Open Country International: Volume III, Number 1

Open ountry C

Volume Volume III, III, Number Number 11

The Ultimate

Source for Fine

Rural Real Estate

I N T E R N A T I O N A L

C O M P L I M E N T S

O F :

Scott Franklund w w w . O p e n C o u n t r y I n t e r n a t i o n a l . c o m

Our exclusive Real Estate Partner for Boulder County is

Scott Franklund

ers, ue of American xury Estates Read ts, the current iss en Dear American Lu m pli m co of fine y m , with listing inventor y lighted to enclose e of my exquisite m so s se ca I am proud and de ow sh agazine, which Lu xury Estates m nches throughout Colorado. ulder ra d an d of why I chose Bo es tat homes, es pleasantly reminde am I er, m m su o anot her Colorad l estate business.

As the sun sets on ty ily and build my rea fam y m an incredible quali ise ra to y as the cit y that Boulder offers lly ba lance persona l sa I en wh r ne ow s and a busines me to successfu its inherently I spea k as a resident mate that allows me and ot hers like market because of , academics, cli e ic iqu om un on a ec d is r de ul gy of life an Bo olo . hn its ssional pursu ts, business, tec passions with profe ics — recreation, fine dining, the ar ist ter ac ar ch ng appeali interest rates y more. with historically low better than family life and man ed bin m co gs in er far off der’s lifestyle and the economic storm classic estate Such zest for Boul lu xury rea l estate market weather town pent houses to r’s de do ul contemporary wn as diverse as it is stunning … has helped Bo om Fr . ns tow n ica y is er most mid-sized Am outsk irts, Boulder’s lu xury inventor see Boulder proper ty as a worthy o y’s wh lle va be e higher in the homes on th around the glo g for $1 million or ed by buyers from lin rb sel so es ab m g ho in be of e it’s and volum 2009. summer, the sa les same time frame in investment. By mid ased 14% in 2010 compared to the businesses and cre e than 6,600 small or Boulder area had in m to e m mberg ho is r Boulde start-ups in a Bloo na l r is also booming: best cit y for tech rso ’s Pe ica s er er’ Am The business secto ng pli ed m Ki 4 rank ing in was recently na der earned a No. corporations and ul Bo , lly na tio di .” or t. Ad for the next decade Businessweek rep e market has list of “10 best cities ulder’s rea l estat Bo Finance magazine’s y, om on ec l na tio one of America’s ributes define it as ite a turbulent na Bottom line, desp ble resilience as the cit y’s inherent att llest. arka joy ing life to its fu demonstrated rem ep pace g, work ing and en in liv for ies cit can proactively ke all best sm ssf ul resident, you LegendaryProperty.com bli a ply sim or r ww w. seller, a buye iting my website at W hether you’re a l estate trends by vis rea s ty’ un Co er uld with Bo 303.440.4999. or contacting me at , With warm regards Scott Franklund ternationa l Realt y Fu ller Sotheby’s In

303.440.4999 •

ulder, CO 80303 • 1500 28th Street, Bo

perty.com www.LegendaryPro

IN THIS ISSUE

Featured Article A First Look at a Second Home 2

Colorado Texas

Open Country I N T E R N A T I O N A L

Published by Real Property Marketing Group, Ltd. 4212 San Felipe, #449 Houston, Texas 77027 713-622-5551 www.OpenCountryInternational.com

George H. Lane Chairman

Dick Lewis President Shay Tidwell Production Manager

Country Estate

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Robert S. Hodgdon Marketing

Bonnie McFerren Administrative Assistant

Roxanne L. Patterson Production Director

Š Copyright 2011 Open Country International. All rights reserved. No part of this publication may be reproduced without written permission from the publisher. Printed in the U.S.A. The publisher will not be responsible for any omissions, errors, typographical mistakes or misinformation within this publication.

A First Look at a

Second Home

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n the current economy, home prices have dropped and mortgage interest rates have been lingering in record-low territory since midway through the second quarter. These conditions have presented opportunities for many who have been hesitant to purchase a vacation home or investment property in the past, when costs were much higher. For those who are able to pay the additional mortgage, taxes, insurance, repairs and maintenance on an additional property over the long term, there are many benefits to be gained, financial and otherwise.

residence for two of the last five consecutive years. This exclusion applies to one sale every two years.

