites or investment.”
It is also divided into two tracts. Tract one is approximately 79 acres primarily used for soy beans and corn. Tract two is approximately 158 acres primarily used for grazing cattle and hunting, including 40 acres of crops. It features rolling hills, valleys, a creek and hardwood timber.
Bradford added, “The sellers chose absolute auction to provide complete transparency to buyers. The property will sell to the highest bidder at auction, regardless of price.”
This auction will be held at the Lone Jack Civic Center at 509 S. Bynum Road. Registration opens at 9 a.m.
In both auctions bidders will be able to bid on a single tract as well as on the combination of tracts.
According to Cates, “We frequently use this method for selling land because it ensures that buyers can bid on exactly what they want to buy.”
Details of both auctions, along with documents, terms, photo galleries and more can be found at CatesAuction.com. Information for prospective sellers of land can also be found on the website or by contacting the company at 816-781-1134 or firstname.lastname@example.org.
So who buys land at auction? According to Cates, just about every type of buyer has shown up at his land auctions over the years. High bidders are often adjoining property owners, farmers looking to expand, individuals wanting recreational and/or income-producing ground, developers and of course, investors. The most important thing he says, is that every interested buyer participate. “When it’s an auction, it’s always worth your time.”