Hall and Hall Newsletter Fall 2019

PROPERTIES • FARM & RANCH MANAGEMENT • AUCTIONS • FINANCING • APPRAISALS

DETERMINING PRICE

Art vs. Alchemy in Assessing Value Page 6

GRASS-FED BEEF PART 2 What’s behind a great steak Page 28

OVER:

140

COLORADO WATER SALE BREAKS RECORD EXCLUSIVE Sekich shares set new benchmark Page 5

NEWSLETTER

PROPERTIES FOR SALE FALL 2019

Fall 2019 inside this issue CONTENTS

ARTICLES

COVER FEATURED PROPERTY

WHAT IS MY PROPERTY WORTH? 6 Pricing properties in today’s market has never been more challenging. Helping buyers and sellers understand value and move beyond speculation involves some essential ingredients. Find the recipe on page six.

By Jim Taylor

Bixby Ranch, Glenrock, WY

NOTE FROM HALL AND HALL 3 REGIONAL INVENTORY & REPORTS Northwest 10 Pacific 12 Northern Rockies 13 Southern Rockies 23 Texas 31 Plains 33 Southeast 34 Northeast 35 International 35

AUCTION DEPARTMENT

Market News 5 Featured Auction 5

FINANCE, APPRAISAL, MANAGEMENT 22

2019 Addition- Ben Gardiner 22 2019 Addition- Stacy Jackson 22

ANNOUNCEMENTS

New Office Location - Denver 4 WSJ House of the Week Winner 4 Convention Schedule 4 Robb Nelson - Ranch Partner 4 Alex Webel - Real Estate Affiliate 4

IS GRASS-FED BEEF RIGHT FOR YOUR RANCH? PART 2 28 What goes into a great steak? Great beef. How does that happen? Quality grass. Our second article continues the discussion begun in 2015 on grass-fed beef operations. Find out how the best producers are getting it done.

By Jim Gerrish

Built on seven decades of honesty and expertise, Hall and Hall offers the highest quality rural real estate. Whether you’re looking for a mountain retreat, working cattle ranch, quail plantation, production farm, a coastal getaway or ranch with outstanding hunting and fishing—we’ve got it. We’re a one-stop shop for current and prospective landowners.

We offer financing, appraisals, farm and ranch management, auctions, and brokerage services. Our inventory changes daily, offering you premier opportunities to invest in or trade the highest quality land on the market. Log on to our website today for detailed maps and photos on each of our exceptional listings.

CONNECT TODAY

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STEAMBOAT ROCK | STILLWATER COUNTY, MT

To

our friends, clients and supporters Welcome to the world of Hall and Hall and how we see it “From Our Corner.� We think we have some compelling content in this edition. While the year is far from over, we are at a point where we have a pretty good sense of how it is going to play out.

Once again Hall and Hall’s service lines are hitting on all cylinders. Our management team continues to find their services in strong demand from a growing base of clients. Increasingly, both resident and nonresident owners are reaching out to us to assist in a variety of ways, including finding ranch managers, overseeing operations, and advising on specific management projects. On the lending side, continued low interest rates have enabled our finance division to offer an increasingly broad menu of loan products to meet the needs of potential borrowers.

As for real estate sales, they are pretty much on par with 2018, which was a terrific year. In this edition, you will again find market reports from our brokers on the ground in various regions of the country.

We are offering two very interesting articles that we think will appeal to all of you. One is a follow up article from an earlier newsletter that dives deeper into the subject of grass-fed beef. The other article addresses the complex issue of how buyers and sellers should approach the issue of valuing a property.

A lot of space is devoted to presenting our current listing inventory, which is beautifully and imaginatively presented by our editorial staff. It is offered regionally to make it easier for you to find the areas that are of particular interest.

As always, this comes to you with our gratitude for your continuing support. It goes without saying that we could not do it without you. With that in mind, you should feel free to contact any of our real estate partners for advice and guidance at any time. Our entire team is dedicated to making your experience in our world of Investment Quality Rural Real Estate a happy and productive one. Thank you.

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ANNOUNCEMENTS HALL AND HALL WELCOMES ROBB NELSON TO OUR REAL ESTATE DIVISION ROBB NELSON - RANCH PARTNER DENVER, COLORADO Robb is a 5th generation cattleman from South Dakota. Ranching and the western way of life are a strong legacy in his family as evidenced by his great-grandfather’s and grandfather’s saddles, which are proudly displayed in the Tri-State Museum in Belle Fourche. Robb left South Dakota for Texas on a football and track scholarship and later attended St. Mary’s University School of Law. Robb’s background as a contract and real estate lawyer is very valuable in negotiations and complex property issues. Robb is active in the Colorado Cattlemen’s Association and serves on the state and federal lands steering committees. Robb is also a member of the Roundup Riders of the Rockies and in his free time enjoys archery hunting and pushing his cows around Routt County on horseback. He and his wife, Wendy, live on a small horse property in northern Colorado and their son, Brady, is an animal science major at Colorado State University. Robb holds real estate licenses in Colorado, Wyoming, Nebraska, Kansas and South Dakota. Contact info: 303.861.8282; rnelson@hallandhall.com.

ALEX WEBEL - REAL ESTATE AFFILIATE SOUTHEASTERN, US Alex joined The Wings Group to expand their affiliation with Hall and Hall in the Eastern US. A native of the Northeast, Alex grew up spending summers in Idaho and on his grandparents’ ranch in Montana, which sparked a lifelong passion for land and the conservation of rural and wild places. Prior to joining The Wings Group, Alex spent eight years in farm and land management, where he worked with many of the South’s leading farms and sporting properties. His time in land management gave him a keen understanding of the Southeast’s landscapes and the complexities and rewards of land ownership and stewardship. As a result, the transition to full time land brokerage was a natural one, and he brings with him an intuitive ability to connect people with the right land. Alex lives with his wife, Bliss, and their daughter, Nellie. He is an avid fly fisherman, skier, and outdoorsman who enjoys spending as much time as possible outside, whether it’s in the Blue Ridge Mountains or wide expanses of the West. Alex holds a real estate license in North Carolina. Contact info: 434.989.1199; alex@wingsgroupllc.com.

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HALL AND HALL NEWS BRIEF New Office Location: Denver, Colorado We are pleased to announce that our Denver office has moved to the Colorado Center, and we invite you to stop by and visit with the Denver team. We are conveniently located along I-25 at 2000 S. Colorado Blvd., Tower 1, Suite 3100. We look forward to serving the real estate market in the Rockies from our beloved Mile High City.

Award Winner: Wall Street Journal - House of the Week We are proud to announce that One Horse Creek Ranch located in Florence, MT was named House of the Week by the Wall Street Journal on August 8th. Given stiff competition from across the country, we are proud that One Horse Creek stood out so prominently to Journal readers.

UPCOMING CONVENTIONS

We will be participating in five premier conventions during the 2019-2020 winter season.

Idaho Cattle Association November 11th - 13th, 2019 Sun Valley, Idaho See more at: http://www.idahocattle.org Kansas Livestock Association December 4th - 6th, 2019 Wichita, Kansas See more at: http://www.kla.org Montana Stockgrowers Association December 10th - 12th, 2019 Billings, Montana See more at: http://www.mybeef.org Black Hills Stock Show and Rodeo January 30th - February 8th, 2020 Rapid City, South Dakota See more at: https://www.blackhillsstockshow.com/ National Cattleman's Beef Association February 5th - 7th, 2020 San Antonio, Texas See more at: http://www.beefusa.org/

Stop by our booth at the convention to meet one of our specialists!

CONTRIBUTORS Jim Gerrish - Grazing Lands Consultant American Grazing Lands Jim Gerrish is an independent grazing lands consultant providing service across the US and internationally. He is an author of two books on ranch management and is a regular columnist for the Stockman Grass-Farmer magazine. Originally from Missouri, he currently lives in the Pahsimeroi Valley in central Idaho, but has spoken and taught all over the world.

Contact: jrgerrish@custertel.net

AUCTIONS

Hall and Hall Auctions experienced an exciting year in 2019 and were involved in numerous outstanding properties. Highlights included marketing farmland in central Kansas, a horse property in Oklahoma, and ranches in Colorado, Montana, Texas, and Wyoming.

One auction in particular from this year will likely be talked about for a long time to come.

At the end of 2018, we were contacted by the owners to market 546± acres about 25 miles north of Denver along with 6.75 Highland Ditch shares and 176 C-BT water units. We knew this offering would create competition between farmers, developers, and municipalities.

Our clients, the Sekich family, a well-known and longstanding local farming family, had deep ties to their community and their desire was for the property to be sold through a process that would be fair to everyone. We worked with the family, the county, and local SCOTT SHUMAN water authorities for several months putting the pieces in place and ultimately structured an auction that offered the property and water shares in 60 parcels and any combination of the parcels. At the end of the day, the property and water sold to 21 buyers out of 96 registered bidders for a total of $15,545,920. Record high prices were set for C-BT units at $65,867 and High Ditch shares at $304,000.