Also, while home prices have dropped, rental costs have remained relatively stable in many areas. While those who purchased property in 2005 or 2006 may have trouble using rental income to cover the ongoing expenses of owning a second home, recent buyers may find the extra money from renting their vacation home when they’re not using it can pay for a larger proportion of their costs. However, this takes planning, patience and effort to make it work.

In addition to the profits obtained from selling the home in the future, vacation homes are a lure for family and friends. Hosting family gatherings at your beachfront property or a ski trip with friends at your mountain retreat will create memories for you and your loved ones that will never depreciate in value.

In fact, before making a purchase decision on a vacation home or investment property, there are many considerations you should be aware of. It’s imperative you fully understand the homeownership costs that come with owning a second home.

A large number of buyers also purchase a vacation home with the intent to use it as their personal residence in the future. The appeal of retiring to a beloved vacation spot is obvious.

However, it can also save on taxes when the house is sold. To qualify for the exclusion of up to $500,000 of gain on the sale of a principal residence, the home must be used as a primary

How Much Home Can You Afford?

If you don’t have enough to pay off your second home with cash, you’ll need a mortgage. Your Loan Officer can help you determine the type of financing for which you qualify. You can usually prequalify by visiting your Loan Officer’s website, giving you a good idea of what you can afford.

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It’s not necessarily the best idea to go with the most expensive property you can manage, and it’s important to factor in additional costs, such as maintenance, utilities, taxes, furniture and other expenses. Your homeowner’s insurance may cost more than you’re used to, depending on the area in which the property is located.

You should also make sure you have cash reserves set aside for extra expenses, many of them unexpected, especially if you plan on renting out your home. When you’re a landlord, you don’t have the luxury of making repairs “whenever you get around to it.”

Be prepared to cover your mortgage payments for periods in which your property is not rented.

Many vacation spots have off seasons, and renting out a vacation home is a lot of work.

Even if you’re able to cover the home loan costs with your rent income, you should be prepared to pay the full mortgage if the property is vacant.

Before You Buy Be aware that requirements for mortgages on a second home are higher than those for your first mortgage. Depending on the loan programs for which you qualify, banks may require anywhere between 10 and 50 percent of the total home cost for a down payment.

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home, and income are reported on Schedule E. Losses are subject to the passive loss rules and may be limited.

It is best to consult with a tax professional to learn exactly what deductions can be claimed before you purchase your second home.

Interest rates also tend to be higher on a second mortgage.

Your debt-to-income ratio (DTI) will also be taken into account. Your DTI is determined by adding all debts, including your projected future monthly payment for your second home, and comparing it to your monthly pre-tax income. As a general rule, lenders are looking for a DTI of 36 percent or less. However, your lender can help you determine what DTI works best for you, and if you are planning on renting out your second home, the possible income from that may be taken into account.

Your lender may also require a higher credit score than they did for your principal residence.

A score below 660 could make it difficult to obtain a loan for a second home.

Vacation Home vs. Investment Property There may not seem to be much difference between a vacation home and an investment property, but the IRS has rules as to the income and deductions that are available for both. If you own a vacation home and it is leased out for less than 14 days a year, you may deduct the mortgage interest expense (subject to mortgage indebtedness limits) and taxes as an itemized deduction. Any rental income does not need to be reported.

If your vacation home is used by you for more than 14 days as well as rented out, the income from rental is reported on Schedule E and the portion of interest and taxes allocable to the rental use is deducted on Schedule E against the income. The personal use portion is deducted as an itemized deduction. Direct and other rental expenses can be deducted against income, but these expenses cannot create a net loss.

If you use the home for personal use for less than 14 days a year and receive rental income, the home is considered a rental property and all expenses, including depreciation of the

Renting Out Your Second Home While renting out your second home as a means to have your vacation property pay for itself is difficult, you can at least offset the costs with the income. It is best to rent it out as often as possible, as vacation rentals can take a high weekly rent, especially if located in a prime area. Consider a vacation home in a popular vacation area with low home prices to increase your potential for profit, even if it’s not your home state.

