Hall and Hall Year In Review - 2022

Year IN Review

2022 ANNUAL REPORT HALL AND HALL

2022 Recap

The red-hot real estate market, which began in early 2020 with the Covid-19 outbreak and was further spurred by social, political, and economic forces in 2021, has come to an end. This highly compressed market cycle resulted in record prices and sales volume through 2021. The strong market continued into 2022 resulting in historically high sales volume that was second only to the previous year, despite increasingly depleted inventory and retreating buyer urgency. As the year progressed, declining economic conditions and rising interest rates adversely affected buyer sentiment and led sellers to question bringing properties to the market. The result at year end is a largely “wait and see” attitude on both sides of land transactions.

Afew primary contributors drove the market this year. First, we saw tremendous strength in geographies that received less press or publicity than some of the “hotter” markets in 2021. The Great Plains was a leader as buyers shifted away from higher price points and minimal selection in the Rocky Mountain states. We saw Montana sellers and wouldbe mountain state buyers become purchasers of significant holdings in South Dakota and Nebraska. Our geographic diversity and partner collaboration proved instrumental in sourcing and executing sales in those areas.

Transaction size and volume in the southeastern states continue to grow as the retreat and recreational amenities of properties in those areas expand. Convenience and proximity to home are primary drivers for east coast-based owners. The challenges of air travel and, again, limited western inventory, have resulted in more people choosing properties closer to home that are easier to access and enjoy more often. We see great potential in the region with our expansion into Virginia.

The Rocky Mountain summer climate is no less appealing, even with travel being more challenging. Colorado’s available inventory of highly improved, turn-key mountain properties was gobbled up by buyers who wanted a move-in-ready property that they could enjoy immediately. Skyrocketing building prices and a two-to-three-year-long waiting list for reputable builders encouraged buyers to buy existing listings at a better value.

Our growing presence in Texas has been instrumental in producing Texassized sales like the late T. Boone Pickens’ Mesa Vista Ranch and sourcing buyers for Colorado and other mountain state properties. Our market-leading auction business, licensed in 29 states, produced tremendous results from La Panza Ranch in California to Clifton Farms in Virginia and many states in between.

Throughout the rapid market changes of 2022, we have been preparing for 2023.

We have increased our marketing resources, broadening platforms and revamping messaging, which we look forward to unveiling in 2023. Adding personnel and expanding territories has further primed us for what we believe will be a more traditional and challenging market in 2023. We welcome this more “normal” environment where our investments in relationships, experience, reach, and professionalism provides the greatest value to buyers and sellers.

S erving our clients at the highest level in all our business lines – sales, auctions, lending, and management – has been our focus since 1946, and our aspirations and expectations continue to grow in that regard every year.

LAND of opportunity

Land acquisition in the past couple of years was at an unforeseen rapid pace, and increased values followed. Though many of us thought land values had hit unprecedented highs that were not sustainable, we saw those individuals with cash reserves and available liquidity take advantage of the opportunity they saw in the marketplace. Land values continued to rise across the country, as evidenced by the National Agricultural Statistics Service.

JT HOLT Managing Director, Loan Officer Lubbock, TX

There was increased demand across the Great Plains in 2022, and this is supported by the percentage change indicated across the northern Plains. For the time being, it seems as though values are holding as credit quality remains strong and the market appears to be at or near equilibrium. Will increased rates have an impact on land values going forward? Only time will tell.

WHAT WE SEE TODAY BEING YOUR TRUSTED ADVISOR

We witnessed the Federal Reserve take aggressive action to attempt to slow inflationary pressure by increasing rates and selling large swaths of bonds on their balance sheet to take the liquidity out of the marketplace. The increase in interest rates has had an impact on the demand for new loan requests.

Compared to the record growth pace seen in Hall and Hall lending during 2020 and 2021, the past year seems slow, while, in fact, it was still above average in the production of new loan volume. The financing of what we refer to as true production ranches appear to be impacted the greatest by these recent rate increases. Credit quality remains excellent and shows minimal to no signs of distress in our loan portfolio today, mostly supported by other non-farm income. We continue to monitor our portfolio to stay out in front of any concerns we might encounter. This allows us to remain a stable source of capital for our clients, borrowers, and friends.