Averages were $55,867 per unit and $268,667 per share.

We are staying very busy analyzing properties around the country to market in the coming months. Recently we have been contacted by several buyers who are looking to utilize 1031 exchange options. In the past couple of years, our auction department has not seen many buyers utilizing the 1031 exchange, so we do find it interesting to see this number/type of buyers in the market. Commodities and cattle prices remain low, which has most likely been a major factor in those wishing to sell as well as those seeing a buying opportunity.

HALL AND HALL AUCTIONS A HEART OF THE COMMUNITY

FEATURED AUCTION

Everything takes a community. A community of people and a commitment to the health of the system. Every year, our auction department takes its passion to practice - offering auction services to projects which benefit national and local charities. In 2019, we have helped charities such as these receive much needed funds: • SINGER RANCH PARK COUNTY, WYOMING 52± ACRES AUCTION DATE: NOVEMBER 6TH, 2019

The 52± acre Singer Ranch on the Greybull River outside of Meeteetse, WY includes a custom log home with unbelievable craftsmanship, fixtures and appointments. The home has huge windows to take in the magnificent valley and mountains to the west. The property runs on both sides of the Greybull River, with some of the best trout fishing in the area. Deer and elk frequent the area. The property includes a 25± acre irrigated and sub-irrigated hayfield, a beautifully designed guest house with large shop space, all located minutes from the Yellowstone Regional Airport.

AUCTION DEPARTMENT

CONTACT US TODAY AT 970.716.2120 TO REQUEST A FULL BROCHURE!

• • • •

Triple T Haven - Equine Assisted Therapeutic Program for Adult Trauma Survivors St. Jude Children’s Hospital Western State Athletics UC Health – Northern Colorado Romito Duchene MD

An addition to the success of the Sekich Auction came at the end of the day. The Sekich family and Hall and Hall Auctions, pictured here, were able to continue to pay it forward to the Northern Colorado community. Water and proceeds were donated to Habitat for Humanity. It is always a good day when people come together for the future of those making life better for others.

• • • • • •

CSU Ramstrength CSU Volleyball Banquet Weld County Jr. Livestock Auction Eagle County Jr. Livestock Auction Give Sports for children in need Academy Charter Schools

- THE SEKICH FAMILY AND HH DONATED WATER AND PROCEEDS TO HABITAT FOR HUMANITY

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FEATURE ARTICLE

WOR WHAT IS MY PRO

THE ART

VA L UAT I O N V S .

OF

THE ALCHEMIST'S PAT H T O P R I C E

BY JIM TAYLOR, DIRECTOR AND RANCH PARTNER

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RTH PERTY WORTH?

W

hether you are buying or selling, the process for establishing a price is the same in both situations.

Pricing farms, plantations ranches and recreational properties is definitely more of an art than a science. This is particularly true of properties that have more to offer than simply an economic model because there are so many subjective issues that are part of the valuation process that can easily muddy the waters.

On a pure agricultural holding such as a farm in the midwest, the soils, climate, water and production data are all measurable data points that can be used to calculate an objective conclusion of its value. Additional factors such as location, recreational and scenic amenities, privacy, and the quality of the hunting or fishing are all subjective matters that are harder to quantify in dollars and cents.

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FEATURE ARTICLE

KIMBALL MOUNTAIN RANCH

VALUATION PROCESS FUNDAMENTAL

3

INGREDIENTS

Comparable sales of similar properties that actually sold over the previous few years.

A list of comparable “for sale” properties that are currently competing for the same buyer.

SALMON PRAIRIE RANCH

A broker who has the experience and judgment to analyze the comparable sales and offerings in light of current market conditions to figure out where your property fits into the marketplace.

At Hall and Hall, we are fortunate for a number of reasons. To begin with, we have the data because we are in the business of professionally appraising agricultural and recreational properties for the mortgages that our lending department originates, for conservation easements, for estates, etc. We have the comparable sales and, more importantly, we likely know the details behind the sale – details only the involved parties would know.

In many cases, we might well have been involved in the transaction either as a broker or a lender or a manager. In short, our greatest asset is compiled and detailed market knowledge developed from our many relationships. We are also fortunate in that we operate in a broad geographic area and thus are able to look at the entire marketplace because many buyers tend to be geographically agnostic. (I apologize for this shameless plug for Hall and Hall!)

Once the hard data is gathered, it then becomes a matter of dealing with the many subjective aspects of the various comparable properties involved in the analysis. The list is long, but these are just a few examples. Obviously, these are all judgment calls that your broker can help you with. It goes without saying that you will have to arrive at a range because, again, this is an art – not a science!

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PINE CREEK RANCH

SAMPLE CONSIDERATIONS “What will I (or the market) pay for someone else’s expensive – often unique or single purpose - improvements that might have cost millions to construct?”

“How much impact will a conservation easement actually have on the price?”

“How much more will the market pay for a totally rebuilt private trout stream?”

“What effect does a long or short drive to the nearest commercial airport or significant town have on the price?”

“Would someone pay for my indoor arena?”

“How much of a premium is there for being close to Bozeman or Steamboat or Fort Worth?”

Thoughts for the Buyer - After arriving at a reasonable estimation of value of a given property or properties, your broker needs to do some work on analyzing the situation related to the specific properties in which you are interested.

How long has it been on the market and at what asking prices?

What can we find out about the seller’s motivation level?

Are there other interested parties?

The nice thing about being a buyer is that there is a whole world of properties out there to consider.

Thoughts for the Seller - For the seller, it is not so simple. He or she has one property to sell and, for whatever the reason, needs to get it sold. First a couple of general observations about the world we now live in: We spend a lot of time during the “off season” meeting with friends, clients, current owners, etc. who live in the larger cities throughout the U.S. We find that the one underlying theme in everyone’s life these days is that they are all starved for time. The era of the two martini lunch ended long ago. A sandwich at one’s desk is where we are now!

The other common theme is that buyers now have access to massive amounts of information which allows them to be highly informed about market conditions without ever leaving their office or home. And frankly, if they do not have the information from the many readily available sources, they are going to ask their broker to provide it.

REACHING RESOLUTIONS

T

WHITE PINE / DOUBLE HEART

hese two trends lead to a very simple conclusion when it comes to pricing one’s property. It should be assumed that buyers will have a strong opinion as to whether it is fairly priced. More importantly, they do not have time to look at an overpriced offering. Gone is the day when one hung it out there at a crazy price and hoped for an offer.

When presented with the classic graph that shows months on the market on the bottom and expressions of interest on the side, the data makes it clear that there is an enormous spike in interest in the first couple of months after a property is listed and it tapers off dramatically after that. Great public relations and price reductions down the road can certainly spur some renewed interest and awareness but one cannot recreate that initial spike.

Another factor one needs to consider is that, if you have a $7 million property and price it at $10 million, the $7-million buyers will not even look at it and the $10 million buyers will look at it and be unimpressed as it won’t compare favorably to other $10 million properties. So essentially, if you overprice it to begin with, you get this huge spike of interest from people who are not actually buyers for the property.

While a lower price certainly makes it easier to sell, our world is so competitive that I can safely say that, "in 48 years in the business, I have never seen an underpriced property come on the market." I have polled some of my experienced colleagues and they corroborate this. I have certainly sold property for more than the asking price, but that was the result of a broker - or more often an auctioneer - creating competition amongst buyers, resulting in a buyer paying more than the asking price.

SOUNDS SIMPLE RIGHT?

I hope you will find this analysis to be of help. Certainly a professional appraisal is the most broadly accepted route to answering the question: “What’s it worth?” We feel that the above approach adds the element of the professional judgment of an experienced broker who is out in the market daily as well as bringing into play an answer to the question, “where is the market headed” versus “where has it been?”

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N ORTHWEST R E G I O N REGIONAL MARKET REPORT

TRENT JONES

Good rains and cool temperatures this spring were beneficial for many parts of the Northwest and resulted in excellent rangeland conditions across the region. Spring moisture combined with carryover from winter snowpack ensured that storage reservoirs refilled, and stream flows remained strong throughout the irrigation season.

Despite persistently low commodity prices, the limited availability of productive row crop farms and balanced cattle ranches helped to keep values stable for these property types. Buyers for working ranches continue to be driven by the economics of the operation and remain cautious and value-driven. Recreational ranches with good access and strong water resources were in strong demand and drew the most attention from buyers. Properties in the $1 million to $3 million range saw the greatest activity. As has been the trend, recreational ranch buyers continue to be selective and focused on opportunities that represent significant value.

45 & STAR VALLEY RANCHES OWHYEE CANYONLANDS, ID $2,200,000

DOUBLE SPRINGS RANCH MAY, ID $2,950,000

Remarkable backcountry ranch in a unique canyon setting encompassed by federal wilderness. 480± acres in two tracts, river frontage, private airstrip, furnished owner’s cabin with off-grid power and communications, and abundant wildlife.

BIG LOST RIVER SANCTUARY MACKAY, ID $1,650,000 Scenic 192± acre ranch 65 miles from Sun Valley with 60± acres of irrigated cropland situated on one of the best reaches of the Big Lost River for large rainbows.

CASTLE ROCK RANCH SUN VALLEY, ID $1,950,000

In the shadow of Idaho’s highest peaks, these secluded 640± acres are fully encompassed by federal lands 65 miles from Sun Valley featuring excellent improvements, trout ponds, resident elk, and a gravity-fed pivot irrigation system.

EAST MAGIC RANCH SUN VALLEY, ID $800,000

Along the East Fork of the Big Lost, this 80± acre retreat boasts top-notch fishing with a very tasteful 2,054± square foot log home surrounded by Idaho’s most scenic high country.

COPPER BASIN CABIN SUN VALLEY, ID $498,000 Rare 5± acre national forest inholding located in the heart of Copper Basin 40 miles from Sun Valley with three comfortable, furnished one-bedroom cabins, amazing views, and public runway next door.

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640± undeveloped acres surrounded by BLM 20 miles from Sun Valley’s airport with excellent grazing resources, home sites, views, and potential for landowner tags. Year-round access to Hwy. 75.

EXCLUSIVE INVENTORY

EE-DA-HO RANCH SUN VALLEY, ID REDUCED TO $6,500,000

TETON TIMBERS RANCH DRIGGS, ID $4,250,000 A rare, unimproved 960± acre private inholding only 12 miles west of Driggs.

The property contains timber, creeks and open parks and offers endless recreational opportunities with truly aweinspiring views.

Just 10 minutes from Sun Valley’s airport, this stunning 1,550± acre ranch encompasses its own valley and boasts an attractive owner’s residence, horse facilities, and a spring creek system feeding several trout-filled lakes.

LOST PEAKS RANCH CHILLY, ID $2,200,000

TIMMERMAN RANCH SUN VALLEY, ID $710,000 176± acres 30 minutes south of Sun Valley along Hwy. 75. One of the original ranches in the valley, the property features 55± acres of irrigated cropland along with excellent views and building sites.

UPPER SAWMILL CREEK RANCH LITTLE LOST VALLEY, ID $1,750,000

This 731± acre ranch is surrounded by public lands 35 miles northeast of Sun Valley with direct access to some of the state’s best big game hunting. Includes irrigated pasture and a 128-head BLM permit.

LOWER SAWMILL CREEK RANCH LITTLE LOST VALLEY, ID $750,000

Exceptional wilderness ranch fully encompassed by national forest with 146± acres, one mile of a wild trout fishery, immaculately maintained improvements and 2,500± foot private airstrip. 75 air miles from Sun Valley.

WET CREEK RANCH MACKAY, ID $1,900,000 Incomparable 121± acre retreat nestled among Idaho’s highest peaks and surrounded by national forest featuring a mile of Wet Creek and a stunning 3-bedroom/3-bath furnished cabin 75 miles from Sun Valley.

Y-3 RANCH SUN VALLEY, ID $6,900,000

This 149± acre fishing retreat is surrounded by national forest and features one mile of an excellent wild trout fishery. Improvements include a comfortable twobedroom cabin plus garage. 75 air miles from Sun Valley.

Year-round operating ranch consisting of 2,375± deeded acres with Big Wood River frontage, over 500 acres of irrigation, a 1.5± acre trout pond, and a full set of residential ranch improvements.

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EXCLUSIVE INVENTORY

JMK RANCH CRANE, OR $3,900,000

TIMMERMAN LAND AND CATTLE COMPANY CHILOQUIN, OREGON $4,200,000

Located 30 miles southeast of Burns, the JMK Ranch is a quality commercial hay operation consisting of 2,230± acres, including 1,125± acres under 9 center pivots, and offering a full set of functional ranch improvements.

MCEWEN RANCH AND CATTLE COMPANY RIVERSIDE, OREGON $17,500,000 Expansive legacy ranching operation encompassing 52,445± deeded acres and 100,000± acres of grazing allotments in southeastern Oregon. Capacity for 1,700± cows and producing hay on 1,500± acres.

Highly productive summer pasture ranch with an excellent wild trout fishery featuring 2,200± acres, balanced improvements, and over 2.5 miles of the upper Williamson River 100 miles south of Bend.

PACIFIC REG I O N REGIONAL MARKET REPORT

BILL MCDAVID

Since I wrote the last report in the Spring/Summer edition of our newsletter, the ranch market in California has been slow moving at best. In other words, not much has changed. Of the properties we are currently tracking in the state that include more than 500± acres, only four have sold. Two of those sold were less than $5 million. Another property with an asking price of more than $10 million sold at a steep discount.

Only one of these sales exceeded $10 million. Still, I have at least an anecdotally rooted sense of optimism.

There seems to be a noticeable increase in inquiry regarding our Golden State listings. Furthermore, in addition to at least one of our offerings soon entering escrow, we are aware of several other ranches either currently in escrow or in the process of entering escrow. As is the case with any market, the properties with exceptional and unique recreational amenities (e.g., superb private fishing) that are priced in accordance with comparable sales tend to see strong action.

LAS PILETAS RANCH SANTA MARGARITA, CA $15,500,000

With 13,570± acres, this cattle ranch is a diverse landscape with flatlands, canyons, rangelands, rock formations, and a waterfall.

Full of wildlife and one hour east of the 101.

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LONE PINE RANCH COVELO, CA $25,000,000

Purchased by Dean Witter in 1942, this 26,600± acre legacy ranch on the Eel River has been in his family for generations. It is a living vein of California’s ranching history.

TILTON RANCH MORGAN HILL, CA $20,000,000

The Tilton Ranch block of 1,860± acres of ranchland is 20 miles south of Silicon Valley’s San Jose city center. Four legal parcels in Santa Clara County zoned Single Family Residential.

N O R T H E R N R O C K IE S RE GION REGIONAL MARKET REPORT Looking at the region as a whole, it’s difficult to tell who owns the market in the Northern Rockies for recreational and retreat properties—sellers or buyers. The Bozeman influenced market is experiencing competitive bidding for a limited supply of high amenity properties that are priced in accordance with comparable sales. Demand in peripheral markets is still tepid and accompanied by heavy handed negotiations from buyers. Buyer interest is driven by economic conditions, and further spurred by volatility in financial markets. There appears to be an increasing preference for locations near popular towns with fine dining options, cultural events, and convenient transportation. Demand for production farms and ranches remains sluggish from operators and investors. Rising commodity prices, instability in financial markets, and a decline in performance in other sectors are all potential precursors to a stronger production ranch market.

BIRCH CREEK RANCH BIG SANDY, MT $7,300,000

B ELFLAND

BLACK MOUNTAIN RANCH ENNIS, MT Reduced to $13,400,000 Scenic working cattle and recreational ranch located near Big Sky Resort. Recently constructed impeccable custom-designed improvements. Elk, deer, antelope and bear. Ranch is being offered turn-key inclusive of equipment and furnishings.

BLACKTAIL MOUNTAIN RANCH DILLON, MT $14,700,000 16,415± total acres (12,174± deeded) along Birch Creek near Big Sandy, MT. Balanced operation of 450-500 AU plus 1,843± acres dryland grain. Two residences, outbuildings, abundant big game and upland birds.

BITTERROOT ELK HAVEN HAMILTON, MT $1,290,000

20,338± alpine acres (11,745± deeded) located in southwest Montana south of Dillon. Summer grazing operation for 1,000 au and a volume of wildlife. Miles of flowing springs form the headwaters of Sage Creek which holds pure strain cutthroat trout.

BULL MOUNTAIN RANCH ROUNDUP, MT $13,950,000 Modestly improved elk hunting and operating ranch 45 miles north of Billings with 9,800± deeded acres and 5,800± acres of secure long-term lease - ponderosa hills, sandstone outcroppings, creeks and meadows.

C/N RANCH RYEGATE, MT $4,200,000

Prime 608± acre elk and mule deer habitat bordered

by USFS. Year-round access 15 minutes from Hamilton.

Commanding Sapphire and Bitterroot views. Two small offgrid log cabins. No conservation easement.

Spanning 5,071± total acres, the CN Ranch is a scenic 250 head working cattle ranch with two large homes and abundant wildlife. Fifteen minutes from Ryegate and 90 minutes from Billings.

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EXCLUSIVE INVENTORY

COPPER CITY RANCH THREE FORKS, MT $4,200,000

ENGDAHL RANCH JORDAN, MT Reduced to $4,500,000

Immaculate 7,351± contiguous acre foothills ranch with 1,000± dry crop acres 34 miles from Bozeman and 64 miles from Helena. Like new, 3-bedroom, 3-bath residence and connecting 60’X110’ insulated, heated shop.