Once you’ve bought your home, the next step is to find renters. Paid websites such as www.Rentalo.com, www.VacationRentals.com, www.VRBO.com (Vacation Rental By Owner) and www.CyberRentals.com are vacation booking companies that are searchable by a number of features and are a good way to advertise to prospective renters. www.HomeAway.com is an owner community that lists paid listings on several websites, including some of those above. Homeowners pay $329 a year to list on www.HomeAway.com, while www.VRBO.com costs $279 a year.

To be competitive in the rental market, distinctive features are necessary. When purchasing your home, aim for an area with amenities available in the community, such as neighborhood pools, public beaches, ski resorts and golf courses.

Make the property attractive to families by adding features like pool tables, board games and TVs. Keep the house stocked with toys so that children will be occupied.

Some rental owners spring for the VIP treatment, offering weekly maid service, limousine transport and private chefs. If it’s in your budget, your home could be that much more attractive to renters with elegant tastes.

Don’t be afraid to accept less for a last-minute deal. Offering a stay-for-four-nights, get-thefifth-free special would lure previously hesitant renters, and you’ll still be getting more than you would have if the home had been empty for a full week. It is also a good way to occupy the home during the off season.

Comply with Rules, Regulations and Laws Before you start renting out your property, make sure you research the many rules for renting out properties. Fines for noncompliance can be steep. These rules vary by region, and a good place to start is the U.S. Department of Housing and Urban Development’s website, www.hud.gov.

You might also consult with an attorney to be sure you are fully aware of the local laws and have all the proper forms required.

You will also want to have a rental agreement signed by both you and the tenant, identifying both parties, the property, the terms of the rental and the amount to be paid. You may also consider hiring a property management company to handle the care of the day-today operations and tenant needs. You may make less profit, but you will have less handson responsibility.

Your Home Away From Home Regardless of whether you choose to use the home as an investment property or solely as a vacation home, the benefits of having a retreat for you and your family are many. And if you can use rental income to pay for all or some of the costs related to purchase, the rewards become financial in addition to sentimental.

Experts say there is a short window of opportunity for people to purchase the best property possible before home prices and mortgage rates increase. The economy will recover, and as it does, your chance to make the most out of less will slowly disappear.

This article was submitted by Cornerstone Mortgage Company, a full-service mortgage banker operating more than 75 offices in Texas, Georgia, Minnesota, Oklahoma, Louisiana, Arizona, Colorado, California, Mississippi, Nevada, North Carolina, Utah and Washington.

Corporate Office/Houston, 713.621.4663, 1177 West Loop South, Suite 200, Houston, Texas 77027.

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Autumn Hill Equestrian Farm Boulder County, Colorado Nestled in the foothills just outside of Boulder Colorado, Autumn Hill is blanketed by 95 luxuriant acres of rolling meadows and pastures. Interspersed amongst the foliage and fields lie three ponds and a ¾ acre enclosed biodynamic garden. Spend hours competing within one of the property’s superior riding arenas, meandering through the miles of trails, or gallivanting through the neighboring Heil Ranch Open Space. Autumn Hill stands as one of America’s premier dressage riding schools with one of the largest children’s programs in the country. The property comes fully equipped with a barn, tack rooms, two public restrooms and a shower, laundry room, office, wash stall, indoor riding arena, 2 outdoor arenas, large grass flat jumping field, expansive double fenced pastures and sand turnout paddocks.

In addition to the historically landmarked farmhouse and cottage that are currently built, there exists a development right for the construction of a principle residence and other related structures. Also included is a 6,648 square foot executive home located within the adjacent community of Lake of the Pines. Farm offered at $9,850,000. Executive home offered at $2,300,000.

