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Old 09-26-2010, 11:59 AM
 
Location: Cabin Creek
3,132 posts, read 4,964,992 times
Reputation: 2213

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[SIZE=4][SIZE=4]CHRISTELEIT RANCH[/SIZE]
Farm & Ranch Property - Clark & Associates Land Brokers, LLC
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Old 09-26-2010, 03:44 PM
 
11,376 posts, read 47,223,170 times
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Jody, what are your concerns about this property/area? Do you have specific issues, or concerns about running another cattle operation at this place?

Lingle is one of my favorite areas of SE Wyoming, but it is located in a serious hail area, with the potential for tornados. A ranch here would likely be windy much of the year in any exposed location, and winters can be rather brutal as the fronts through here are pretty much unobstructed on their way South/Eastward to Oklahoma & Nebraska.

From the description of all the water sources, I'd be looking very closely at the historical delivery of water at this place. Anytime I see a 27,000 gal storage for a well to support three stock tanks, it's a tip-off that the well(s) may be only seasonally productive or very low output at each. There's also the possibility that this is the most efficient way to run the generator to power the deep well at this site, which is apparently remote from power lines, so it does need some clarification as to why the huge storage capacity. Given a seller rated 350-400 animal pair capacity year 'round, that's a lot of water needed each and every day through the 11 pastures, although the listing asserts that they've got the water worked out to be sufficient for the size operation. The listing doesn't mention the lease rates/terms, or the AUM's ... all areas of concern when I'm taking over existing leases.

It's at an interesting price point, considering that there appears to be very little infrastructure or support facilities, or little housing at this place. But at well over $400/acre for the deeded land, it's not a place that pencils out for me in the current beef market.

Cory has a good reputation in this area for getting top dollar for farms/ranches; I've seen him take properties that languished in other real estate broker's listings at 7-figures, then discounted a few times and still no sale .... and then Cory sold the places for well over the original asked prices within months of getting the listing. IMO, those places were sold as vanity ranches to out of area folk who either needed a tax depreciation write off or simply had so much money that they could justify the place for it's recreational value rather than it's productivity. For whatever reasons, Cory's marketing does seem to work pretty well ... if I was selling my place, I'd be calling him to see if he'd accept the listing ... he consistently gets the highest dollar for his sellers in this area.

I'd want to know if they're including selling the mineral rights at this price point. With all the new development and exploration in SE Wyoming, this is a prime area for possible new oil/gas leases. Perhaps this is where they're getting their price justification from ... if landmen are out there now with premiums running to the hundreds of dollars per acre, that helps enormously to support the price. Recently, we've seen premiums in the range of $425-500 per acre for much smaller parcels; speculation on even $100-200/acre for a 5-year lease with an option would totally change the dynamics of the pricing. FWIW, the people who own the parcels in Grover where the Jake well is at (and there's now another well there, too) ... live close by me; it's been reported that their most recent quarterly royalty check was over $250,000. If only my place would be half so productive ... there are now four new wells going in within a 5 mile radius from my place ....

Otherwise, it does look like a nice place. I'd like to fly over it and check out the area ... might be able to do so later this week. I was up that way last Monday and it's still looking mighty green at a lot of places as we head into fall this year.

Last edited by sunsprit; 09-26-2010 at 04:37 PM..
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Old 09-26-2010, 05:43 PM
 
Location: Cabin Creek
3,132 posts, read 4,964,992 times
Reputation: 2213
Cory got a pocket listing on a place that works out better , other then it all pipe line and tanks, not as much cover.
we looking for 400-600 head place mainly deeded, this is probally the first place my relator has found under the price range we looking at.think he trying to get me to discount my place again.
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