First and foremost, we thoroughly appreciate the relationship we have built with each one of you.

We promise to continue to be a resource to both you and to your operation, bringing additional value to your decision-making. As a full-service firm, we have multiple avenues that we can utilize to assist you with finance, management, auction, and brokerage services, should the need arise.

EVOLVING TO MEET YOUR NEEDS.

The world of farm and ranch management is always changing but continues to stay strong. This last year the Management Group has been engaged as much as ever with farms and ranches across the region to meet the goals of the ownership. Owners, and soon-to-be owners, have been looking outside the traditional operations of a farm and ranch and have been exploring the incorporation of more modern and progressive practices that work symbiotically with their recreational objectives.

We have seen continued growth in our operation and lease oversite, livestock/crop procurement, marketing, and finance administration services. Alongside the strong growth in these services, we have experienced an increase in demand for personnel placement and due diligence.

Not too long ago, the objective of an on-site farm or ranch manager was to operate and manage the agricultural component of a property, but as the objective of the owners has changed, so have the requirements for the manager. In today’s world, a manager must wear many hats – that of an agriculture manager, wildlife and recreation manager, facilities manager, and business manager.

We understand that the right on-site manager is key to the long-term enjoyment of your properties. Through our database of candidates, years of experience, and contacts in the industry, we match managers with clients’ property requirements and goals. This last year we have successfully helped clients recruit, review, interview, and hire managers for their large-scale agricultural operations to their summer retreats.

In recent years our clients saw value in our due diligence support during the purchasing process. This service grew organically and answered the question of “I bought the ranch, now what?”. As ranches become more complex and owners expect more, we help them discover how to adapt the current operating system to something that better meets their needs. We meet with the client, listen to what they want out of the property and identify their long-term goals. From there, we review the current infrastructure and resources, consult on wildlife production and enhancement, determine a resource’s highest and best use, prepare operating and capital budgets, and help formulate a long-term plan for the property. All of this is so you can be prepared on day one of ownership.

With the goal of making land ownership an enjoyable and trouble-free experience, Hall and Hall’s Management Group continues to be a leader in providing management and consulting services to landowners across the country.

We look forward to evolving and adapting our services to meet the ever-changing needs of our clients.

Director,

JEROME CHVILICEK

Management Group Billings, MT

WM ZUTAVERN RANCH | DUNNING, NE

DIVERSIFIED SANDHILLS RANCH

LEWELLEN, NE | LISTING PRICE: $3,450,000

The 2,529± Diversified Sandhills Ranch is in the western Sandhills of Nebraska and highlighted by a 3,800 head feedlot facility, center pivot system irrigating 448± acres, and 4,100+ square foot log home.

NORTH GREENWOOD RANCH HAMILTON, KS

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LISTING PRICE: $6,362,695

The 2,892± acre North Greenwood Ranch is in the heart of the Kansas Flint Hills. Excellent tallgrass prairie. Open rolling hills with good water and fences. Growing season is 185 days and currently home to around 280 cow/calf pairs.

CHERRY COUNTY PIVOTS

CODY, NE | LISTING PRICE: $875,000

135± irrigated acres. Two Valley center pivots along with groundwater wells with no pumping restrictions irrigate the property, and three-phase electricity. Corn yields of 240+ bushels can be expected.

WM ZUTAVERN RANCH

DUNNING, NE | LISTING PRICE: $19,999,000

WM Zutavern Ranch is located near Dunning, Nebraska. The ranch consists of 21,282± total acres, four miles of Dismal River, six center pivots, backgrounding lots, sub-irrigated meadows, 500 head NFS grazing permit, and five homes.

SALES SALES Rockies

Plains

WINDING RIVER RANCH

BUENA VISTA, CO | LISTING PRICE: $15,900,000

Thirty minutes from Buena Vista, 5,967± acre hunting/fishing ranch features five miles of river, and four lakes teeming with trout. Quality elk hunting, comfortably furnished improvements all surrounded by snowcapped peaks.

L QUARTER CIRCLE

GYPSUM, CO | LISTING PRICE: $7,250,000

Located less than an hour from Vail, 35± minutes to Eagle/ Vail Jet Center, L Quarter Circle offers 409± deeded acres, 4,715± sq. ft country farmhouse, 5,640± feet of both banks of Sweetwater Creek tailwater.

