This month, CNN Business reported ranch values are outpacing other real estate with an 11% increase in median asking prices for ranches for sale over 1,000 acres, according to Realtor.com. Our very own Ken Mirr was contacted for his ranch broker expertise in the article.
With 2018 being one of the best years ever for Mirr Ranch Group, Ken adds, “And we’re starting 2019 with $100 million under contract.” Much of this happened in January, where Mirr Ranch Group sold over $60 million in one month.
According to the article, some of these large properties are working ranches with livestock, but more than half of the listings last year mentioned the property’s main purpose was for recreation.
Since 2016, the ranch market has seen a significant and constant increase in sales and overall inventory. 2018 was our strongest year to date as evidenced by these Mirr Ranch Group statistics:
- Transactions closed: 32
- Average list price: $4,027,188
- Average number of acres: 4,600
- Average price per acre: $2,800
- Our biggest sale of 2018: Sandstone Ranch listed and sold at $18,750,000
The beginning of 2019 has already surpassed our expectations. As previously noted, we had an unprecedented January. This included the sale of the following ranches for sale:
- The iconic Wasatch Peaks Ranch, 20 square miles of pristine alpine terrain within Utah’s famed Wasatch Mountains;
- The historic working Double R Ranch in Walden, Colorado with over 10 miles of private fly-fishing;
- One of the finest trophy hunting properties in the West, Burro Mesa Ranch;
- Spicer Arena, an outstanding multi-use equestrian property on the Front Range;
- Coal Pasture, a trophy hunting parcel near world-class skiing at Cross Mountain Ranch;
- And a premier riverfront parcel at the exclusive Elk Creek Ranch in Meeker, Riverside at ECR.
Before you buy, Ken also explained in the CNN article that prospective ranch buyers need to study up on the complexities of owning a ranch: water rights, grazing permits, conservation and tax implications, hunting regulations, mineral rights and whether they need to commission an environmental analysis.
“We’re optimistic about the ranch market in 2019, and look forward to working with great clients and unique properties this year,” added Ken.
Here’s a video recap of this blog: