Largest Drop in Rural Land Prices Worldwide? The Ukraine

According to this ABC Australia report, land values around the world are plummeting. The hardest hit country? The Ukraine.

The value of rural land in the Ukraine has plummeted a staggering 75 percent. The Australian news report indicates that the basics of the problem are the same there as everywhere else: thanks to the credit crisis the previously well-lined pockets of investors are no more. The report also references, but does not detail, a 5 percent drop in land values for the United States and Great Britain.

Florida: “It’s Almost Like a Fire Sale”

A University of Florida study has put a staggering number on just how badly the economic crisis has impacted rural land values in the Sunshine State. The study concludes that land values plummeted upwards of 55 percent in 2008 from highs just one year previously.

The study focused exclusively on rural land, mostly those outside of urban areas that would have been hot spots for development just prior to the worldwide economic collapse.

“In some cases, it’s almost like a fire sale,” said Rodney Clouser, the UF professor of food and resource economics who led the survey.

The study found the northern part of the state most affected with values dropping the aforementioned 55 percent.

Farmland, that which traditionally would be the main focus of The Land Report readers, saw declines that reached as much as 26 percent.

What’s worse is the predicted continued decline in 2009.

Land prices are expected to continue their drop through 2009 — although not as dramatically as in 2008. Survey responses from individuals involved in the Florida real estate market predict an overall drop between 5 and 17 percent.

The full UF report is available here.

For Sale: Lance Armstrong’s Texas Ranch

Apparently retirement was just too boring for Lance Armstrong. The seven-time Tour de France winner ended his hiatus from cycling earlier this year and is currently in training for a shot at his eighth Tour title later this year. (Although that training had a setback with a nasty crash a few weeks ago.)

Armstrong’s return to cycling may be the reason why the Texan’s 447-acre ranch outside of Austin has been on the market for a few months. The ranch, according to the popular men’s gadget blog Uncrate, features more than seven miles of mountain biking trails, 1,886 feet of Pedernales River frontage, and ownership in Dead Man’s Hole, a private swimming hole shared by area landowners.

The asking price? $12 million.

Along with the land you’ll get a modestly sized 4,241-square-foot home. The interior, however, is far from modest as it appears more resort living than a home.

Keep in mind if you plan to move there, the neighbors are quick to keep their little corner of heaven in pristine condition. Armstrong found himself in a tiff with his neighbors over Dead Man’s Hole. It cost him $850,000 to clean up the clear-watered retreat after a dam built on his property leaked sediment into the water.

70 – Isaac Ellwood Heirs – 130,000 acres

Joseph Glidden and Isaac Ellwood brought an end to the open range in the American West. The two entrepreneurs co-owned the original patent for barbed wire and profited handsomely. Ellwood’s descendants own and lease five ranches in West Texas totaling 260,000 acres. According to family spokesman John Welch, approximately half is deeded land.

3 – Brad Kelley -1.7 million acres

Last year we were correct in reporting that Kelley was one of the ten largest landowners in the U.S. The only problem was Kelley’s multi-state holdings rank him third on the Land Report 100, not seventh, a fact that was borne out by a subsequent article about The Land Report that ran in The Wall Street Journal. Kelley’s billion-dollar fortune stems from tobacco. In 2001 he sold his cigarette manufacturing company, Commonwealth Brands, maker of Bull Durham, USA Gold,and Malibu.

He has subsequently acquired properties in numerous states, including an estimated 40,000 acres at a cost $58 million in DeSoto County, Florida. The man is no real estate developer, however. His numerous acquisitions have all been in the name of wildlife conservation.

 Work crews have been busy constructing fences and establishing veterinary operations on his Florida properties to better care for the many rare species of rhinos, pygmy hippos, gazelles, antelopes, wildebeests, impalas, and wart hogs that Kelley’s employees have been painstakingly breeding and nurturing in the hopes of dispersing them to zoos across the country and around the world.

Obama to Nominate Salazar for Interior

Landowners in the West will have one of their own heading up the Interior Department in the new Obama Administration. According to published reports, Sen. Ken Salazar (D-CO) will be named the 50th Secretary of the U.S. Department of the Interior later this week by President-elect Barack Obama. Read more

Sold! Montana’s 6,462-acre Scott Ranch

A lot of noteworthy closings taking place in and around Yellowstone County, Montana. Last week we reported on the sale of the 15,800-acre Bar Diamond Ranch. This time around it’s the 6,462-acre Scott Ranch on the Crow Reservation southeast of Billings, which James Stinehagen of the Flying S Cattle Co. purchased for $387 per acre, according to the Billings Gazette. Read more

Sold! Montana’s 15,800-acre Bar Diamond Ranch

There seems to be no sign of an economic fallout in Montana’s still strong recreational land market. That’s the takeaway from the Billings Gazette, which reports that the 15,800-acre Bar Diamond Ranch has closed. Read more

Tiger Woods Debuts His First U.S. Course in North Carolina

When it comes to golf course design, the Big Three has now become the Big Four. Developers looking to entice buyers with courses designed by Jack Nicklaus, Tom Fazio, and Robert Trent Jones can now add Tiger Woods to the list of potential designers. Read more

Amendment 4 Approved by Floridians

Voters in Florida overwhelmingly approved Amendment 4, The Florida Conservation Land Amendment, a measure that will lower property taxes on lands set aside for conservation. Amendment 4, which was  supported by Florida Governor Charlie Crist, was approved by 68.4 percent of Florida voters. A 60 percent majority was required. Read more

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