ROCKING RIVER RANCH

PAGOSA SPRINGS, CO | LISTING PRICE: $22,750,000

Exceptional 887± acre ranch along the San Juan National Forest. Senior water rights, views of Chimney Rock National Monument, and fishing on the Piedra River, Devil Creek, and the property’s lakes and ponds.

RIVER BEND ON THE EAGLE

EAGLE, CO | LISTING PRICE: $1,500,000

36.5± acre holding provides ownership within the exclusive Diamond Star Ranch. Proximity to Vail and Beaver Creek and access to private amenities including a lodge, equestrian center, and private lands.

WEST PEAK RANCH

LA VETA, CO | LISTING PRICE: $5,500,000

Spanning 1,000± deeded acres northwest of the Spanish Peaks Wilderness Area of Colorado. Vertical granite rock formations created by ancient volcanic activity are a primary feature of this property.

ELK HILL - LOT 2

GOLDEN, CO | LISTING PRICE: $2,750,000

Elk Hill encompasses 36± acres of private land a mere 20 minutes from downtown Denver. A recently updated 5,084± sq. ft. five-bedroom, three-bathroom residence offers easy access, privacy, and views.

CANYON CREEK RANCH

PLACERVILLE, CO | LISTING PRICE: $9,900,000

Located only 25 miles from Telluride and within an hour’s drive of local airports, Canyon Creek Ranch offers 3,247± acres of Colorado mountain ranch land, world-class views, wildlife, and numerous sites to build.

SCENIC MESA RANCH | HOTCHKISS, CO

ARLINGTON, CO | LISTING PRICE: $15,430,000

A short drive from Colorado Springs, this 27,461± deeded acre cattle ranch, includes two headquarters with homes, abundant water, substantial mineral rights, and 1,925± state leased acres.

EL DORADO PRESERVE

GOLDEN, CO | LISTING PRICE: $8,120,000

Featuring 812± acres of undeveloped land located 8 miles from Golden, CO and within 35 minutes of downtown Denver. A combination of meadows, abundant tree cover, diverse topography, and exceptional views.

HIDDEN LAKE RANCH

PAGOSA SPRINGS, CO | LISTING PRICE: $10,750,000

With three miles of enhanced Weminuche Creek, five stocked lakes and four miles of national forest boundary, this 760± acre alpine ranch offers world-class fishing, elk and deer hunting with rustic cabins all set in the Upper Piedra River basin.

CC KARVAL RANCH

HOTCHKISS, CO | LISTING PRICE: $17,000,000

Encompassing an entire mesa overlooking the stunning Black Canyon of the Gunnison River, this 7,373± acre ranch features outstanding trout fishing, deer hunting, equestrian, agriculture, scenic views, and quality owner and guest lodging.

HAMMER RANCH

RIRIE, ID | LISTING PRICE: $1,500,000

Private inholding along the South Fork River Canyon, this 160± acre ranch offers dramatic mountain and river canyon views. Perfect setting for a family retreat with abundant wildlife and endless recreational opportunities.

UPPER ANTELOPE CREEK RANCH

MACKAY, ID | LISTING PRICE: $695,000

These 157± undeveloped acres border national forest, feature over three-quarters of a mile of a wild trout fishery, and offer excellent off-grid building sites. Located 35 miles from Mackay, Idaho.

HOLLAND LAKE OVERLOOK

CONDON, MT | LISTING PRICE: $5,000,000

Cradled below the Swan Range and completely surrounded by the Flathead National Forest, Holland Lake Overlook is a oneof-a-kind, 640± acre alpine retreat offering panoramic views in all directions.

SHIELDS RETREAT

WILSALL, MT | LISTING PRICE: $3,750,000

Five miles northeast of Wilsall lies an idyllic, modestly improved 408± acre river bottom ranch. A mile of Shields River and two live creeks create a lush haven for wildlife. Modest, useful building compound with caretaker’s house.

SCENIC MESA RANCH

BEARTOOTH RANCH

COLUMBUS, MT | LISTING PRICE: $29,800,000

Historic 1,000 AU ranch near Columbus - 12,350± deeded, contiguous acres, four miles of Stillwater River, comfortable operating improvements, 400± irrigated acres, 12,000± acres of wildlife-rich foothill range.

