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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88 The LandReport | S U M M E R 2 0 1 4 LANDREPORT.COM proven to be better than any year since 2009," says Rob Pfister, w ho adds that "by the end of the first quarter, we anticipate closing in excess of $50 million on one transaction alone." Prudential Montana Real Estate www.prumt.com (406) 219-7706 2013 Sales: < $50 Million Who: Full-service, statewide real-estate company focusing on Montana ranches and recreational properties. Wow: Transactions varied from a high of $14.5 million to an average of $1 to $2 million. Insight: "Demand for good quality production agricultural properties, buoyed by strong and increasing commodity prices, kept true ag property values stable and rising," says Frank Colwell. Raich Montana Properties www.tracyraich.com (406) 223-8418 2013 Sales: < $50 Million Who: Boutique real estate firm founded by Tracy Raich has specialized in ranches and recreational properties in Montana's Paradise Valley. Handles premium sales for high-net-worth clients. Wow: Represented the seller for the highest reported sale in Park County, Montana. Insight: "The Montana real estate market continues to be stable for 'market-priced properties.' We continue to experience an increased number of buyers seeking ranch and recreational properties as an alternative to market-driven investments," says Raich. "I predict this trend will continue, and we see a lack of inventory in the ranch and recreational sector in 2014." Ranch Marketing Associates www.rmabrokers.com ( 970) 535-0881 2013 Sales: < $50 Million Who: Focuses on ranches, farm- land, and recreational properties. Offices in Colorado, Wyoming, Montana, Texas, and California. Wow: "RMA had several sales just under the $20 million mark," says Broker Ron Morris. "The one that stands out was Owl Creek Ranch in North Park, Colorado, a 17,982-acre ranch that runs over 1,500 animal units, has 5,500 tons of hay production, and features 10 miles of river with senior water rights. This ranch appraised for $17.5 million without the mineral rights and sold for $18 million with the minerals to a foreign buyer." Insight: Says Morris, "2013 was the year of the return of recreation ranch sales, which had been flat for several years. Buyers who had looked at several ranches followed through. 2014 has had a slow start. Not a lot of inventory on large agricultural ranches, but it appears there is less hesitation when a buyer finds a quality property." Sonny Todd Real Estate www.mynextranch.com (866) 932-1031 2013 Sales: < $50 Million Who: Recognized leader in production ag ranch sales. Wow: The sale of a three- section national forest service in- holding for a native Montanan that "would never be sold." Insight: "Steady growth in price per acre of ag type ranches," Justin Todd says. "It will be a good year for the buyers and sellers in terms of cattle ranches." Summit Sotheby's International Realty www.summitsothebysrealty.com (435) 649-1884 2013 Sales: > $1 Billion Who: Specializing in luxury estates and land in Utah. Wow: H as grown from $135 million in total sales volume in 2008 to more than $1 billion in sales volume in 2013. Insight: "The market improved in 2013. We are seeing an increase in sales and pricing in most areas," Thomas Wright says. "The market will continue to improve in 2014." Swan Land Company www.swanlandco.com (866) 999-7342 2013 Sales: < $50 Million Who: Specializes in ranches, farms, and recreational properties across the Rocky Mountain West. Insight: "We will continue to see strong demand for good ag land as ranchers work to rebuild herd numbers and investors look outside the Midwest for quality farm ground," Mike Swan says. Telluride Sotheby's International Realty www.telluridesothebysrealty.com (970) 369-7700 2013 Sales: $50 - $100 Million Who: As an established and trusted real estate adviser, Bill Fandel consistently represents the Telluride region's most discriminating buyers and sellers. From the region's finest luxury homes and penthouse condo- miniums to iconic trophy ranches and estates, Bill focuses to best serve each client's specific needs and interests. Wow: The private sale of a 210-acre trophy estate in Nevada for $48 million. Insight: "Slow and steady recov- ery continues in mountain resorts throughout Colorado, while supply-constrained properties in unique locations and of highest quality inspire greatest interest. United Country RealQuest Realty www.realquestrealty.net (970) 256-9700 2013 Sales: < $50 Million Who: Specializes in recreational ranches, mountain properties, agricultural properties, and wineries with additional expertise in minerals and wetlands mitigation. Wow: Represented both sides of former Bison Ranch during yearlong negotiations. Insight: "The market for 2013 was somewhat flat for the first six months with a big surge from buyers at the end of the year, which has carried over nicely into 2014," says Craig Ginter, CCIM, ALC. Western United Realty www.ranchbrokers.com (307) 745-6024 2013 Sales: < $50 Million Who: Specializes in buying and selling ranchland in Wyoming and Colorado. Insight: "There is good activity for the right property, but there is definite resistance to overpriced, marginal properties," says James Rinehart. "I am actually seeing more educated buyers making more informed decisions than ever before, but for a perfect place, buyer activity is strong." A M E R I C A ' S BEST BROKERAGES METHODOLOGY The Land Report's fourth annual listing of the best land brokerages in the U.S. is based on the total value of self- reported 2013 domestic land sales by traditional brokerage. Totals exclude commercial, industrial, and residential sales. All figures cited were provided by each respective firm between February 17 to March 29, 2014. 70-88 [2014.2] Best Brokers_Layout 1 6/1/14 7:33 AM Page 88

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