Page 14 – Land & Ranches for Sale in Western & Southeastern United States

Over the past 15 years I have been licensed in five states, in order to represent clients in the purchase and sale of ranches. During that time, I had the opportunity to work on ranches for sale in Montana, Wyoming, Idaho, California and Colorado. Of the many nuances that set each state apart from one another and is the most applicable topic to the types of ranches I most consistently work on is the differing stream access laws among states. While some states tend to heavily favor landowners, others are more public friendly and allow more access to fishable stream and river corridors, even if the land surrounding those rivers is held privately.

This is a general overview of the stream access laws in the states in which we sell ranches. Please note this is not to be construed as legal advice as we encourage all buyers to engage local counsel to investigate and advise on their rights pertaining to any property considered for purchase.

Wyoming Stream Access Laws

In Wyoming, landowners own the streambed. Anyone may float across private land on navigable water, but the streambed is the property of the owner. As stated by Wyoming Game and Fish Department, “Anglers are not allowed to wade fish or fish from a bank or island without permission if the stream bank, island, or streambed is privately owned. Wading, bank fishing, or anchoring without permission is trespassing.” One example of the benefits to stream access laws is a ranch we have for sale on the Encampment River near Saratoga, WY. While there is a brief period of several weeks post-runoff during which the ranch sees float traffic given the incredible fishing on the Encampment, the river is otherwise completely private for the balance of the year and is not legally able to be floated. During the period which flows are ideal for floating, the landowner can launch a boat directly from the ranch or take out at the ranch. This allows more flexibility to enjoy evening hatches and prime fishing hours, as opposed to having to rely on public access points.

Idaho Stream Access Laws

In Idaho, the state controls the waterways to the ‘Ordinary High Water Mark’ (OHWM); the land submerged below the ordinary high water mark of streams and rivers within the state are held by the Idaho Public Trust. The OHWM is defined as the “line on the shore established by the fluctuations of water and indicated by physical characteristics such as a clear, natural line impressed on the bank, shelving, changes in the character of soil, destruction of terrestrial vegetation, the presence of litter and debris, or other appropriate means that consider the characteristics of the surrounding areas.” For the purpose of fishing, anglers are able to float or wade these waterways up to the OHWM so long as they are to gain access to such land by legal access.

Oregon Stream Access Laws

If a river or stream is deemed navigable, and one can access the mean high water mark from public land, then he or she can float and stand in the river so long as remaining below the mean high water mark. For rivers that are labeled as non-navigable, property owners may own the bed of the river and therefore are allowed to float through but may not anchor or wade in the river, depending on the ownership of the land.

Montana Stream Access Laws

The Montana Supreme Court ruled in 1984 that the public may use streams and rivers for recreational enjoyment, such as floating and fishing, even if those waterways were not historically deemed to be navigable. This access is allowed to the high water mark, and it should be noted that the Montana Stream Access Law does not grant public access to cross private property to access the rivers. One of the benefits to land ownership on a productive fishing stream in Montana is the ability to wade from your stretch of river onto neighboring landowners upstream and down to continue your pursuit of Montana’s famed trout.

Colorado Stream Access Laws

Regarded as having some of the most landowner-friendly laws related to private property, along riparian corridors floaters, and anglers are not able to access privately-owned streambeds, regardless of how the waterway’s navigability is defined in Colorado. The streambed is owned by the landowner; boaters are able to float but do not have the right to anchor or otherwise access the private land in the streambed. In instances where the river is owned on one bank by private ownership, and public ownership owns on the opposite bank, the private landowner generally owns to the center line of the river down to the streambed. Ownership on a large floatable river, such as the Colorado, provides excellent benefits to an avid angler who would enjoy the convenience of launching a drift boat or taking out at the ranch. This allows more flexibility in your fishing times to take full advantage of the prolific hatches and periods of less float traffic; there is also something special about taking out at your own ranch and storing your gear onsite and ready for the next day’s adventure. Take a look at our Rocking TW Ranch, which provides such convenience on a productive stretch of the Colorado River.

Stream access laws can be a sensitive topic and could potentially change as a result of policy updates in each respective state. For additional details or for specific questions about a particular state please contact one of our knowledgeable Ranch Brokers in that state; they will be able to explain the distinctions among the laws in their home state and provide insight into the challenges and benefits.

