Trophy-property ranches hit the market as more heirs choose to sell
Reynolds Ranch, who has been the owner of the same family for more than 116 years, is now on the market for $ 30.7 million.
California with the permission of outdoor properties
For more than 116 years, Deanna Davis’s family had Reynolds Ranch, a 7,600 acres in Central Coast region of California. Reynolds Ranch with varicose veins on Homestead’s future, now on the market for $ 30.7 million.
Dav It is hard to decide together as a family about the farm, Dav Davis said to CNBC. “If I had cash, I would buy everything now, and I would cash everyone and start from the beginning and get the title in a LLC.”
Davis, who manages the property, is not widespread for family trees with a lot of branches. His mother, who died last December, was the last growing family member in Reynolds Ranch. Now the family is scattered in the country and some relatives live abroad. Some family members who can visit only once or twice a year prefer to make money.
In his statement to CNBC, families such as Davis said that they chose to sell these long -term properties more and more.
Legacy features-even if it is not at the spinish high-it is in demand, because the deep-pocket buyers revive a wide open sky and a slower speed of life. The so -called “Yellowstone” effect remains exactly in force. Very big Show the show seeking expanding properties in Montana, Wyoming, Colorado and other Western states.
“All I know is that whoever buys this property, when they sit in the porch in the afternoon, they will think that they descend to heaven while sipping margarita or icy teas.” He said.
‘Not much’
According to Broker Latham Jenkins, Wyoming Jackson Hole, there is $ 700 million in the listing of live water Properties through Ranch in May 2024 under $ 200 million. He said that most of these properties were the old farms on the market for the first time during the generations.
Such a list, Meeteetse, the Antlers Ranch in Wyoming, about three times the size of Manhattan, is priced with 40,000 acres and $ 85 million. Antlers Ranch is on the market for the first time in five generations.
“Great historical properties are less common, because many are separated and sold.” He said. “The rest is very desirable.”
These heritage farms may request a premium for reasons other than acres. Like one of the many historical farms, Red Hills Ranch, a 190-acre property that requires $ 65 million, is surrounded by unrelated public lands. In addition to this confidentiality, buyers are attracted to the ability to closely walk and fishing and see the wild life closely.
Jackson is listed for $ 65 million with an increase of 190 acres, Red Hills Ranch, 25 miles out of Wyoming. Redger-Teton National Forest, Red Hills Ranch was the private guest farm of the late senator Herb Kohl.
With the permission of live water features
Jenkins, “When you sit next to a remaining river, watch the sunset and sunset, when you see a calf is born, there is nothing like this.” He said.
Families usually come to him when there is little interest in taking over the farm of future generations, or heirs do not reach an agreement. When such a features became available for the first time for generations, it described it as “bitter sweet”.
“This is something about real estate. The land is constantly, but not property,” he said.
Bill McDavid, a broker in Hall and Hall, represents the Rocking Chair Farm, a 7,200 acres of Montana Farm, which has been in the same family for more than twenty years.
“Adult children, ‘no, this family’s time to continue and to do something else’ ‘came to the point where they noticed.
Generation Transfer of Return
According to McDavid in Montana, Missoula, many many very -generated farms have already changed hands, as farms have been falling for decades. But McDavid is his They bought 20 to 30 years ago in families who wanted to sell farms. Owners often do not have family ties with farm and decide to buy trophy properties after making their reserves in the field of technology or finance.
“For the buyer who won their money during the Dot-com period, they had a family heritage or anyway.” He said. “And then their children aged and moved to the farm because no one moved to the farm. So, the Dot-Com man went out and visited for the summer at most.”
For the heirs, he said, “It was never on the cards to seize the farm.”
Davis said that a local farm family hoped to buy plenty of grazing pastures and water resources California. However, a recipient from the Silicon Valley said that he would capture Reynolds Ranch from San Jose, who was just 90 minutes of a car and could host a landing lane for a private aircraft.
John Onderdonk, who advised Northern Trust, a manager of the reserve, said The generation transfer of the reserve shapes the market. At the same time, a fourth generation, a cattle farm and his brothers said he was lucky to decide to keep Central California farms in the family. However, he said that most of the families he chose to sell did this because of financial rather than being indifferent.
“Real estate capital is an intensive class of being, and if there is no liquidity in the portfolio and the rest of the family cannot support it, difficult decisions come into play.” He said.
Rocking chair farm, listed as $ 21.7 million, has been on the market for the first time for more than twenty years. Philipsburg, Montana, Farm is a 7,200 acres of acres.
With the permission of Hall and Hall
According to Ken Mira from Mira Ranch Group, old farms that can come with animal husbandry and cultivated lands are attractive, but require the necessary care. For example, these farms are often operated by long -term managers who are usually separated and difficult to replace when they are sold, dedi Denver -centered broker said. If they remain in the hands, they can have a hard time to adapt to the new property, Mira added.
“The executives who have been here for a long time are starting to think that they have the ground, aren’t they?” he said. “Sometimes this is not the best person to manage the farm.”
Receivers waiting for full confidentiality can also get a rough awakening. For example, Mira said that the previous family may have a long -term agreement that allows a neighbor to pass through their property. Depending on the state, he said that public members could be allowed to fish or Wade in the rivers in private property.
McDavid said that buyers with deep pockets may have unrealistic expectations and could ask for a rural property without compromising on convenience. For example, many want to live in a 30 -minute drive of a large airport. Buyers also prefer ready -relocated features and multi -beloved farms may be deprived of modern opportunities.
As for the sellers, they get a decline, but they cannot multiply the lifestyle that comes with an old farm.
“When you sit in your porch, you look around and you look around and you have everything as far as your eyes can see.” He said. “Extremely difficult, the concept of losing the place, but on the other hand it will make the next family very happy.”