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Scott Franklund 303-440-4999 •1500 28th Street, Boulder, Colorado 80303 www.LegendaryProperty.com Scott.Franklund@SothebysRealty.com

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Caribou Springs Ranch Boulder County, Colorado Caribou Springs Ranch is a legacy working ranch that has been carefully developed into an exclusive Western-lifestyle community that captures the spirit of a ranch lifestyle while raising the standard of luxury living in the Rocky Mountain region. Its 590 acres comprise pastoral paradise buffered by miles of meadows set against a dramatic mountain backdrop of Boulder’s legendary Flatirons. The sale includes more than 590 acres, two luxury estates, three deeded buildable home sites, two caretaker’s homes, professional-grade equestrian barns and extensive and valuable water rights. The property features 24-hour security at its two handsomely gated entry points. Wide paved roads wind through the ranch’s natural landscape and lead to a community retreat complete with large outdoor pool, spa, barbecue pavilion and an open fire pit all nestled amidst towering mature cottonwood trees.

In addition, the serenity and authenticity that make Caribou Springs Ranch so irreplaceable is forever preserved thanks to the ranch’s status as a Boulder County conservation easement. Though worlds away from traffic and city congestion, Caribou Springs Ranch is conveniently sited within 90 minutes of Denver International Airport, world-class Colorado ski resorts and the business hubs of Denver and Fort Collins. $12,800,000

Scott Franklund 303-440-4999 •1500 28th Street, Boulder, Colorado 80303 www.LegendaryProperty.com Scott.Franklund@SothebysRealty.com

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For Auction: Incredible Properties in a Heavenly Location Shadow Creek Ranch, Silverthorne, Colorado Overlooking expansive views of the towering Eagle Nest Wilderness Area, vast valleys and wooded hillsides, two magnificent properties at Shadow Creek Ranch optimize luxury, privacy and beauty. 72-Acre Estate: Unrivaled 7,400 square foot, five-bedroom-suite home beautifully designed with custom finishes including wide-plank walnut floors, slab granite throughout, top of the line appliances and custom log and masonry work. Property value exceeds $5 million, Opening Bid $2,999,000! Buildable Lot: 70-acre home-site located amongst an aspen grove. Property value exceeds $2 million, Opening Bid $1 million! Both properties are located within Shadow Creek Ranch, a master-planned ranch community offering all the excitement and amenities without the labor and responsibilities. As an owner, you enjoy access to 6,000-acres providing trails for horseback riding, hiking, snowmobile and 4-wheeler use, world-class fly-fishing on more than 22 ponds as well as the Blue River, 5 fully-equipped guest cabins and a luxurious main lodge.

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Legendary Home Auction 303-440-4999 www.LegendaryHomeAuction.com info@LegendaryHomeAuction.com

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Must Be Sold “Crown Jewel of Storm Mountain Ranch” Storm Mountain Ranch, Steamboat Springs, Colorado Don’t miss your chance to own one of the finest estates in Colorado. The developer of Storm Mountain Ranch chose this 70 acre home site for his very own. A 1,063 acre working cattle ranch, Storm Mountain Ranch with true “close in privacy” is just 5 miles from the world class Steamboat ski resort.

Fish for trophy trout on 2.5 miles of freestone Walton Creek, and 2 miles of spring creeks connecting 8 acres of ponds—all private. The ranch also offers miles of trails for hiking and mountain biking, gorgeous community lodge, horses and horse barn, and 5 owner’s cabins. The main home is 8,475 square feet, and the guest house is another 2,000 square feet. Designed by a world-famous architect and a world-famous interior designer, this home invites the outdoors in. This home has everything—outdoor shower, 4-sided infinity-edge pool, gourmet kitchen, 2 jetted hot tubs, Meridian Digital Home Theater System, 5 trout-fishing ponds that cascade from one to the next, is adjacent to the national forest, and much more. This breathtaking collection of land, amenities, home, guest home and proximity to Steamboat is a once-in-a-lifetime opportunity. Replacement cost-$18,500,000.

Offers considered over $11,900,000. Make offer! 3% courtesy to Procuring Broker.

Legendary Home Auction 303-440-4999 www.LegendaryHomeAuction.com info@LegendaryHomeAuction.com

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Colorado Classic Breckenridge, Colorado Magnificent panoramic views fill the windows of every room. This home is a timeless masterpiece and embodies every element of Colorado high country comfort. The log theme brings all the essential elements of nature inside! Native moss rock exteriors and finishes, sandstone and wood floors. Patina copper finishes accent the kitchen, fireplaces and stair. The floor plan flows comfortably from the open central great room to the more intimate spaces for TV, office, exercise. Perched across the valley from the ski area on 2.8 acres with never-ending views of the ski area and surrounding mountain ranges. Four complete suites allow for big parties, in addition to the stunning master suite on the main level where the his and her arrangements pamper and delight. $3,990,000.