EAGLE CREEK RANCH WHITE SULPHUR SPRINGS, MT $13,950,000 Beautiful, private and secluded 14,650± acre 200± animal unit operating mountain ranch with exceptional big game hunting lying along the headwaters of Eagle Creek northwest of White Sulphur Springs.

EBR - BENTON CREEK UNIT WHITE SULPHUR SPRINGS, MT $3,250,000 Located 24 miles north of White Sulphur Springs, a 2,004± acre operating ranch with miles of trout stream, extensive national forest boundary, resident elk herd, and two comfortable homes.

The Engdahl Ranch runs on approximately 15,500 acres with 11,250± deeded. There are roughly 1,300 acres of dryland farm ground. The well-cared-for headquarters is located 20 miles northeast of Jordan, Montana.

FISH-A-BIT RANCH SHIELDS VALLEY, MT $8,500,000

EBR - KETTLE HOLLOW UNIT WHITE SULPHUR SPRINGS, MT $1,150,000 24 miles north of White Sulphur Springs.

1,189± acre hunting ranch. Two potential fishing ponds. Elk, deer, bear, lion, and antelope frequent. Adjoining state lands section.

ELK BASIN RANCH WHITE SULPHUR SPRINGS, MT $4,400,000 Located 24 miles north of White Sulphur Springs, a 3,193± acre operating ranch with miles of trout stream, extensive national forest boundary, resident elk herd, and two comfortable homes.

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383± acres on 1.25± miles of Shields River, 20 minutes from Livingston and 50 minutes from Bozeman. Two homes, indoor riding arena with snow skiing within 25 minutes. Trout fishing. Fully furnished and equipped.

EXCLUSIVE INVENTORY

HIGH DIVIDE RANCH DELL, MT $4,500,000

IX RANCH BIG SANDY, MT $58,000,000 The IX now offered real-estate-only for $58M. 126,305± total acres, 59,889± deeded acres and 20,000 leased AUMs. 4,131± acres of cropland beyond the needs of the cattle operation are also included.

JUDITH MOUNTAINS RANCH ROY, MT Reduced to $6,900,000 These 4,797± acres are located 40 miles northeast of Lewistown and seven minutes to basic services. Upland birds, big game and 250 head cattle operation.

Two houses built to commercial grade.

This 3,060± acre ranch is in a mountain basin adjacent to national forest. A stronghold for wildlife and centerpiece for connectivity into three wilderness complexes. Four custom cabins and historic barn.

HOOKS RANCH REED POINT, MT $3,480,000

KEGGY COULEE RANCH MELSTONE, MT $5,900,000 500 AU balanced ranch along 2 miles of Musselshell River near Melstone. 5,700± deeded acres, 3,200± improved pasture, 225± irrigated plus 2,300± acres of leases. Great hunting and nice practical improvements.

KOOTENAI SPRINGS RANCH STEVENSVILLE, MT $14,500,000 Two miles of Bitterroot River boundary and 1,186± acres on valley floor. Trophy architecture: main home, two guest homes, manager’s residence, shops, amenities. Resident elk herd and massive waterfowl populations.

LIPPERT GULCH RANCH TOWNSEND, MT $4,900,000 Located along the Yellowstone River corridor, the ranch’s 4,050± acres include working facilities and ranch home supporting a 160-head cattle operation.

Expansive views and habitat for elk and other wildlife.

3,283± deeded acres, eight miles from Townsend and an hour from Bozeman.

Elk, mule deer, Hungarian partridge and sharp-tailed grouse. Large home. Riding.

Nearby skiing, fishing, snowmobiling.

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EXCLUSIVE INVENTORY

LONE TREE CATTLE RANCH BIG SANDY, MT $7,900,000

MINER CREEK RANCH LIVINGSTON, MT $9,850,000

28,700± total acres with 3,775± acres of dryland crop located 55 miles east of Big Sandy. Ten miles of Missouri River frontage on adjoining BLM. Two small houses. Elk, deer, grouse, turkey, bighorn.

MACLAY RANCH LOLO, MT $2,950,000 Fourth generation holding with 822± acres only 15 minutes to Missoula.

Includes a mix of irrigated lands, range and timber. Adjacent to large block of public land leading into wilderness.

MCGINLEY HOMESTEAD BELGRADE, MT $1,195,000 30 miles north of Bozeman, this 108± acre ranch in its own private basin surrounded by large working ranches features an attractive home, shop/ garage, rustic cabin and abundant wildlife.

2,467± acre mountain ranch in a private valley between Bozeman and Livingston. Diverse topography featuring timbered hillsides, meadows and creeks provides extensive wildlife habitat. Spectacular views of three mountain ranges.

MORRIS PLACE RANCH BIG TIMBER, MT $5,500,000

MILLER LAKE RANCH ANACONDA, MT $19,000,000 10,000± acre alpine ranch owns 10,000 foot peaks. Timber, lakes and creek in private mountain valley. Wolves, bears, elk, deer, sheep, moose and cutthroat trout. Thirty miles to airports and towns.

MILLION GULCH RANCH STEVENSVILLE, MT $6,500,000 Water rights, creeks and wetlands create a wildlife haven. National Forest borders on 1,027± acres in Bitterroot. New barn/ shop complex and 2,200 sq. ft. owner’s quarters are ready to go.

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Located a short 30-minute drive northwest of Big Timber at the base of the Crazies lies a 1759± acre elk hunting retreat anchored by a classic, comfortable building compound.

EXCLUSIVE INVENTORY

MTX RANCH VIRGINIA CITY, MT $5,150,000

ONE HORSE CREEK RANCH FLORENCE, MT $10,500,000 Your jaw will drop when you visit this 1,100± acre ranch 20 minutes from Missoula. The craftsmanship in the Tuscan-style home is exceptional.

Includes equestrian complex, woodshop, and trout-filled ponds and creeks.

ORCHARD COULEE RANCH MELSTONE, MT $7,700,000 500 AU grass ranch with one mile of Musselshell River near Melstone. Nearly 12,000 deeded acres, 600± dryland hay, 75± irrigated, plus a 320± acre BLM lease. Great hunting and appropriate improvements.

5,246± acre mountain ranch in the Ruby Valley near Virginia City. Vast timber resources, small streams, and grassy meadows support a summer grazing operation and wildlife. Adjoins BLM and national forest.

MUSSELSHELL RIVER BREAKS RANCH RYEGATE, MT $14,900,000

OVANDO MOUNTAIN RANCH OVANDO, MT $1,590,000 With 315± acres in Montana’s Blackfoot Valley and a large, executive home, Ovando Mountain Ranch has all the breathing room one could want yet it is accessed off the pavement.

PARROT CREEK RANCH ROUNDUP, MT $15,400,000 World-class 14,000± total acre elk hunting ranch 35 miles north of Billings.

Exceptional habitat for elk and deer.

Five bedroom log lodge, manager’s home and full complement of operating improvements.

POPE RANCH ST. IGNATIUS, MT $3,458,000 60 miles northwest of Billings near Ryegate along the Musselshell River, this well balanced 15,000± acre working ranch offers quality homes and excellent outbuildings PLUS outstanding bird, waterfowl, deer and antelope hunting.

The Mission Mountains are featured on many of Montana’s best postcards and this 910± acre ranch sits right under them. Capable of running 175 pairs, this ranch is beautiful yet also productive.

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EXCLUSIVE INVENTORY

RED LODGE CREEK RANCH RED LODGE, MT $2,980,000

SALMON PRAIRIE RANCH CONDON, MT $2,950,000

Red Lodge Creek Ranch is a 1,489± acre ranch located 15 miles from Red Lodge, Montana. The ranch boasts creek frontage on Red Lodge Creek, renovated improvements and dramatic mountain views.

RINGLING LAND & CATTLE RANCH RINGLING, MT $9,900,000 8,993± acres 58± miles from Bozeman with 386± acres irrigated, 710± acres dryland crop and grazing for positive net income. Three-bedroom home, ponds, year-round streams, elk, deer, antelope and Hungarian partridge.

RIVER JUNCTION RANCH OVANDO, MT $10,000,000 Premium 612± acre recreational retreat with 1.5± miles of riverfront, trophy architecture, outstanding privacy and extraordinary wildlife. Public land borders.

The most significant offering currently available on the Blackfoot River.

You want to fly fish. You want mountain views. You want privacy, acreage and breathing room with wildlife everywhere. It’s all here. Swan River frontage, timber frame home and 125± acres.

SANCTUARY RANCH ROBERTS, MT $8,000,000

ROCKIN JN RANCH SULA, MT Reduced to $4,500,000 This 545± acre Montana gem is situated amidst an ocean of public lands and large holdings. The custom home is perched atop a ridge with 360º views of grandeur.

RUBY RIVER ONE AND DONE RANCH ALDER, MT $10,500,000 Minimalist architecture above coveted fly fishing water in the country. 398± acres, .5 mi. Ruby River, 1.3 mi. Clear Creek both sides, excellent whitetail, waterfowl and pheasant, shooting range, three trout ponds.