DEER LODGE MOUNTAIN RANCH

DEER LODGE, MT | LISTING PRICE: $5,400,000

This 3,373± deeded acre ranch is 30± minutes from Butte, 90± minutes from Missoula, and borders national forest. Features timbered draws, grassy meadows, live water, summer livestock grazing and is home to elk.

BIG HOLE RIVER RANCH

WISE RIVER, MT | LISTING PRICE: $11,500,000

CARELESS CREEK RANCH

RYEGATE, MT | LISTING PRICE: $5,950,000

Minutes from Ryegate, MT, this 6,805± acre ranch features a 4,000 square foot farmhouse, 150± acres of flood irrigation, 2,600± acres dryland farming, creek, ponds, big game and bird hunting.

WEST BOULDER RESERVE LOT 14

MCLEOD, MT | LISTING PRICE: $975,000

Rare offering - Unimproved lot in the West Boulder Reserve, 1,000± acre shared ranch community near Livingston on 2.5 miles of the West Boulder River. 14.623 acre lot fronts the river.

SCHRAMMECK RANCH

CASCADE, MT | LISTING PRICE: $1,200,000

Twenty minutes from Cascade, this 1,315± (865± deeded) acre property features rolling grass, mountain views, and fishing and hunting on the nearby rivers, national forest, and wildlife management area.

2,797± deeded acre ranch boasts over four miles of frontage on the fabled river, which also provides irrigation water for a balanced 400AU operation that includes adjacent BLM and USFS lands.

THE SUMMIT

SEELEY LAKE, MT | LISTING PRICE: $3,500,000

“The Summit” includes 70± acres of timber, meadow and a pond perched atop a divide with an 8,000± square foot masterpiece home sited towards some of the most striking views found in the Rockies.

MTX RANCH

VIRGINIA CITY, MT | LISTING PRICE: $5,150,000

5,062± acre mountain ranch in the Ruby Valley. Vast timber resources, small streams, and grassy meadows support a summer grazing operation and wildlife. Adjoins BLM and national forest.

TYLER & NETTIE DODGE RANCH

WHEATLAND, WY | LISTING PRICE: $9,500,000

Seven miles south of Wheatland, this 6,541± deeded acre ranch puts up 2,500 tons of hay on 770± acres of meadows. Improvements include four homes and well-conceived corrals and outbuildings.

HIGHLAND VIEW RANCH

WHITEHALL, MT | LISTING PRICE: $3,595,000

Highland View Ranch is a picturesque 589± acre mountain “getaway” with nice log home. Beautiful landscapes offer tremendous vistas and provide for a host of local wildlife - a unique offering.

LITTLE HANGMANS CREEK RANCH

BIG TIMBER, MT | LISTING PRICE: $5,850,000

Near Big Timber idyllic retreat along a mile of the Yellowstone River. Architectdesigned home, apartment/studio, caretakers house on 190± acres of cottonwood river bottom, upland meadows.

KING MOUNTAIN RANCH & RETREAT

DRUMMOND, MT | LISTING PRICE: $5,650,000

Within one hour of Missoula, Montana, King Mountain Ranch and Retreat is a turnkey 2,965± acre hunting retreat complete with state-of-the-art off-grid cabin, shop, and lodge.

HIGH MEADOW MOUNTAIN RANCH

MISSOULA, MT | LISTING PRICE: $7,775,000

High Meadow Mountain Ranch includes 457± acres with 1.25 miles of Ninemile Creek frontage. Tasteful improvements with 360-degree views and a 1-mile national forest boundary only 35 minutes to Missoula’s airport.

BIG TIMBER, MT | LISTING PRICE: $5,975,000

Near Big Timber this idyllic retreat lies along a mile of the Yellowstone River. Architect-designed home, apartment/studio, caretaker’s house on 190± acres of cottonwood river bottom and upland meadows.

INDIAN CREEK RANCH

CAMERON, MT | LISTING PRICE: $7,500,000

Short drive south of Ennis on the Madison River, this private 498± acre equestrian retreat includes owner’s home, guest house and staff duplex sited in a lush cottonwood grove with big views of the Madison Range.

