The Land Report

Summer 2014

The Magazine of the American Landowner is an essential guide for investors, landowners, and those interested in buying or selling land. The award-winning quarterly is known for its annual survey of America's largest landowners, The Land Report 100.

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S U M M E R 2 0 1 4 | The LandReport 77 LANDREPORT.COM S O U T H W E S T Briggs Freeman Ranch & Land Division Sotheby's International Realty ranch.briggsfreeman.com (214) 353-6600 2013 Sales: $200 - $300 Million Who: The newly launched arm of the Dallas-Fort Worth area's most successful residential brokerage enjoyed a record- setting second year. Wow: Closed the $23.5 million Arbuckle Ranch in Oklahoma. Chas. S. Middleton & Son www.chassmiddleton.com (806) 763-5331 2013 Sales: $50 - $100 Million Who: Established in 1920, this fourth-generation firm specializes in the sale and appraisal of farms and ranches in Texas, Colorado, Oklahoma, New Mexico, and Kansas. Wow: Listed the East Division of T. Boone Pickens' celebrated Mesa Vista Ranch [see page 34]. Clift Land Brokers www.cliftlandbrokers.com (806) 355-9856 2013 Sales: $50 - $100 Million Who: Has a diverse team of agriculture specialists who understand the farming and ranching business and the land values associated with it. Wow: Sold over 30 irrigated sections in 2013 and closed land in over 40 counties in three states. Insight: "More buyers than sell- ers in 2013," says Phyllis Riley. "In 2014, sellers are resistant to price adjustments that are expected with lower commodities." duPerier Texas Landman www.tripduperier.com ( 830) 755-5205 2013 Sales: $200 - $300 Million Who: Specializes in farm and ranchland throughout Texas. Insight: "We had strong sales in 2013 and expect the market to grow in 2014 with over $150 million in sales in the first quarter," says Quinten Scott. Gary Giles Real Estate www.garygiles.net (972) 923-1808 2013 Sales: < $50 Million Who: Specializes in agricultural and ranchland sales. Insight: "Cultivated land sales have remained strong over the past 12 months with more buyers than sellers," Gary Giles says. "Prediction in 2014 is that demand for cultivated land will remain strong and that the demand for recreational ranch- land will strengthen after several rather flat years of demand." Headquarters West www.headquarterswest.com (502) 792-2652 2013 Sales: < $50 Million Who: Specializing in agricultural and rural property sales and appraisals since 1983. Wow: Assembled several large ranches totaling over 100,000 acres for a strategic buyer. Insight: "The rural market is strengthening," Walter Lane says. "We are seeing more sales currently, but the supply of available properties is not meeting demand." Hortenstine Ranch Company www.hrcranch.com (214) 361-9191 2013 Sales: < $50 Million Who: Specializing in recreational, hunting, and fishing properties, along with cattle ranches and timberland. Expertise includes wildlife management, wetlands d evelopment, lake management, and land management. Insight: "The market has been active and our inventory of high- quality, exclusive listings has increased and is as strong as ever," says Blake Hortenstine. King Land & Water www.kinglandwater.com (432) 426-2024 2013 Sales: $50 - $100 Million Who: Focuses exclusively on unique ranches and conservation properties throughout Texas with expertise in conservation easements. Wow: Designed, negotiated, and closed the 8,200-acre Frazier Canyon Ranch, assembled from four different owners into one contiguous ranch in the Davis Mountains. Insight: "West Texas has been the most active region in the state," notes James King. "High demand with limited quality product makes for a strong market." Kuper Sotheby's International Realty www.kuperranchsales.com (210) 213-9700 2013 Sales: $200 - $300 Million Who: Director Robert Dullnig represents buyers and sellers of farms, ranches and recreational land throughout Texas with worldwide exposure via the Sotheby's International network. Wow: Listed the legendary 29,000-acre Y.O. Ranch for $85 million [see page 26]. LANDTX www.landtx.com (830) 997-8616 2013 Sales: < $50 Million Who: Specializes in representing owners of significant working and recreational ranches throughout the Lone Star State. Wow: Sold Bandera Creek R anch (after almost two years and 23 showings). Insight: "We're back to the sensible pace of pre-2002, with sporadic 'feeding frenzies' fol- lowed by short to long periods of little to no activity. Shale plays in Texas are creating great wealth, much of which will increasingly spill over into ranch markets, resulting in increased sales in coming years," says David Culver. Lone Eagle Land Brokerage www.eagleland.com (970) 249-4300 2013 Sales: < $50 Million Who: A boutique farm and ranch real estate firm, offering a high level of comprehensive serv- ice in many facets, focusing on the ranch industry. Involved in various land exchanges in the past, including: water, access, estate, and charitable intent issues, conservation easements, complex legal matters, construc- tion, and big game outfitting. Wow : The listing and sale of the X Quarter Circle Bar Ranch by Associate Bryan Walchle. The ranch was an old family holding with many issues, but Walchle addressed each concern with professional- ism that eventually resulted in the sale. Insight: "It's going to be a great year; already we are at record number of transactions for 2014," Joseph Burns states. "The market has signs of 2006 activity with this one caveat: sellers can be assured of great activity but buyers are very price sensitive in order for a deal to get done." Mossy Oak Properties of Texas www.moptex.com (972) 771-2129 2013 Sales: $50 - $100 Million 70-88 [2014.2] Best Brokers_Layout 1 6/1/14 7:32 AM Page 77

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