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Located near Red Lodge with a magnificent 12,500± sq. ft. home offering one and a half miles of private spring creek, two miles of Rock Creek, nine stocked ponds - spectacular setting.

EXCLUSIVE INVENTORY

SPRING HIGH RANCH FISHTAIL, MT $7,500,000

SWAN VALLEY RETREAT CONDON, MT Reduced to $790,000 Swan Valley between Holland and Lindbergh Lakes, 148± acre Forest Service inholding. Direct access from Highway 83. Bare land with three building envelopes, pothole ponds, mix of timber and meadows.

THE SUMMIT SEELEY LAKE, MT $4,295,000 “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.

RARE OFFERING of end-of-road private family retreat south of Fishtail adjacent to Beartooth Front. 1,778± acres (1,138± deeded) with beautiful log lodge and support buildings. Amazing views, terrific hunting.

STEAMBOAT ROCK STILLWATER RIVER RANCH NYE, MT $3,890,000

TOP WATER SPRINGS SPRINGDALE, MT $2,950,000 Fisherman’s retreat on 229.8± acres along the Yellowstone River near Livingston, MT. Spring-fed wetland and reclaimed trout spawning stream. Excellent fishing with abundant waterfowl. Pastoral views of the Crazy Mountains.

WEST FORK FISHING RETREAT DARBY, MT $2,280,000 151± acres West Fork Bitterroot. Main home, guest quarters, private bridge, Forest Service borders. Multiple prime building sites or enjoy grandfathered bankside location. One-half mile± of both sides of river.

WHITE FEATHER RANCH STEVENSVILLE, MT $1,700,000 The Steamboat Rock Ranch is a scenic ranch with over a mile of Stillwater River frontage, a premier trout fishery. Nice improvements, irrigation and grazing. Less than 1.5 hours from Billings.

This heavily irrigated 98+ acre ranch has a creek flowing through for over a half mile and a historic barn. Multiple building sites each with sweeping Bitterroot Mountain views.

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EXCLUSIVE INVENTORY

YELLOWSTONE RIVER HUNTING RETREAT FORSYTH, MT $1,250,000

GO AWAY RANCH ALADDIN, WY $3,500,000

The 842± acre retreat lies only five miles east of Forsyth, Montana. With over three miles of frontage on the Yellowstone River and over 500 acres of acres of farmland, the habitat is remarkable.

BIG SANDY RIVER RANCH BOULDER, WY $25,000,000 1.2± million acre 3,500 AU diversified livestock operation offering contiguous year-round grazing spanning 150± miles. Includes world class fly fishing rivers, flowing wells, mule deer, sagegrouse, elk, moose, antelope.

BIXBY RANCH GLENROCK, WY $17,000,000 16,896± acres blocked up operating ranch 40 miles southeast of Casper. 600 pairs plus. Historic mansion highlights fully improved ranch. 15 miles of live streams with great hunting and fishing.

Adjacent to the USFS 11 miles northwest of Aladdin, this diverse and beautiful 1,661± acre retreat offers two fishing lakes, two streams, an exquisite fourbedroom lodge, and outbuildings.

LEK RANCH STORY, WY $8,500,000

DENNY RANCH LUSK, WY $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.

DOUBLE H RANCH TEN SLEEP, WY $5,575,000 Easily operated mountain ranch on 13,000± acres (4,706± deeded) 20 miles south of Ten Sleep running through spectacular country to higher elevations of the Bighorns. Complete well-kept improvements.

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Located 26 miles south of Sheridan adjoining Bighorn Mountains, 1,359± acre private retreat offers lovely, tasteful three-bedroom home, outbuildings, caretaker’s apartment. Live water, extensive wildlife, and a magical setting.

EXCLUSIVE INVENTORY

ROCK CREEK 222 BUFFALO, WY $1,650,000

SWEETGRASS RANCH WESTON, WY $8,900,000 5,738± acres bordering USFS with amazing improvements.

Two custom built homes, indoor arena, cabins, and guest facilities.

Abundant wildlife with trophy elk and deer, as well as stocked fishing ponds.

T & G RANCH WRIGHT, WY $2,150,000

222± unimproved acres two miles from Buffalo, lying along one mile of trout-filled Rock Creek. Lush meadows, secluded homesites, Big Horn Mountain views. It awaits the next chapter.

STAR HILL RANCH CODY, WY $7,950,000

The T & G Ranch is 2,620± acres, five pastures and has 145± acres of dryland hay fields. Watering the ranch are a well and pipeline and 16 reservoirs dugouts.

WEISER CREEK RANCH LANDER, WY $1,645,000 2,021± acres, located 14 miles south of Lander. Weiser Creek flows through the property. Unimproved, except for livestock facilities, ranch offers buyer a clean slate to build as desired.

WOOD RIVER RANCH MEETEETSE, WY $8,900,000

End-of-the-road ranch tucked up into the Shoshone National Forest 30 miles west of Cody in its own totally private valley. Comfortably refurbished log improvements. World class big game hunting out the back gate.

Near Cody, this 1,860± acre elk hunting/fishing ranch offers complete tasteful improvements, over two miles of the Wood River, and dramatic mountain country adjoining massive block of USFS wilderness.

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ANNOUNCEMENTS

FINANCE | APPRAISAL | MANAGEMENT

I

n the constantly changing real estate environment, you want to work with qualified experts to help navigate through often complex business decisions. With deep roots in rural real estate, Hall and Hall is a multifaceted company with a depth of knowledge and expertise that is unparalleled in the real estate industry.

Our accredited appraisers specialize in rural appraisals from traditional assignments to those that entail a high level of expertise. Our far-reaching knowledge of land values enables us to deliver accurate and definitive information early on in the process. We offer appraisals and valuation services nationwide.

Hall and Hall offers a wide range of services including competitive loan products, appraisal and valuation services, farm and ranch management, and consulting. Whether purchasing, selling, or looking to optimize your current operation, our multidimensional approach can help identify opportunities and tailor a plan to meet your current and longterm goals.

Forged from our client’s needs, Hall and Hall developed a management business that has grown to one of the largest in the nation. In addition to direct management and oversight of farms and ranches, our management team provides services that include recruitment and administration of managementlevel personnel, comprehensive master planning, budgeting and accounting, and resource development. With projects ranging from feasibility studies of large cattle operations to developing plans conducive to agriculture that enhance the property’s wildlife resources, Hall and Hall’s management group continues to diversify. A large network of landlords and tenants, coupled with our expertise, enables us to negotiate lease arrangements that meet your long-term goals and enhance your income stream. Our ability to integrate traditional and innovative farming and ranching practices with wildlife and fishery enhancements allows us to meet your unique interests and priorities. Call any of our offices for more information on loans, appraisal and valuation, management, and consulting services.

Hall and Hall began making farm real estate loans in 1946.

Representing major insurance companies, lending continues to be one of our core businesses. With predictions for rising rates, now is the time to consider capitalizing on this opportunity with loans available for acquisitions, refinance, property improvement, or cash-out purposes. We are not restricted by region and have the ability, experience, and know-how to provide competitively priced real estate loans across the nation. We have an 80-year history of common sense underwriting and are always available to discuss financing options.

NEW

ADDITIONS 2019

STACY JACKSON - APPRAISER MELISSA, TEXAS

Stacy grew up in deep east Texas, spending most of his childhood in a rural community of the Piney Woods where ranching and farming were a major way of life for most residents. He enlisted in the US Navy in 1992 and spent four years there, most of which were in multiple overseas locations. Stacy discharged from the Navy in 1996 and joined a national defense contractor as an analyst. Later returning to a more agricultural–based career in 2001, he began his real estate career as an appraiser with an ag-centric appraisal and brokerage firm learning the intricacies of rural property valuation. Prior to joining Hall and Hall, he was a part of Farm Credit Services for seven years. Stacy has earned the MAI designation from the Appraisal Institute, a leading professional real estate organization in the areas of consultation and valuation. Contact info: 903.820.8499; sjackson@hallandhall.com.

BILLINGS, MT 406.656.7500

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DENVER, CO 303.861.8282

EATON, CO 970.716.2120

BEN GARDINER - APPRAISER STERLING, COLORADO

A northeastern Colorado native, Ben grew up on a dryland farm and ranch. After completing his bachelor’s degree in agriculture business at Colorado State University, he spent more than 11 years with Farm Credit Services as an appraiser and most recently operated his own appraisal company. Ben holds an Accredited Rural Appraiser (ARA) designation through the American Society of Farm Managers and Rural Appraisers (ASFMRA) and has experience appraising farms and ranches as well as some specialized agriculture facilities in Colorado, Nebraska and Wyoming. Ben lives near Sterling, Colorado with his wife, Elizabeth, and three young kids where they enjoy a variety of outdoor activities as well as helping out on his family’s farm. Contact info: 970.520.4871; bgardiner@ hallandhall.com.