WAGON BOX SPRING RANCH

POMPEYS PILLAR, MT | LISTING PRICE: $9,500,000

9,000± acre grass ranch with world-class elk hunting located 30 miles east of Billings on I94. Appealing operating ranch behind security gate with six miles of live creek passing through. Pine covered hills, attractive home and equestrian facilities.

SALT SAGE COULEE

MUSSELSHELL, MT | LISTING PRICE: $4,400,000

Salt Sage Coulee runs on approximately 10,240 acres with 8,426+ deeded. The ranch is nearly all native range with very good livestock grazing plus mule deer, antelope, and upland bird hunting.

LITTLE HANGMANS RANCH

SY RANCH

MOORCROFT, WY | LISTING PRICE: $44,650,000

BAKER SPRINGS RANCH

SHERIDAN, WY | LISTING PRICE: $4,250,000

Eight miles west of Sheridan, this 165± acre retreat with a 3,100 square foot executive home, 1,920 square foot shop, and dramatic mountain views overlooks a four-acre trout-filled lake. New 1,920 square foot shop.

DENNY RANCH

LUSK, WY | LISTING PRICE: $6,500,000

The Denny Ranch consists of 5,128± acres located 15 miles southwest of Lusk, Wyoming at the head of Rawhide Creek. Good winter protection, good water, good elk, deer, turkey. Improvements consist of two homes, barns, and corrals.

DIAMOND S RANCH

HYATTVILLE, WY | LISTING PRICE: $5,000,000

West of Hyattville, this 600± acre ranch encompasses nearly two miles of Paint Rock Creek, a world-class trout fishery. Comfortable improvements, irrigated meadows, and adjacent to thousands of acres of public lands.

MOUNTAIN SIDE VISTA

BANNER, WY | LISTING PRICE: $1,745,000

Unimproved ranch at the base of the Bighorn Mountains with 206± deeded and 320± state leased acres. Dramatic homesites, expansive views, 15 minutes from Sheridan, excellent upland birds and big game.

Iconic Wyoming ranch, 36,781± acres located in the western Black Hills. Owned by the Hadley family since 1989. Runs 500 pairs year-round and 1,750 yearlings seasonally. Excellent big game hunting.

CLEAR CREEK RANCH

WINNEMUCCA, NV | LISTING PRICE: $8,900,000

1,000± AU ranch 15 miles south of Winnemucca. Year-round stream and two wells supply 790± pivot-irrigated acres. Solid working improvements and substantial BLM permit. Trout fishing, mule deer, and chukar.

CLOVER VALLEY RANCH

WELLS, NV | LISTING PRICE: $4,200,000

Clover Valley Ranch consists of 2,518± deeded acres with 900± irrigated. Operates on around 8,500 acres supporting 400 AUs in a balanced operation with contiguous USFS grazing allotment.

WILLOW CREEK RANCH

MCCLOUD, CA | LISTING PRICE: $25,000,000

Mount Shasta towers above this 4,000± acre ranch with a trout stream, riding trails, valuable timber resources, and forest service borders. Improvements include almost 50,000 square feet designed for private enjoyment.

HALE BROTHERS FARM

HERMISTON, OR | LISTING PRICE: $7,500,000

Premier Columbia Basin farm with 980± total acres including 760± acres under sprinklers and 50± acres of blueberries. Excellent paved road access less than 15 miles south of Hermiston.

"New to Agriculture" o wners and multigenerational ranchers are embracing a thousand-year-old idea and applying it to current operations. The approach focuses on regenerating soil and shifts how we think of using livestock in day-to-day applications.

WHAT'SOLDISNEWAGAIN

Finding success in the plains through the Midwest and into the Western front, sustainable agricultural ideas such as intensive grazing, resource management, and carbon sequestration are finding a foothold, with innovative ideas continuing to move to the forefront. Soil health is a prerequisite, and furthering interest in understanding the journey from farm to fork is driving the need for more localized processing plants and sales.

Our Hall and Hall Management team assists in all aspects of the journey as inquisitive potential buyers, new-to-ag owners, and experienced agricultural specialists look to turn their operations into long-term ranches utilizing sustainable practices.

Many conversations miss how different the implementations of these practices can look from state to state, region to region, and from one valley to the next. One size does not fit all when implementing a regenerative strategy. Our Management team will help you navigate these hurdles, establish a benchmark, run the numbers, and help discover a sound, profit-oriented operation.

