Buyers looking for the perfect luxury ranch, that billionaire’s take on American rural life, may have to hold out to get what they want.
Whether it’s sky-high in New York or in the Big Sky country of Montana, high-end properties seem to be hitting a soft patch: they’re harder to sell unless they come with an exclusivity where price matter less. But that means paying a premium for that perfect combination: from mountain views at sunset to proximity to well-stocked towns to wildlife or the cachet of neighbors.
While six of 38 ranches listed for sale at more than $10 million have been marked down in the past 90 days, there’s a limited supply of properties that cover the full range of features, according to Billings, Montana-based broker Hall and Hall.
“When you get all of those things working together, if you really want that, you have to pay up if it comes available,” said Hall and Hall managing director B Elfland, who goes by his first-name initial without a period.
That has some sellers betting that bigger is better. Morton Fleischer, chairman and co-founder of Store Capital Corp., is marketing his Arizona and Montana ranches together for $50 million, both listed by affiliates of Christie’s International Real Estate. One selling point, he said by phone, is the millions poured into the Scottsdale area by GoDaddy Inc.’s billionaire founder Bob Parsons.
READ COMPLETE ARTICLE HERE.