Hall and Hall Partners Dave Johnson and B Elfland were recently quoted throughout a Bloomberg Businessweek story entitled, “Billionaires Hunting for the Perfect Ranch Are Waiting for Perks“. You can read excerpts from the article below.
Hall and Hall sold 16 ranches for more than $10 million in 2018, compared to six so far in 2019. While that may suggest a slowdown, ranch sales can’t be compared to the frenzy of big cities.
“Our market doesn’t have the dramatic swings that New York and California residential markets have,” said Elfland.
Owning a rural slice of heaven runs deep in the psyche of even the biggest victors of capitalism. Shining examples of the American Dream are the country’s biggest individual landowners, John Malone, who has a net worth of $8.6 billion, according to the Bloomberg Billionaires index, and Ted Turner, founder of CNN.
Buying a ranch can be a matter of timing, of having a job on autopilot and kids out of the house who want to visit.
“The clock is running, so if they’re going to enjoy it, it’s an incentive to pay a premium,” said Johnson.