Join the conversation and hear how our team is here to help navigate these oftentimes uncharted waters and help each owner realize the goals and potential of their operations.

SALES Southwest

CANONES CREEK RANCH

CHAMA, NM | LISTING PRICE: $4,995,000

Outstanding angling on 1.25± private miles of Chama River and five trout ponds. Big views, tasteful Southwestern improvements, elk, deer, and hay production – all within five miles of Chama, New Mexico.

STEWART RANCH

CLEBURNE, TX | LISTING PRICE: $8,120,000

Stewart Ranch is 580± acres near the Cleburne/Glen Rose area. Situated in Johnson County, Texas, bearing a significant amount of road frontage between two paved county-maintained roads.

OVERLOOK RANCH

KERRVILLE, TX | LISTING PRICE: $2,250,000

The Overlook Ranch is 145± acres with Kerrville views, 20 miles from Fredericksburg, multiple build sites, and Highway 16 frontage. A flowing spring is the primary water source for wildlife.

STARR MOUNTAIN RANCH

WINONA, TX | LISTING PRICE: $4,650,000

Offering 665± acres and the highest elevations in Smith County, Starr Mountain Ranch is square in the path of progress. Just six miles from UT’s Health Center North Campus, the ranch offers beauty, recreation, and investment.

CLATERBAUGH FARM

HAMLIN, TX | LISTING PRICE: $685,000

Raw land offering 278± acres in Fisher County, surrounded on four sides by the Guitar family ranches. Approximately 190 acres of tillable ground, with the balance being native brush. Electricity and water on-site and cross-fencing.

RANCH

PAMPA, TX | LISTING PRICE: $150,000,000

Boone Pickens’ Mesa Vista Ranch encompasses 100 square miles of prime Texas Panhandle ranchland distinguished by its improvements, water features, and pristine prairie landscape supporting a variety of native wildlife.

CANADIAN, TX | LISTING PRICE: $20,000,000

Now offered separately, the Mesa Vista Ranch – East Division encompasses 15,708± acres of prime Texas Panhandle ranchland with abundant water and pristine prairie landscape supporting a variety of native wildlife.

BURSON RITA BLANCA CREEK RANCH

CHANNING, TX | LISTING PRICE: $15,840,000

This 11,520± acre ranch in the western Texas Panhandle combines large-scale cattle production with recreational appeal. Sub-irrigated pasture along Rita Blanca Creek is flanked by towering mesas with beautiful views.

3B GAME RANCH

ASPERMONT, TX | LISTING PRICE: $3,750,000

The 3B Game Ranch is an ideal turnkey lodge and game ranch in Stonewall County with frontage on both sides of the Salt Fork of the Brazos River. Set up for a family getaway, entertaining clients, or a company retreat.

BURSON RITA BLANCA CREEK RANCH | CHANNING, TX

MESA VISTA

MESA VISTA EAST DIVISION

VALLEY RANCH

SouthEast

SALES

FORK FARM & STABLES

NORWOOD, NC | LISTING PRICE: $20,000,000

NYDRIE STUD

ESMONT, VA | LISTING PRICE: $4,950,000

585± rolling acres located just south of Charlottesville, Virginia. Private yet convenient, Nydrie features an historic 20-stall brick barn and has significant equestrian and recreational potential or as a family retreat.

BLUFF POINT

KILMARNOCK, VA | LISTING PRICE: $2,590,000

Private and secluded 887± acres on the Chesapeake Bay with miles of gorgeous coastline. Excellent potential for a bestin-class recreational retreat. Established pine plantation and forest on the interior acreage.

An exceptional sporting property spanning 1,406± acres, The Fork features extensive improvements and standout equestrian and hunting programs. Widely recognized as a best-in-class landholding located one-hour east of Charlotte.

PLANTING SEEDS AND BUILDING RELATIONSHIPS

Hall and Hall expanded on two fronts in 2022. We welcomed a new partner, Alex Webel, and opened a new office in Charlottesville, Virginia, to serve landowners in the Mid-Atlantic and Southeast. Alex will lead a team of seasoned brokers and regional partners as well as finance, auction, and land management specialists as we look to formalize our longstanding East Coast presence.