OFFICES

STERLING, CO 970.520.4871

LUBBOCK, TX 806.698.6882

MELISSA, TX 903.820.8499

S O U T H ER N R O C K IE S RE GION REGIONAL MARKET REPORT The major headline for the 2019 Colorado ranch market is the unprecedented number of large mountain properties currently offered for greater than $30 million. Although ten ranches on the market may not seem like a lot, it is “unprecedented” because the long-term average is less than five. What is most remarkable is that many of these properties have become available after 30 to 50 years of stewardship by the same family. This collection represents a small percentage of the total number of properties that exist in this category, and after they have sold, we may return to a period of little to no comparable inventory. As a result, we’ve seen a steady stream of savvy buyers interested in becoming the next chapter in the legacy of a truly exceptional property who recognize the opportunity of this unique point in time.

GOLD MOUNTAIN RANCH CAVE CREEK, AZ $14,385,000

BRIAN SMITH

ASPEN RIDGE RANCH KREMMLING, CO $2,400,000 This national forest inholding is comprised of 522± acres and features excellent views, big game hunting, stream with trout, irrigated meadow, a well-appointed home, guest cabin, shop and yurt.

BERRIEN RANCH EVERGREEN, CO Reduced to $4,950,000 Located minutes from downtown Cave Creek, Arizona Gold Mountain ranch offers 822± acres of vacant land, featuring terrific views, varying topography, privacy, and excellent location adjacent to the Tonto National Forest.

4F RANCH STEAMBOAT SPRINGS, CO $5,950,000

Berrien Ranch, minutes from Evergreen, offers 456± acres of mountain land with direct access to Highway 73 and is one of the last remaining large acreage offerings within 35 minutes of Downtown Denver.

CANYON CREEK RANCH PLACERVILLE, CO $13,900,000 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.

CASCADE RANCH IDAHO SPRINGS, CO $3,975,000

Bordering national forest, this well-rounded 755± acre holding offers live water, a trout lake, remodeled home, and quality hunting in a beautiful mountain setting – all within 25 miles of Steamboat Springs.

A 260± acre gentleman’s property located southwest of Idaho Springs, CO nearly enveloped by Arapaho National Forest. Featuring an exquisite mountain home, manager’s home, and turn of the century guest cabins.

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EXCLUSIVE INVENTORY

CRAWFORD MOUNTAIN RANCH GOLDEN, CO $4,490,000

ELK RIVER RANCH STEAMBOAT SPRINGS, CO $12,900,000

Featuring 449± 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.

DIAMOND TAIL RANCH LARIMER COUNTY, CO $44,900,000 Encompassing nearly the entire upper Laramie River Valley in northern Colorado, this landmark 37,881± total acre ranch combines a profitable agricultural operation with over 27 miles of live water, outstanding wildlife and picturesque scenery.

Located in the heart of the pastoral Elk River Valley, this 695± acre ranch features a secluded luxury riverfront home, outstanding trout fishing, irrigated meadows, and only 10 miles from Steamboat.

GHOST RANCH STEAMBOAT SPRINGS, CO $16,500,000

EL DORADO PRESERVE GOLDEN, CO $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.

ELK ISLAND RANCH KREMMLING, CO $36,000,000 Highlighted by a stunning mountain landscape and truly exceptional improvements, 6,343± acre Elk Island Ranch is an amazing four-season recreational paradise, located only 10 minutes from a real town with jet strip.

Combining Yampa River and mountainous land, this 3,745± acre ranch stands out for its big fish, big game hunting and convenient location within 20 minutes of Steamboat Springs and the regional airport.

GOLDEN VALLEY RANCH GOLDEN, CO $4,186,000

ELK MEADOW RANCH EVERGREEN, CO $7,250,000 Within magnificent Evans Ranch, Elk Meadow is near Evergreen west of Denver.

Totaling 700± acres, Elk Meadow is adjacent to National Forest and includes a comfortable family home

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Featuring 394± 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.

EXCLUSIVE INVENTORY

GROVE CREEK RANCH COLLBRAN, CO $6,750,000

MOONSHINE RANCH LA VETA, CO $12,800,000 Moonshine Ranch, located near La Veta, offers 6,300± deeded and 3,400± acres of internally landlocked BLM land. Modestly improved, extraordinarily scenic, abundant wildlife, extremely private, sensational views, and diverse topography.

MOTHERWELL RANCH STEAMBOAT SPRINGS, CO $33,500,000 Spanning an enormous block of contiguous land rising from a trout-filled river up to the mountain top, this exceptional 10,350± acre sporting paradise is distinguished by its diverse landscape, big game hunting, water resources and extraordinary privacy.

Situated on the north slope of the Grand Mesa in western Colorado, this scenic 1,720± acre mountain ranch is highlighted by excellent big game hunting combined with abundant water and agricultural production.

KIMBALL MOUNTAIN RANCH DE BEQUE, CO $8,750,000

NORTH MIDDLE FORK RANCH LYONS, CO $2,250,000 Gorgeous 600± acres in national forest between Boulder and Rocky Mountain National Park. Undulating forest/meadows, extensive creeks, springs. Vested County approvals for large improvements on choice sites. Rare close-in opportunity.

PIEDRA VALLEY RANCH PAGOSA SPRINGS, CO $39,000,000 Blessed with unequalled views, privacy, recreation, and wildlife within 10 miles of Pagosa Springs, this 9,600± acre holding borders national forest and includes a private lake, ponds, and miles of creeks.

ROCKING R - HORSE RANCH LYONS, CO $4,950,000 With 10,282± acres, this mountain property provides a distinct blend of topography, striking vistas, and trophy big game hunting. Located 15 minutes north of I-70 between Grand Junction and Rifle.

Rocking R - Horse Ranch is a turnkey, professional-grade equestrian property only 16 miles from Boulder. Offering 110± acres, considerable infrastructure, irrigated meadows, water rights, and easy accessibility.

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EXCLUSIVE INVENTORY

ROCKING R - ORCHARD HOUSE LYONS, CO Reduced to $1,200,000

SOUTH COMANCHE RANCH BYERS, CO $22,000,000

Conveniently located four miles from Lyons, CO, the Orchard House at Rocking R is a 3.033± acre retreat featuring a 4,415± sq. ft. home, water rights, apple orchard, and direct access off Highway 66.

ROCKING R - VACANT LAND LYONS, CO $3,300,000 119± acres of vacant land contiguous to 2,700-acre Rabbit Mountain Open Space. Suitable for private residence or development into 35-acre tracts. Located four miles east of Lyons, CO off Highway 66.

SADDLE NOTCH RANCH LOVELAND, CO $7,500,000 Rare offering of end of road private family retreat just west of Loveland surrounded

by USFS. 367± acres with beautiful log home, barn and guest house, and yearround access.

Located an hour from Denver, South Comanche Ranch offers 16,573± deeded acres. Exceptionally well-watered and undulating topography offers excellent protection for livestock and wildlife. Functional improvements, professional grade ranch.

STEALEY MOUNTAIN RANCH RIDGWAY, CO $22,950,000

SNAKE RIVER LAND & CATTLE RANCH MAYBELL, CO $4,200,000 Encompassing 38,899± total acres including 5,675± deeded acres with 33,224± acres of leased BLM lands, this productive northwestern Colorado cattle ranch offers outstanding trophy big game hunting in GMU 2.

SNOWY MOUNTAIN RANCH STEAMBOAT SPRINGS, CO $8,000,000 Ideally positioned to capture the majestic setting overlooking Steamboat Lake and the surrounding peaks, this beautiful 210± acre ranch features masterfully crafted custom improvements, creek, aspen forests and mountain meadows.

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Located 8 miles east of Ridgway and an hour drive to Telluride, Stealey Mountain Ranch offers, 2,142± acres adjacent to Uncompahgre National Forest, exceptional improvements, and world-class views of the rugged San Juan Mountains.

EXCLUSIVE INVENTORY

WESTLANDS MEEKER, CO $46,000,000

WILDFLOWER AT CRYSTAL CREEK ALMONT, CO $3,395,000 Located between Gunnison and Crested Butte, “Wildflower” is available for the first time in 23+ years featuring a beautiful log cabin situated between the Taylor River and sight fishing stream.

WINDING RIVER RANCH BUENA VISTA, CO $19,900,000 Thirty minutes from Buena Vista, 6,432± 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.

Combining 5+ miles of outstanding fly fishing on the coveted White River, 4,603± acres of magnificent mountain scenery, and impeccable accommodations and facilities, Westlands has hosted and impressed distinguished guests for decades.

WHITE PINE / DOUBLE HEART RANCH GUNNISON, CO $36,500,000

FENCE LAKE RANCH FENCE LAKE, NM $2,700,000 Spanning 7,697± deeded and unimproved acres, this offering represents the unique opportunity to acquire a large and easily accessible acreage with quality rangeland and trophy big game hunting potential in western New Mexico’s GMU 12.

HIGH TIMBER RANCH CHAMA, NM $7,190,000 Encompassing 3,359± deeded acres outside of Chama, New Mexico, this diverse holding combines premium mountain land and big views with excellent big game hunting, grazing, tasteful improvements, and miles of trout stream.

