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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86 The LandReport | S U M M E R 2 0 1 4 LANDREPORT.COM farm and ranch brokerage, resource management and e nhancement, and consultation services on conservation ease- ments and stewardship plans. W ow: Sold the 45,000-acre Winding Stair Ranch in Oklahoma's Ouachita Mountains, which was listed for $51.4 million, and Montana's 9,600-acre Master Key Ranch in the Shields River Valley, which was listed for $16.95 million. Insight: "Demand for larger working ranches remains strong," says Partner Jim Taylor. "It appears that there is some upward pressure on prices and deals are being done somewhat above past levels where ambi- tious sellers have lowered their expectations. The good news is we have moved a number of retreats in the $10 million range, which has heretofore been a part of the market that has been virtually dead." Harrigan Land Company (303) 908-7100 2013 Sales: < $50 Million Who: Family-owned ranch brokerage specializing in high- end fly-fishing, hunting, and recreational ranches in Colorado, Wyoming, New Mexico, and Utah. Insight: "Our view of the current market is that larger ranches with outstanding recreational and agricultural values remain in high demand, while interest in smaller, higher price-per-acre 'retreat ranches' has increased substantially over the past year," explains Hunter Harrigan. "We believe this strong demand for high-quality property will carry through 2014 as many investors continue to be wary of the stock market and unenthusiastic about the small returns offered through savings accounts." Hayden Outdoors ( 970) 674-1990 2013 Sales: $100 - $200 Million Who: Founded by Leo Hayden in Kansas in 1976, this firm has grown in the decades since to the point where it now has 35 brokers on staff. Hayden focus- es on farm, ranch, and recre- ational real estate in an eight- state region that includes the Rocky Mountains and Great Plains, with expertise in hunt- ing properties, minerals, and water rights. Wow: Hayden Outdoors closed more than 100 transations in 2013. Insight: "The market is very strong and improving in most areas of the country," notes Dax Hayden. "As always, there are corrections in any industry and we may be seeing a correction following the recent commodi- ties prices. But with mineral and cattle markets at all-time highs, it may be a non-factor in the national real estate markets." Knipe Land Company (208) 345-3163 2013 Sales: $50 - $100 Million Who: With roots dating all the way back to 1944, Knipe Land specializes in farms, ranches, and other agriculture properties as well as exclusive recreational properties in Idaho, Oregon, Washington, Montana, and Nevada. Insight: "In 2013, land prices have increased in most regions of the U.S., and there was a limited supply of farms and ranches, increasing land prices," John Knipe says. "We feel that in 2014, increasing interest rates and increased prices will be a definite factor that influences real-estate trends." Legacy Properties West Sotheby's International Realty (970) 624-0444 2013 Sales: $50 - $100 Million W ho: Based in the heart of Southwest Colorado in Durango, this family-owned firm specializes in a wide variety of properties, including legacy ranches, large acreage land parcels, and luxury estates of all types. Wow: Brokered the sale of Granite Peaks Ranch, a 565- acre fly-fishing and equestrian estate, for $15 million. Insight: "So far in 2014 we are seeing significant interest in our ranch properties. We see this as potentially a 'break-out' year with inventories narrowing and prices rising," says Tom Morse. Live Water Properties (307) 734-6100 2013 Sales: $100 - $200 Million Who: Unique ranch real estate brokerage representing clients in the acquisition and disposi- tion of investment-grade ranches with a focus on fly- fishing, bird and big-game hunting, cattle ranches, and agricultural properties. Wow: Surpassed $1 billion in historical sales volume in 2013 and closed five ranches that were listed between $14 and $28 million. Insight: President Alex Maher notes that the Western ranch market has continued to strengthen in virtually all price points between $1 to $30 million. Maher also sees strong demand for a wide array of dif- ferent features driving property sales. "We believe the market will continue its healthy pace, barring any major economic downturn," he says. Mason & Morse Ranch Company (970) 928-7100 2013 Sales: $100 - $200 Million Who: Representing buyers and sellers and specializing in the sale of agricultural, working, and recreational ranches, timberland, and productive farmland. Wow: Sold more than 45,000 acres of ranchland, timberland, and farmland. Insight: "In recent years, agricultural land values have risen significantly, creating wealth for many investors," Managing Broker Bart Miller says. Mirr Ranch Group (303) 623-4545 2013 Sales: $100 - $200 Million Who: Specializing in rural ranch real estate, as well as sporting properties, income- producing ranches and farms, and unique landscapes adjoin- ing public lands. Wow: The high point of 2013 was the sale of Trees Ranch, an iconic property surrounded by Zion National Park and Wilderness in southwest Utah. Insight: "Last year, we experienced our best year," says Ken Mirr. "The cattle markets were very strong, as was the demand for alfalfa, and this certainly influenced the farm and ranch market. This will continue into 2014." Pfister Land Company (877) 805-9165 2013 Sales: $50-$100 Million Who: Diverse real-estate company specializing in farm, ranch, recreation, and premier investment-quality land throughout the western U.S. Insight: "This year has already A M E R I C A ' S BEST BROKERAGES 70-88 [2014.2] Best Brokers_Layout 1 6/1/14 8:35 PM Page 86

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