The move will bring additional resources and focus on serving current and new regional clients. The new approach combines Alex's versatility and land management background with over 500 years of collective land brokerage expertise to provide a comprehensive solution to connect buyers and sellers. As someone with a strong sense of place formed from cultural and regional diversity, Alex is integral to our connection with people who love the land.

It's the right team and, thus, the right time, to make this expansion a success.

FORK FARM & STABLES | NORWOOD, NC

WHEN 50 BECOMES 500

Taylor is a legendary ranch broker with 50 years in the business he helped overhaul, as director of the firm Hall and Hall. Land values were long rooted in animal units, the business of ranching. Now, cattle may be an afterthought. A Western spread is about reveling in an outdoorsman paradise with spectacular views unspoiled by development.

Tall, with a tumbleweed of tousled white hair, in worn jeans and a crisp plaid button-down, the 76-year-old broker sports a singular résumé ideal for catering to his clientele. He was raised on a 30,000-acre working ranch and first educated in a one-room schoolhouse. Then, he was sent East to school, St. Paul’s prep in New Hampshire, and later attended Yale. Taylor did stints as a polo player and apprenticed briefly on the floor of the New York Stock Exchange; he liked the former far more than the latter. His Kenyan-raised wife, Anne, specializes in boutique international travel, as do their two grown daughters.

Taylor’s first major deal, which helped transform the market, was in 1979 with Malcolm Forbes, a Jersey blue blood with a Western hankering, who sold 11,000 acres adjacent to Yellowstone National Park, back when $7.2 million was serious coin for a ranch. Taylor and his firm completed a dozen deals with Ted Turner, who ultimately amassed 2 million acres in five states (as well as Argentina). Besides founding CNN and impressively wooing Jane Fonda, buying ranches and breeding bison became Turner’s legacy in the American mind-set.

- KAREN HELLER, THE WASHINGTON POST

JIM H. TAYLOR Director,

Jim Taylor is a legend at Hall and Hall but for different reasons. He pioneered an industry and played a leading role in creating a revolutionary model for how we do business. The Hall and Hall partnership model of shared expertise and profit has empowered buyers and sellers and broken the constructs of the traditional brokerage model. Instead of hoarding his knowledge and relationships, Taylor shares his experience with his partners, elevating the entire collective.

SCOTT SHUMAN CAI, Real Estate Partner Eaton, CO

OPTIONS AND FLEXIBILITY FUEL AUCTION SUCCESS

On a cool afternoon in September, a string quartet welcomed potential bidders to the historic Virginia estate, Clifton Farms. Familiar ground for us since we sold the property to the current owner, back in 2014. The owner remembered how straightforward the process had been; the due diligence materials assembled, knowing the date of the transaction, and understanding how the fair market value would be achieved. His second experience with us proved most fruitful, the property sold for $7,480,000, almost twice his initial investment.

Our travels and the release of a book in 2022 connected us with a wide variety of people, places, and properties. A Million Acres and Counting covers a wide variety of experiences with auctions and those experiences continue. We traveled from a 15,000±-acre California ranchand-olive operation to a historic property in Virginia, once owned by the Washington family. We were fortunate to have an opportunity to market an outstanding farm in Iowa and to help families settle estates in Colorado. Additional stops included marketing a purebred cattle ranch in southwest Missouri and a ranch for a well-known family in eastern Oklahoma.

SERVING A DIVERSE ARRAY OF PEOPLE & PLACES

A successful year didn’t make us immune from market conditions. High-interest rates, surging fuel costs, and a stock market decline increased consumers’ appetite to own a safe physical asset… land. Evolving market conditions drove the need for deeper understanding and more creative solutions to meet buyer and seller expectations. Approaches were focused on creating more options and flexibility for both sides, allowing buyers to bid on specific areas of interest and sellers to surpass pre-auction sales estimates. In one case, nearly $2,000,000 over pre-auction estimates. Auctions throughout the year followed the same pattern of active bidding and in many cases, new records were achieved including a 104± acre parcel near Fort Collins, Colorado, that brought $4,000,000. This property was offered in its entirety, but the same level of pre-auction due diligence and marketing was utilized.

CLIFTON FARM AUCTION | BERRYVILLE, VA

People Places

AND 1946