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.
Issue link: http://landreport.epubxp.com/i/656422
T E X A S 2 0 1 6 | The LandReport 73 LANDREPORT.COM "It was John Connally who opened my eyes to the great values in Texas," Harry says. Michael and I went down and looked at a lot of real estate and eventually purchased our first Texas ranch from Governor Connally. The 1980s was a great buying opportunity, and today's market has the potential to be just as good. Or even better." Nowadays, Harry and Mike sift through opportunities forwarded by bankers, other lenders, and even former competitors. While bankruptcy protection has become the refuge of some companies, the Pattens regularly work with hedge funds, pension funds, family offices, and international investors. Their lengthy track record and strong financial statements affirm their industry-leading status. "Our buyers are end users, not get-rich- quick investors or speculators," Mike says. "The developers and the flippers who get into land are interested in one thing: making a quick buck. That's not how we've built our business. When you're fulfilling people's dreams of owning a piece of land like we do, your clients buy for the right reasons. They've invested in their property emo- tionally as well as financially, and they're not about to walk away from it. It's the exact opposite of someone walking away from a condo or a spec house." Broad-based marketing is an integral part of this strategy. But another factor takes even more precedence. "Price is always king," John Patten tells me. "We have the ability to purchase in bulk, unlike many developers, which enables us to pass on substantial savings to our clients." So are the Pattens the Wal-Mart of land developers? "I can't speak for the Walton family," John says. "But I know this: I've heard Harry say on numerous occasions that he never purchased a piece of property to develop that he couldn't see himself living on. That's another way of putting the customer first."