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Ron Shelton • Broker, Partner Breckenridge Associates Real Estate 800-870-7392 • 970-797-1978 ron@skicountryhomes.com • www.skicountryhomes.com

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V – 3 Ranch Breckenridge, Colorado This spectacular log home is situated on over 20 acres, just 5 minutes from World Class skiing and historic downtown Breckenridge. This kind of convenience and privacy is nearly a thing of the past in a resort community the caliber of Breckenridge! The Western Red Cedar logs with flared ends came from Canada and have been reassembled on this extremely rare lot near downtown Breckenridge with meticulous care and attention to every detail. The elements of the structure brought together are nearly more art than architecture. A gourmet kitchen with stainless steel appliances, solid granite counters and cherry cabinets, and the vaulted living area are brought together in this home and warmed by the moss rock fireplace creating the ideal Colorado atmosphere for regaling tales of the perfect powder run, the hike in the pristine forest or the climb to the top of the nearest 14,000 foot peak.

The vaulted, main-level master suite has a private balcony, a fireplace and generous five-piece bath. A resistance pool makes ready for a “no impact” efficient workout, a loft/office an ideal area for high-level conference calls and the state-of-the-art home theatre is a great place to end the busy day. Four bedrooms and a 3-car garage are just the beginning of what can be done here. The lot can easily accommodate additional living quarters, added garage space, a studio, a barn, you name it. Horses are allowed, and encouraged. What a fantastic way to see the Rocky Mountains! $2,990,000.

Ron Shelton • Broker, Partner Breckenridge Associates Real Estate 800-870-7392 • 970-797-1978 ron@skicountryhomes.com • www.skicountryhomes.com

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Deitra Robertson Real Estate, Inc. 38351 FM 1736 • Hempstead, TX 77445 979-921-9470 office • 832-642-6789 cell www.IKnowRanches.com Deitra@IKnowRanches.com

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Windy Hill Ranch Madisonville, Texas Have you thought about owning a ranch that was an easy drive from your Houston home…A place where you could go with your family and enjoy the “quiet” and actually see the stars at night…Have those cattle you’ve always wanted, count the new calves as they are born, help with the spring branding…A place you can ride your horses for hours over beautiful pastures, through creeks and old stands of trees, OR, train in a covered arena facility that is so nice you can have horse events there if you choose?

Then there is the hunting and fishing to enjoy on these almost 3,000 acres. Fish in the many stocked ponds and lakes and enjoy your own white tail deer population during hunting season.

Windy Hill Ranch offers you all of this. An easy drive from Houston to Madisonville, the access to Windy Hill is all paved highway and farm to market roads. If you love horses and love to ride, there will be no finer place than here. The covered arena facility has a 275' x 125' arena, office space, apartments, 16 stalls, holding pens for cattle―it is the finest facility in this part of Texas. There is a separate 10-stall center aisle barn with runs, numerous turn-out areas, lighted cutting pen, walker and much more.

The cattle facilities are the top-of-the-line with hydraulic trim tilt squeeze chute and 10,000# Tru-Test scales. The improved pastures allow you to run a cow/calf or stocker operation. There are four large hay storage barns to house the hay that is grown on the ranch.

At the end of the day, when that good kind of “tiredness” starts to take over, kick back on the porch or by the pool of the comfortable brick home that sits on the hilltop and appreciate the lifestyle!

