The Land Report

SPR 2012

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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48 The LandReport | S P R I N G 2 0 1 2 LANDREPORT.COM W E S T Bates Sanders Swan Land Company (801) 521-4259 2011 Sales: $50-$100 Million Who: Specializing in premier ranches, productive farms, and attractive recreational holdings since its founding in 1970. President C. Patrick Bates cemented the firm's Hall of Fame reputation with the 2010 sale of the legendary Bell Ranch. Highlight: Currently marketing the 124,000-acre Broken O Ranch in Montana for $132.5 million and the 36,000-acre 3L Cattle Ranch in Central Saskatchewan for $37.46 million. Standout Broker: Michael Swan, an elite player with a decade of success at the firm, handled $35 million in sold offerings during a tough 2011. Insights: Bates predicts increasing competition for strong beef and grain-producing operations will generate solid cash-on-cash margins. Bramlette and Company (866) 215-1429 2011 Sales: < $50 Million Who: Focused on buying and selling Montana farms and ranchland. Headquartered in Dillon. Entire team comprised of avid outdoorsmen and women. Owner Tom Bramlette was diagnosed with brain cancer in 2011, but continues to come into the office between treat- ments. He even emailed long- standing clients from ICU as he recovered from surgery. Insights: "We believe that if you have a remarkable or rare property that is priced well in today's market, you will have g ood interest and a quick close," says Brandon Bramlette. Clark & Associates Land Brokers (307) 334-2025 2011 Sales: $50-$100 Million Who: Focuses on farm and ranch real estate through tradi- tional brokerage and auctions, along with ranch management services. Highlight: Sold Wyoming's 16,000-acre Cummings Ranch, which listed for $5.49 million, within two months. Far West R&C Sales (866) 353-5958 2011 Sales: < $50 Million Who: Specializes in ranches, large parcels, and horse proper- ties in Northern Nevada and Northern California. Noteworthy: "Most of our properties have highest and best use as something other than straight agricultural: legacy properties, family compounds, investment properties," says Kathy Courtney. Fay Ranches (800) 238-8616 2011 Sales: > $100 Million Who: Founded by Greg Fay 20 years ago, the brokerage was the first to recognize the value that recreational assets contribute to a property and to emphasize conservation opportunities. Specializes in investment-quali- ty producing ranches with fly- fishing or hunting attributes. "It is important to everyone at Fay that farms and ranches remain productive and the agricultural landscape of the West, particu- larly land along our rivers, is not subdivided," Fay says. Highlight: Closed more transac- t ions in 2011 than ever before. Insights: "The first half of 2011 started off slowly, and we were concerned the momentum we had gained in 2010 would not transfer to the new year. However, the third and fourth quarters were tremendous, with a few instances of competitive offers," Fay says. Fuller Western Real Estate (303) 534-4822 2011 Sales: < $50 Million Who: "Western farm, ranch, and recreational properties have been the backbone of our firm for the past 18 years," says Burt Fuller. Headquartered in Denver with four other Colorado offices and one in Wyoming. Highlight: Sold Wyoming's 5,700-acre Horn Creek Ranch within months of listing it. Standout Broker: Jack Kavanaugh brokered the Horn Creek Ranch as well as a com- plicated sale of a guest ranch near Yellowstone that operated entirely through a federal lease with no deeded acreage. Hall and Hall (406) 656-7500 2011 Sales: > $100 Million Who: Unique brokerage struc- ture encourages true team approach by sharing profits among all partners. Specializes in investment-quality rural real estate, which includes farms, ranches, and recreational prop- erties. Added auction services in 2011 with a strong start. Highlight: 2011 was the best year in company history. Sales in 11 states and one foreign country exceeded $15 million in listed prices. This included sev- eral ultra high-end sales, a num- ber of successful auctions, and other transactions ranging from $ 1 million to $50 million. Insights: Except for pure oper- ating farms and ranches, prices appear to be off as much as 35% from their peak. More as quality goes down. There is concern that the uncertainties surround- ing the elections might cause buyer hesitation and that prices for operating farms are getting a bit ahead of themselves. Harrigan Land Company (800) 524-1818 2011 Sales: < $50 Million Who: Father and son team David and Hunter specialize in fishing, hunting, and ranch real estate throughout the West with headquarters in Colorado. Highlight: Sold the east half of Southern Cross Ranch, over 18,000 acres, in southwest New Mexico; listed for $25 million. Adjoining Cibola National Forest, the ranch is known as one of the world's premier elk- hunting ranches. Insights: "We are optimistic for a strong 2012. Buyers continue to see recreational ranches as a safe investment that can be enjoyed by them and their family for years to come." Noteworthy: "We have been very fortunate to have some great listings and the inside track on several 'unlisted' ranches," says Hunter. Hayden Outdoors (970) 674-1990 2011 Sales: > $100 Million Who: Cabela's Trophy Properties affiliate specializing in farm, ranch, and recreational properties, with an emphasis on income-producing properties.

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