LOBO RANCH LAGUNA, NM $22,080,684 MAJOR MOUNTAIN RANCH just east of Gunnison running on 56,300± acres. Includes lodge, three executive quality homes, five± miles of trout fishing, 900 AUs, meadows, riparian, open grazing and timbered uplands.

Just over an hour’s drive west of Albuquerque, NM, the Lobo Ranch spans over 70± square miles offering 46,485± deeded acres of stunningly beautiful landscape and is contiguous to the Marquez Wildlife Area.

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FEATURE ARTICLE

IS GRASS-FED BEEF RIGHT FOR YOUR RANCH? This

a rt i c l e i s t h e s e c o n d i n a c o n t i n u i n g series regarding grass fed beef.

BY JIM GERRISH

In a previous article on this subject, Jim Gerrish talked about the growing popularity of grass-fed beef and discussed various models for getting into the business, from raising your own to buying stockers. He also talked briefly about marketing the end product. Well, the end product is meant to be a good tasting, tender piece of beef that was raised totally on grass or hay. Producing pounds of meat off of grass is simple enough but ensuring that it is of the highest quality is another matter entirely. In this follow-up article, Jim gets into the details of how to successfully produce a product that will bring a premium in the marketplace and a smile on the consumer's face.

P

lain and simple, fattening animals requires energy. When it comes to pasture growth, cooler weather is good for energy in plants and hot weather is bad.

High temperatures cause plants to lignify, which lowers the digestible energy content in the plant. High temperatures also stress the cattle resulting in depressed appetite, which means less forage and energy consumed each day. Low energy means low rate of gain, which means lower quality grass-fed beef rather than high-quality pasture-finished beef. Bottom line: it is hard to finish cattle in hot weather on most pastures.

Annual plants are almost always higher in energy than are perennial plants. This is true whether we are talking about cool-season annuals like oats and peas or warm-season annuals like pearl millet and cowpeas. We can seed summer annual pastures to help your pasture-finishing program in the hotter time of the year. In places like Texas and the Southern Plains, we can seed winter annual pastures in the fall of the year and finish cattle on these annual pastures in the winter and early spring.

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Some of the best summer finishing pastures in the United States are irrigated cool-season perennial pastures in the Intermountain region and the Northern Plains. Consistently cool nights are the key to success in these areas.

The cool nights prevent the pasture plants from lignifying and minimize heat stress on the livestock, while irrigation keeps the pastures growing at a steady rate and also helps preserve high-energy content later into the growth cycle. Even without irrigation, there are a lot of opportunities for finishing cattle on natural meadows in these regions.

Anytime a group of ranchers gets together, you can be sure the conversation will eventually turn to cattle genetics and preferred cow type.

It seems everyone has their favorite breed and arguments last late into the night over the campfire as we expound on the virtues of our particular breed. The truth is animal type is far more important than a particular breed.

Basically we are looking for easy fleshing, small-to-moderate framed cattle, and the hide color really doesn’t matter that much.

This animal usually ends up being at least half British breed and may be full British breeding.

If our goal is to have our cattle grading High Select-Low Choice by 18 to 20 months of age, there is an upper physical size we are likely to be able to achieve on pasture. While some of the smaller direct market operations are harvesting cattle at just 950 to 1,050 pounds, most of the larger scale pasture-finishing outfits are harvesting cattle in the 1,100 to 1,350 pound range to meet the wholesale restaurant and supermarket requirements for portion size.

Now that we have our high-energy pasture growing and the right type of yearlings to put on it, this is when we come to the challenge of consistently achieving at least two pounds per day of gain on these cattle. The top-end finishing outfits in the Intermountain region regularly achieve daily gains in the two and a half to three pounds per day range. How do they do that?

One advantage feedlots have over most pasture operations is their ability to put consistently energy-dense feedstuffs in front of the animal on a daily basis. Because of seasonal variations in growth habit and daily weather variability, it is much more challenging to keep the animal’s diet at a constant energy intake level day after day. Successful grazing management depends on understanding how energy content is distributed through the plant and how growth stage affects digestible energy and protein content of the forage.

If you think about the pasture as layers of feed, it becomes a little easier to see why grazing management makes such a difference in animal performance, especially when we are looking for high rate of gain. The highest energy and protein content is in the top strata of the pasture plants. The lowest energy and protein is in the bottom layer of the pasture. If animals eat only the upper layer of the plant, they have high energy intake. The deeper we ask them to graze into the pasture canopy, the lower their energy intake becomes.

Remember you can’t create the right type of steer or heifer out of the wrong type of cow.

If you’re running 1,500-pounds or bigger cows, it is mighty hard to have a steer finish at 1,250 pounds. If your bulls stand six feet tall at the shoulder, even if you put him on 1,000-pound cows, you won’t get the right type of calf. Starting with cows in the 1,100-1,200 pound range and breeding them to bulls with three to five frame scores is what it takes to consistently produce a calf that will finish easily on pasture at less than two years of age.

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FEATURE ARTICLE

If a mixed species pasture is in the eight to 12 inch height range, about half of that forage will be finishing quality feed. When the steer takes a single bite of this pasture, it will naturally tear off at about four to six inches of height. We let the cattle take a bite in this pasture and then we move to the next pasture - usually on a daily basis - but some finishers move their cattle multiple times each day. The pasture regrows after the stock leaves and is ready for grazing again several weeks later.

When we let the pasture reach 15 to 18 inch height, only about a third or even less of that forage is now finishing quality feed. We ask the cattle to take one bite and move them along. Because there is so much standing forage left in this pasture, we might want to follow the finishing herd with a herd of cows to take another bite off the pasture so the regrowth is higher quality and more uniform for the next grazing with the finishing herd.

IN SUMMARY

In summary then, when we get pasture composition, cattle type and grazing management all in sync, that is when we have the opportunity to produce the best steak in America.

HUNGRY FOR MORE? FEED YOUR INTEREST ON EVERY PLATFORM EVERY DAY. Additional information on managing cattle operations can be found in the Experts Journal section of our website and on the Hall and Hall YouTube channel, where we have an excellent series on the expansive IX Ranch in Montana. If you missed the first article on our grass-fed beef series, we have you covered.

Either download your copy here or send a request to info@hallandhall.com. Lastly, if you are in the market for a working ranch, allow our team of brokers to introduce you to our current inventory of operating properties or contact our management team to discuss consideration for owning and managing a cattle operation. 888.557.3090

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TEXAS REGION REGIONAL MARKET REPORT The Texas market continues to grow and develop at a staggering, yet enduring pace, beyond anyone’s forecast or expectations. Domestic (and foreign) immigration, solid job creation across multiple sectors, and the continued enterprising TYLER JACOBS ripple of the shale boom have kept the ranch market rocking along at a very healthy pace.

Properties of distinction and with quality components continue to command higher than anticipated sales.

Distressed ranches, however, seem to be even quicker to slide down the discount scale, where suitable buyers are looking. Commodity prices have clearly weighed on the marginal farmland, and even monolithic grazing lands, but it seems that most see reasons to be optimistic moving forward.

APACHE CREEK RANCH PLANTERSVILLE, TX $2,995,000

GEARHART RANCH FORT DAVIS, TX $25,175,645 Gearhart Ranch is 9,155± acres of productive grasslands in the Davis Mountains. Successful highland cattle operation for over 100 years.

Exceptional game, stunning beauty and starry nights.

JS RANCH JONESBORO, TX $4,080,000 JS Ranch is comprised of 960± acres partially fronting Highway 36. The diversity and varied beauty of this ranch, along with recent improvements, offer value and abundant family recreation.

LIVERMORE RANCH FT. DAVIS, TX $17,500,000 4,772± acres in the heart of the Davis Mountains, with alpine elevations offering some of the most spectacular views in Texas. Exceptional big game, diverse ecology, and comfortable improvements.

Apache Creek Ranch is comprised of 315± acres in Grimes County east of Dobbin on Highway 105. The ranch is set up for hunting and recreational use or a cattle operation.

ELM CREEK RANCH SHAMROCK, TX $4,620,000

MCCRARY RANCH CALVERT, TX $4,851,000 Four miles of Brazos River frontage with towering hills, fertile pastureland, abundant game, and producing minerals that will convey. Approximately 980± acres in Milam County with paved access and frontage.

MESA VISTA RANCH PAMPA, TX $250,000,000

Elm Creek Ranch is a 3,112± acre oasis in the eastern Texas Panhandle that has been managed for wild quail for the past 20+ years. Located near Shamrock in Collingsworth County, Texas.

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.

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PILOT KNOB RIDGE FAIRFIELD, TX $4,200,000

THREE CIRCLE FARMS BAGWELL, TX $5,914,750

Pilot Knob Ridge, 988± acres featuring Pilot Knob Hill which rises to 618’ and is the highest point in Freestone County, and also adjoins Fairfield Lake State Park. Excellent recreational ranch.