Deitra Robertson Real Estate, Inc. 38351 FM 1736 • Hempstead, TX 77445 979-921-9470 office • 832-642-6789 cell www.IKnowRanches.com Deitra@IKnowRanches.com

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19,680± Acre Madera Canyon Ranch Jeff Davis County, Balmorhea, Texas Legends of Texas evolve from historic ranches like this, extending from picturesque canyons to the Davis Mountains, habitat for trophy class mule deer, Aoudad sheep, elk, quail, dove, turkey, black bear, antelope, javelina, mountain lion and others. Circa 1904, the Kingston Homestead limestone lodge is enhanced by a historic bunkhouse, cabin, tack room, walk-in cooler, game cleaning rack, barns, pipe cattle pens and metal feeders. The ranch is watered by Kingston Springs and other springs, six wells and six tanks. Located over the Barnett Shale and Woodford Shale formations, it will convey a portion of fee minerals plus 3,000+ acres state classified minerals. Al Philip or Robert Dullnig 210-415-8602

4,648± Acre Historic Stone Ranch Maverick County, El Indio, Texas Owned by the same family since 1960, this historic ranch has bold terrain ranging from level bottomland to gently rolling bluffs overlooking miles of the blue-green water of the wild and scenic Rio Grande River. A highlight is the 1940’s hacienda-style residence with charming courtyard linked to a second home and barn. Fabulous year-round water includes 7± miles of the river, irrigation canal with pumping rights, 35± acre lake and 5 stocked tanks. Wildlife is phenomenal, with trophy whitetail deer, turkey, javelina, hogs, quail, dove plus great duck hunting and fishing. Minerals are negotiable. Robert Dullnig, 210-213-9700

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Kuper Ranch Sales • 210-804-1515 • Toll Free 866-904-1515 • www.KuperRanchSales.com

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1,664± Acre Rancher’s Dream Showplace!

Falls county, Satin, Texas 20± miles southeast of Waco, 1.5± hours from Austin or Dallas, there sits a property offering exquisite living on a working ranch. The custom estate home, featured in several magazines, was built in 2006 and offers 7,300± square feet of uniqueness. The home overlooks a 15± acre lake and waterfall pool bordered by an entertainment cantina and separate cooking cabana, all surrounded by majestic oaks, beautiful views and superb sunsets. The highly improved pastures have been home for many years to a legendary registered cattle operation with top-notch handling facilities; inclusive of show, sale, horse and hay storage barns, 3 sets of working pens, water wells, overhead grain bins, molasses storage tanks and staff housing. Excellent rainfall and live water is abundant throughout the property including a large creek. Turkey and hogs are plentiful, and there are even a few whitetail deer. Partially owned minerals will convey to new owner. Howard Ham 210-382-5003

Kuper Ranch Sales • 210-804-1515 • Toll Free 866-904-1515 • www.KuperRanchSales.com

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19,680± Acres, Madera Canyon Ranch Jeff Davis County, Balmorrhea, TeXas A historic ranch extends from picturesque canyons to the dramatic Davis Mountains, habitat for Trophy Class mule deer, Aoudad, elk, quail, dove, turkey, black bear, antelope, javelina, mountain lion and others. The 1904 Kingston Homestead lodge is enhanced by a garage, historic bunkhouse and cabin, tack room, walk-in cooler, game cleaning rack, 3 sets of pipe cattle pens and metal feeders. The ranch is watered by Kingston Springs, other live springs plus 6 wells and 6 tanks. Located over the Barnett Shale and Woodford Shale formations, the ranch conveys partial minerals. Owner will divide into 10,253± acres and 9,424± acres. Al Philip 210-415-8602

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Kuper Ranch Sales • 210-804-1515 • Toll Free 866-904-1515 • www.KuperRanchSales.com

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2,903± Acres, Eagle Ridge Ranch Mason County, Mason, TeXas Fabulous, extensive live water includes 1.7± miles each of Llano River frontage and James River frontage, 2.1± miles of Mill Creek, plus 6 water wells, 2 tanks and a pivot irrigation in a 500± acre game trap. Home to many exotics (zebra, blackbuck, water bok, gazelle, axis, etc.) as well as native wildlife. A stunning 5,366± square foot, seven bedroom, five and one half bath lodge features porches overlooking the James River. Substantial infrastructure includes a garage, game processing facilities, foreman’s home, cabins, barn/sheds, stables and cattle pens. Minerals are negotiable.

Robert Dullnig, Broker Associate 210-213-9700

Kuper Ranch Sales • 210-804-1515 • Toll Free 866-904-1515 • www.KuperRanchSales.com

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