As Ranch Brokers, we have the opportunity to visit, view, and represent some of the most beautiful properties in the west. Past land practices from over 100 years ago are still present on the properties telling a picture of how the property and region were utilized as the west was settled. As people who enjoy wildlife, we are the beneficiaries of these long term private land stewards. These well managed properties have more plant diversity, which leads to more wildlife.

Settling Montana

Following the initial discoveries of gold in 1862 in the southwestern valley of Grasshopper Creek, Montana grew rapidly, first as a territory and later as a state. Timber harvesting allowed for the building of industry in Montana with railroads, mining, agriculture, homes, and commerce regarding enormous amounts of lumber. Huge blocks of timber were removed from government, railroad, and privately-owned ground. Sometimes, as chronicled, harvesting was completed with illegal or unethical means. In Montana, it takes a while to grow a tree to merchantable size. A tree that would be of size to harvest in Western Washington in 50 years, may take 120 years to grow in Montana.

As with mineral extraction, the timber companies of 100 years ago weren’t worrying about consequences of their activities on later generations. Replanting, thinning, erosion control and fishery protection were not on the list of concerns during this initial harvest period. Our current awareness of the value of the beauty of Montana and the West, is our map of how to create a land use plan that is responsible and minimizes harmful impacts, or actually improves resource quality through land practices. These old timber roads are a useful tool for this resource management.

Present Day Forest Management

Federal public lands have borne the brunt of public criticism for lack of management in the recent past leading to poor forest health and disease. We have seen in these past years how lack of proper management may lead to large scale forest fires.

Private landowners are able to act more fluidly in managing their property. Owners are also able to manage timber as a diversified piece of their overall operation. Many ranch families throughout the west have practiced what is now call “sustainable harvest timber management” for a hundred years or more. Harvesting select timber and opening up the forest canopy allows better spacing for trees to grow faster and opens up the ground to grow more grass for livestock and wildlife.

Road Systems

In addition to land biodiversity and land health, what I believe is the most significant impact of forestry management is the road systems in place for landowner use. Our Lone View Ranch is an impressive Montana ranch for sale. It has 14 miles of interior ranch roads, built for timber management that allows access to all parts of the ranch. Without these roads, the majority of this ranch would only have access by foot or horseback. With the interior road system, people can travel comfortably by car or truck, ATVs, mountain bikes, and snowmobiles all on these interior roads. At an estimated $8/foot to build, the cost today would be close to $600,000 to construct this road system.

Limestone Butte Hunting Ranch, which is a newly listed elk and mule deer hunting ranch, has 20 miles of roads, allowing hunters access throughout the ranch. The road systems allow us to stay in the field longer, (not that any of us are getting older), bring aging, young, or handicapped family and friends with us and provides an opportunity for their success as hunters. It also increases ranch use to summer activities like hiking, biking, and ATV riding.

I am sure the folks harvesting timber 50 or 100 years had no idea how their work would help wildlife populations, plant diversity, and access on these incredible properties. When you make it out on these ranches, take a look around and give them a moment of thanks.

In Jackson Hole, the spring rain that fell on Saturday May 12th made it feel more like a wet day in November. None-the-less, Beckett, who is twelve and not a rookie at this, ventured out in layers, with me to do the Spring Clean Up. We met Jackson Hole Trout Unlimited board members Jay Buchner and Mark Heineken at Flat Creek in Karns Meadow. We used grabbers from Ace to pick up trash and debris, uncovered from the snow melt. Despite the dampness and dripping willow branches, we laughed as we picked up an old dirty sweatshirt, paper cups, candy wrappers, and even a beat-up walkie talkie. There was no shortage of wayward beer bottles and cans. ‘Til next time, the fish that swim among us in our gorgeous Town of Jackson, can do so in pristine water, free of rubbish. Swim on, dear trout.

By Macye Lavinder Maher, Owner Live Water Properties and TU Member

With the largest ever one-day price drop in the Dow of 1,175 points on February 5th, 2018 and market volatility finally creeping back into the public markets after being absent for almost eight years, some investors are wondering if their investment allocation will weather the future.

