PA Marcellus Property Sold as High as $16,700/Acre at Auction
This has to be a record for the Marcellus… The Pennsylvania court had ordered an auction of various parcels of land in Susquehanna and Bradford counties (in the prolifically productive northeastern “dry gas” portion of the Marcellus). There were 222 acres of land in total located in prime Marcellus drilling country. An auction was held on Oct. 30 in Wysox, PA and the land was all sold–to various buyers from across the country. Here’s the kicker: Some of the land sold for $16,700 per acre! This is rural farm land folks, not prime real estate in the middle of downtown. The money paid was not for a gas lease but the new owners get mineral rights with the land. You know the land was purchased in hopes of turning around and leasing it for Marcellus drilling. We don’t know for sure, but some of the land may even have been purchased by drilling companies (time will tell).
If we might immodestly say so, the ad agency that helped promote the auction wisely sought out and purchased advertising on MDN. You may have recalled seeing the ads during October? Looks like that proved to be a wise decision! Here’s the “let us toot our own horn” press release issued by United Country Real Estate–the company appointed by the court to list and sell the property: