Rural Land Values in the Southwest: First Half 1999 Page: 6
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percent during the past year. I have no
idea how much higher the prices may get,
but I anticipate them to rise some more
during the next year, provided the
economy remains strong. The values of
land in this area are based primarily upon
recreational use rather than quality, from
a productive standpoint. Most of the time
the least productive land demands the
greatest price (Hill Country - North
appraiser).
Buyers report fewer available good
quality recreational lands (Hill Country -
North broker).
Majority of the buyers are salaried and
from urban areas, and are looking for a
rural homesite or investment. Market is
very strong (Hill Country lender).
Currently, the most important issue in
this market is the availability of suitable
tracts for sale. However, available inven-
tories are generally lower and offerings
have slowed (San Antonio area broker).
There is still a very hot market for small
and transitional tracts in Kendall and
eastern Kerr Counties. There is some
slight slowing of demand, but activity still
remains far above average. So long as the
economy is good, the Boerne area will
continue to flourish. Investors are becom-
ing more prevalent in the market (San
Antonio area banker).
Hunting and recreational use are impor-
tant elements of the market now. This
makes it important to hang on to agricul-
tural use exemptions (San Angelo area
appraiser).
The number of rural properties offered
for sale at competitive prices remains low.
Buyers are primarily buying for subdivi-
sion or recreational homesites. Generally,
asking prices are significantly above
proven price levels. Buyers are very
selective, paying top prices for only the
choice acreage tracts (Central Texas
appraiser).
We have a very strong demand for good
farmland-rangeland and a small supply of
good farmland-rangeland (Coastal prairie
broker).Buyers are moving to the country (Coastal
Prairie - North broker).
Because we are in timber country, timber
prices continue to have a large impact on
land values. Rural homesites are appreci-
ating rapidly (East Texas broker).
In Brazos County, 50 to 100 acre rural
homesights will sell for $2,000 to $3,000
per acre. In surrounding counties,
demand is at a high for rural homesites
and in some areas demand is high for 500
to 1,000 acre places for rural recreation.
These buyers can buy anything and will
pay higher prices for the right combina-
tion of wooded and improved pasture.
Lakes are very important (Brazos area
broker).
For agriculture tracts, the problem of
irrigation water availability continues.
Development and recreational uses still
command the highest prices (Lower Rio
Grande Valley area appraiser).
The important issues in the Houston
market are the timing of and financing for
development (Houston area broker).
Urban transitional land is in strong
demand. There is strong activity north of
Fort Worth and in east Parker County for
investment and single-family residential
land. Some sellers have indicated a fear
of rising interest rates and have decided
to sell while profits are good (Fort Worth
area appraiser).
People have been coming to Granbury by
the car load to get out of the crime and
traffic in the Fort Worth-Dallas Metroplex
and to get a small place in the country or
to have a place to hunt and fish. We have
the lowest inventory since I entered the
business in 1959. One can hardly find any
ranch and hunting land for sale unless it is
more than 300 acres, and then big inves-
tors are buying this land for commercial
hunting purposes and charging $1,500
and up to shoot a trophy buck, elk, etc.
($5,000 for the trophy elk). Hunting
leases bring as much or more than grass
leases, depending on whether or not it
includes exotic animals. One rich visitor
spent $17,000 for one week of bird6
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Gilliland, Charles E. & Harris, John. Rural Land Values in the Southwest: First Half 1999, report, September 1999; College Station, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1586961/m1/10/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.