It is easy for investors to become complacent when markets are skyrocketing, but when the markets turn negative for no well-understood reason, investors inevitably question their decisions and allocations.

The fact is, market volatility is good for the investment markets and good for investors’ returns. It weeds out the weak investments and it allows entry into new investments that can propel those investments forward. Corrections have always been a part of investing in public markets, and we were long overdue.

For those that were over-allocated to one sector or too-allocated to the public markets and are now reconsidering a strategy for going forward, trimming from gains, rebalancing, and investing into other asset classes or sectors that are not overpriced and still considered a good buy may make sense.

2018 has a lot of changes to contend with, including tax reform, interest rate increases, a mid-term election, and geopolitical issues around Russia and North Korea to name a few. To diversify away from the public markets, investors are looking to private markets to help reduce volatility, increase diversification and enhance returns.

The two main options qualified investors have is to go into private equity and private real estate. In 1996, there were 7,322 listed companies on the NYSE and Nasdaq. As of 2017, there were 3,671 – a decline of almost 50%. There are fewer companies seeking an IPO – down 66% from historical annual averages, and more private companies are staying private. The private companies who may have considered an IPO as their only exit strategy in the past are now either purchased by larger private companies or larger public companies. That alone has many investors transferring assets away from public markets to seek diversification as the public markets now provide much less coverage of our entire economy than before (Economist, April, 2017).

While private equity is one option, many investors choose private real estate for its historic stable values and long-term appreciation in value, cash flow opportunity, tax write-offs, depreciation, and as a hedge against expected inflation. As of 2017, the aggregate US stock market value was approximately $26 trillion, and the global equities market value is now over $76 trillion according to Bloomberg’s World Exchange Capitalization Index – the highest ever. That said, global real estate’s total value as of 2016 was over $217 trillion, or 60% of the entire world’s investment value, including all equities, bonds/debt, and gold. Approximately 75% of this global real estate value is in residential homes, leaving $29 trillion in commercial real estate value and an additional $26 trillion in agriculture and forestland value (Barnes, Savills World Research, 2016).

So, is now the right time to invest in farm and ranchland as an investment?

In a recent January 1, 2018 article by LandOwner Editor, Mike Walston featured on AGWeb.com, he shows the below chart depicting the relationship of the S&P 500 Index against the Goldman Sachs Commodities Index (GSCI).

This is the lowest the GSCI has been in over 50 years compared to public equity prices in the US, and why many investors consider farmland a value buy today.

This data does not necessarily suggest that we are heading for another “Great Recession” or that the public markets will crash. However, value investors, in theory, attempt to buy what is cheap and sell when prices are high. What is clear from this data is that commodities prices are a value buy when compared to equities – and current farmland real estate prices should eventually reflect this opportunity and react to commodity prices.

Reading the tea leaves, as the population continues to grow, global middle-classes expand, and demand for global commodities and consumer staples increases, commodities prices should increase over time, making current investors in agriculture happy well into the future, all while providing diversification away from the public markets.

My son turned 12 on November 1st, and we were lucky for him to draw some late season tags, one of which was a cow/calf tag in a Wyoming hunting unit close to our home. This is the story of his hunt, in his words. Happy Holidays and hope you are out and about hunting with your children!
– Alex Maher

My Hunt

By Beckett Maher
When I am twelve, I have an extraordinary moment of my young adult life. The date is 11-12-2017, and we are near Bondurant, WY. There’s a clear sky and I have a sense for success. When my dad and I enter the gate of the ranch, we see our guide and good friend, Vance. After loading all of our gear into the ATV, we embark up a white, snow-covered, slick hill on our journey to find and shoot an elk.

When we get in the ATV, I notice that its tires are bald, meaning they do not have any tread. This makes me think about if we are going to have any trouble on the muddy and slick ranch roads. I soon get my answer. It happens when we are trying to drive up a snowy road, we slow down and are about to get stuck, Vance suggests we stop. I later ask Vance if my dad’s truck could make it up the hill, he responds, “Anything with tires could get up this hill.” His statement makes me chuckle. We think it is best to walk from there.