PINE CREEK RANCH BAGWELL, TX $10,254,200 Pine Creek Ranch is comprised of 3,467± acres of predominately grassland pastures adjacent to the Red River. The diversity and agricultural production offer value to the cattle and outdoor enthusiast.

This 2,005± acre farm is 89% tillable and well improved with 1,080± acres under 3 T-L Pivot systems, each supported by multiple alluvial wells. Three homes and a large steel building are among the well-matched improvements.

WASHITA RIVER HUNTING RANCH ALLISON, TX $4,760,000

QUAIL CROSSING RANCH LAREDO, TX $1,544,425 815± acres, Quail Crossing Ranch is the perfect lightly improved south Texas ranch with all the conveniences.

Electricity, three ponds, cattle pens, barn, improved pasture, wildlife, brush diversity, 48-miles from an airport.

SPRING BRANCH RANCH CENTERVILLE, TX $4,982,000

Spring Branch Ranch is comprised of 1,365± acres situated in Leon County.

The ranch is set up for hunting and recreational use, as well as a modest cow/calf operation.

A premier hunting property in the eastern Texas Panhandle, Washita River Hunting Ranch has been intensively managed for wild quail and includes excellent deer and turkey hunting. 5,771± acres near Canadian, Texas.

X-MILE RANCH SAN ANGELO, TX $7,990,000

STARR MOUNTAIN RANCH WINONA, TX $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.

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An oasis in the Concho Valley region, this exceptional 3,413± acre ranch features spring-fed live water for most of the year, tremendous deer and turkey hunting, and two extraordinary custom residences.

T H E P L A IN S RE GION REGIONAL MARKET REPORT The plains states have experienced record rainfall this summer, causing significant challenges for farmers and ranchers. Ranchers are having trouble putting up hay and farmers are dealing with flooded fields. Cattle and corn prices are in the tank, and we all hope for a turn-around in the foreseeable future. On the real estate side of the equation, we are starting to see a separation of price between a full year-round ranch that is move-in ready versus a ranch that might have a hiccup or two, whether it is location, poor improvements, or lacking in hay production. Although there is still strong demand for top-quality ranches, we are starting to see numerous ranches come on the market that lack an essential element for year-round consideration, and overall there is less demand for these types of properties. We expect to see current trends continue and encourage you to get your property on the market if you are considering selling in the next two to three years. Hall and Hall had a banner 2018 in the Sandhills region of over $51 million in sales, and we expect to finish off 2019 strong as well.

CROCKER SPRINGS RANCH COTTONWOOD FALLS, KS Reduced to $7,590,000

MARK JOHNSN

NORTH LOUP RIVER RANCH BREWSTER, NE $11,956,875 The 9,565± acre ranch is situated along the banks of the North Loup River in the Nebraska Sandhills. It is a highly diversified and top-notch ranch with excellent improvements, abundant wildlife and excellent rangeland.

ZEMAN RANCH BASSETT, NE $34,000,000 Located 120 miles southwest of Kansas City in the heart of the Kansas Flint Hills, this scenic 3,300± acre tallgrass ranch is the crown jewel of America’s remaining unbroken native prairie land.

ALCORN ANGUS & HUNTERS HAVEN HAY SPRINGS, NE $1,975,000

Zeman Ranch consists of 10,343± deeded acres located in north central NE. Includes 5,640± acres irrigated by 44 pivots and runs 2,200 cow/calf pairs. Excellent improvements. No water restrictions.

TODD COUNTY IRRIGATED FARM TODD COUNTY, SD $2,400,000 Todd County Irrigated Organic Farm, consisting of 480± acres, is located in south central South Dakota. The farm has three 130± acre pivots delivering 800gpm, electric pumps and no pumping restrictions.

VETAL IRRIGATED ORGANIC FARM MARTIN, SD $5,342,646 Alcorn Angus & Hunters Haven lies in western Nebraska and consists of 729± acres. The farm is primarily irrigated grass and crops, which also makes it an excellent hunting property and boasts a magnificent hunting lodge.

The 1,238± acre farm consists of two separate tracts. The 960± acre Pivot Tract has 766± certified organic irrigated acres. The 278± Lacreek Tract is dryland farm ground with irrigation development possible and excellent hunting.

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S OUT HEAST R E G I O N REGIONAL MARKET REPORT

ELLIOTT DAVENPORT

Although it was a very hot summer in the south, which tends to stifle buyer activity, we experienced a rather busy summer with more showings and sales occurring than usual. This could have been an anomaly relative to the general market. However there does seem to be a respectable amount of buyer activity still, although continuing to remain below 2016 and 2017 levels. Quality inventory in the more desirable locations seems to be rather low, particularly for properties in the range of $1.0-$3.0 million. Conversely, several nice properties north of $5.0 million are available, and some of these are being divided to appeal to the larger pool of buyers looking in the lower price ranges. As has been the case for a while, very few agricultural and quality timber properties are trading. I am sensing that there could be a new wave of interesting properties coming to market this fall and winter.

HAWK BLUFF LOOKOUT MOUNTAIN, GA $2,200,000

ELGIN PLANTATION MACON, NC $3,900,000

228± acres on Lookout Mountain. Nearly a mile of incredible brow views. Only 13 miles to downtown Chattanooga.

Surrounded by an enormous landscape of protected lands that create endless outdoor recreational opportunities.

OLD HORNE FARM CHATSWORTH, GA $3,490,000 715± acres in Chatsworth, GA, just 25 minutes from Ellijay, GA and 1.25 hours from Atlanta. Adjacent to recreational 3,200±-acre Carters Lake. Large section of farmland with gorgeous mountain backdrop.

TOLEMAC FARM JASPER, GA $5,490,000

Fully restored Antebellum plantation home dating from 1832 encompassed by 300± scenic and productive acres of crops, hardwoods, and pine. Excellent equestrian and wildlife potential. Conveniently located 60 miles northeast of Raleigh.

IRON HORSE FARM MURPHY, NC $1,750,000

Gorgeous 397± acre recreational farm only one hour north of Atlanta. Immaculate improvements including updated historical main home. Strong equestrian and wildlife components. Excellent topography with diverse landscape. Four-acre lake.

TWIN OAKS PLANTATION THOMASVILLE, GA $9,950,000 1,913± acres of some of the most historic and coveted plantation lands in the Red Hills. Incredible location just five miles from downtown Thomasville, Georgia surrounded by other quail plantations.

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282± acre farm in Blue Ridge Mountains of western North Carolina. 100± acres of grasslands. Perfect for equestrian and cattle operations. 3,188± square foot main residence.

Near Hiwassee River.

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CHICORA WOOD PLANTATION GEORGETOWN, SC $9,500,000

1,000± acre historic rice plantation on the Pee Dee River in Georgetown, South Carolina’s Lowcountry. The original 10,000± sq. ft. house and surrounding buildings are some of the finest preserved in the state.

ROUND COVE SHERWOOD, TN $7,900,000

2,192± acres on Cumberland Plateau.

Exceptional main home with big views. Very private. Encompasses all of Round Cove.

74,000± acres of adjacent protected lands. Near Winchester and Sewanee, TN. Excellent hunting.

GRAYSTONES PRESERVE ALBRIGHTSVILLE, PA $10,750,000

WILDFLOWER WOODS FRANKLIN, TN $11,800,000

950± acres only 30 minutes from downtown Nashville and 15 minutes from Franklin, TN. Incredible location for a property this size. Gorgeous landscape with endless recreational opportunities.

Twelve± acre lake. More contiguous land available.

N O R T H EA S T RE GION REGIONAL MARKET REPORT Price points well below western values and legacy grade properties close to urban centers continue to define the rare east coast gems that Hall and Hall seeks out.

Properties that can be easily reached by automobile within a weekend drive radius of major metropolitan areas continue to hold interest for both recreational and investment-oriented buyers.

KEITH LENARD

IN T ERNAT IONA L Legacy property with 3,798± acres, three miles of premium trout water, mature timber, mineral rights.

Two hours from NYC, 90 minutes from Philadelphia.

Seven homes, 28 bedrooms, state parks on three sides.

NORTH FORK LODGE ST. MARYS, PA $12,900,000

ANGEL ISLAND SIOUX NARROWS ONTARIO, CANADA $2,490,000 USD Luxurious private island retreat of 2.74 deeded acres with ~1,245 feet of shoreline on Lake of the Woods.

Improvements include three full separate living quarters and outbuildings.

FINCA RIO ORO PENINSULA DE OSA, COSTA RICA $24,000,000 USD

6,943± contiguous acres in the heart of Pennsylvania’s big game country. 1920s stone hunting lodge sleeps 30, commercial kitchen, bass ponds, skeet range. Borders two State WMAs, trophy whitetails, black bear, turkey.

3,300± acres with over a mile of beachfront on the Pacific Ocean. Rio Oro flows through for almost 3 miles. More biodiversity than all of North America combined.

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