The first moral lesson here is, “Not everything in this world is easy.” It feels like hours, walking, but it truly only takes 20 minutes. All of a sudden we observe fresh elk tracks going across the road, and then we begin to follow them into a meadow. We soon come upon a spot where two elk had been bedded down. The blood makes us suspicious of poachers. Two steps later we spot an elk. From this moment on we are in the “hunting zone.”

As soon as my dad sees the elk we get the shooting sticks out and the gun ready. As I am setting up my shot, I have so much adrenaline and want to shoot the elk badly. As I am settling the image of the elk into the scope of my gun, it moves 5 feet, which makes me nervous. The problem is there are branches in between the elk and I. Ten seconds later it moves again (Hallelujah!!). Now I have a good shot at the neck, and as I gain confidence with the gun, Vance whispers to shoot when I am ready. I am definitely ready!

The elk’s neck is in the dead center of my crosshairs, I take a breath, then another. That’s when I shoot! It drops immediately but is still a bit alive. The three of us sneak up to the elk as its body is spazzing a little. Vance tells me to shoot it behind the ears to finish it off. As soon as I do that, I have shot my first elk. I am happy and joyful. It makes me thankful that I am with two great hunters who are passing on an age-old tradition.

Another moral lesson of this story is that it doesn’t matter where you are, it matters who you are with and what you are doing. I am thankful that the owner of this ranch let us hunt it, and I had the wonderful guide Vance to help me. After this adventure my dad and I were able to go home sooner than expected and be with our family. We have a nice family dinner that night and make a fire in our fireplace. I look forward to seeing Vance again and going hunting with him. I am grateful that I have my life ahead: to hunt, to be in the woods with my dad and honoring the wild game that we hunt.

Things happen quickly when you live at 6,200 feet in elevation, specifically when it comes to the climate. Winter weather has a tendency to show up unexpectedly and before you know it, it is 60 degrees again and prime fishing weather. This year in particular we had a cold, wet September, which has made the dog days of summer hardly dog days at all. I actually hunted elk in the Teton Wilderness for the rifle opener a few weeks ago in plentiful snow; winter seemed like it was just around the corner. This often leads people to say that our “ranch selling season is over,” however the season for selling ranches is still upon us.

The fall is arguably our busiest time of year for ranch sales. I have been on the phone and in meetings with brokers from Colorado to Oregon, and everyone is showing land, passing contracts between buyers and sellers, and interviewing for new listings. This is not an anomaly either, as in our experience we often see an increase in activity over these months than even the busiest months of summer. That means there are deals to be made, marketing schemes to create, and buyers to service. Thus far we have reached $157M closed and pending in 2017 ranches for sale. Given that we have the 4th quarter ahead of us, and a flurry of present day activity, we are excited to close strongly and perhaps set a new company record for sales. For us, we strive to keep our heads down and continue working no matter what season it is. Needless to say we are planning on being “busy” for a long while.

In ranch brokerage, every year differs greatly, and I would categorize this as a “firing on all cylinders” year for us as a firm. We have put great effort into our marketing campaigns and on-the-ground action to ensure a successful 2017. Inventory has been a challenge to find throughout the West, however we have successfully closed deals in all of our key states. So far, 25 of our own listings are closed and pending. We’ve scraped around to find off market deals, which fit the buyer needs. With the stock market being at an all-time high, we believe buyers are wanting to diversify their portfolio. Considering the shortage of inventory in many specific areas and the active buyer climate, bringing your ranch to market today could be the best way to get attention in abundance.

If you are considering selling your property, I would recommend speaking with one of our experienced brokers in the near term versus waiting out the upcoming winter. Buyers are actively looking at land now and your ranch may meet their exact specifications. I recently met with one of our Brokers who is working with 10 well-qualified buyers. We would be happy to assist you with valuations and to review our thoughtful marketing strategies to put your property in the best position for a sale.

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How Stream Access Laws Affect a Landowner

Benefitting from Past Land Uses

Settling Montana

Present Day Forest Management

Road Systems

The 2018 Jackson Hole Trout Unlimited Clean Up

Not Your Parents’ Portfolio – Value Investors Move to Real Estate

Mentoring Young Hunters

My Hunt

The Season for Selling Ranches Continues

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