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Largest Ranch in the US available for $725 Million
$725M for Largest Ranch in U.S.
DAILY REAL ESTATE NEWS | WEDNESDAY, JULY 22, 2015
The largest ranch in the U.S., spanning 798 square miles and more than six counties, has hit the market in Texas for $725 million. The property is bigger than Los Angeles and New York combined.
“It takes days to see it all,” says Bernard Uechtritz, a co-listing broker of the property, known as the W.T. Waggoner Estate Ranch. It has more than 1,000 oil wells, 6,800 cattle, 500 quarter horses, and 30,000 acres of cropland.
The ranch has been owned by the Waggoner family for more than a century. Last year, a judge ordered the sale of the property and appointed Uechtritz and a co-broker to market the ranch worldwide. The court ruling came after a 20-year legal battle in which the Waggoner family couldn’t agree on whether to liquidate the property or split it up among themselves.
Uechtritz says it’s possible a new owner might sell the property off in pieces. So far, 600 buyers have expressed an interest in the ranch.
It’s expected to make history once it sells, Bloomberg reports. “At almost three-quarters of a billion dollars, the asking price is more than quadruple the biggest publicly known sum fetched by a U.S. ranch, $175 million for a Colorado spread in 2007. The Waggoner is one of the 20 largest cattle ranches in the U.S. and is known worldwide for its quarter horses,” according to the report.
Source: “For $725 Million, You Can Buy a Texas Ranch That’s the Size of a Small Nation,” Bloomberg (July 21, 2015)
To talk about your Aspen Ranch call Ruth Kruger today at 970.404.4000 or email at ruth@krugerandcompany.com
Home Prices Reach an All-Time High
Home Prices Reach an All-Time High
The rise in buyer demand combined with a limited number of homes for sale pushed the national median sales price above its 2006 peak and to a record high, according to the National Association of REALTORS®.
Market Snapshot for June Sales
- Median existing-home price: $236,400
- Days on the market: 34 days (the median properties stayed on the market)
- All-cash sales: 22 percent of transactions, down from 32 percent a year ago
- Distressed sales (foreclosures and short sales): 8 percent of sales, down from 11 percent a year ago
The median existing-home price for all housing types reached $236,400 in June – 6.5 percent above year ago levels and surpassing the peak median sales price set in July 2006 at $230,400.
Along with a boost in home prices last month, existing-home sales also reached the highest pace in more than eight years. Lawrence Yun, NAR’s chief economist, calls this year’s spring buying season the strongest since the downturn.
“Buyers have come back in force, leading to the strongest past two months in sales since early 2007,” Yun says. “This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that’s giving more households the financial wherewithal and incentive to buy.”
Yun says that June’s sales also likely got a boost by the spring’s initial phase of rising mortgage rates. That “usually prods some prospective buyers to buy now rather than wait until later when borrowing costs could be higher,” Yun says.
Total sales of completed single-family, townhome, condo, and co-op transactions ticked up 3.2 percent last month to a seasonally adjusted annual rate of 5.49 million and are nearly 10 percent above year ago levels. Sales also are the highest pace since February 2007. All major regions of the U.S. saw sales move higher in June.
The number of homes for-sale across the country remains low, as housing inventories only saw a 0.9 percent increase in June to 2.30 million existing homes for-sale. Inventories are 0.4 percent higher than a year ago. Unsold inventory is at a 5-month supply at the current sales pace.
“Limited inventory amidst strong demand continues to push home prices higher, leading to declining affordability for prospective buyers,” says Yun. “Local officials in recent years have rightly authorized permits for new apartment construction, but more needs to be done for condominiums and single-family homes.”
But with inventories still low, properties are selling faster. Forty-seven percent of homes sold in less than a month in June, according to NAR. Properties typically stayed on the market for 34 days in June, the shortest number of days since NAR began tracking in May 2011. Short sales had the longest days on the market with a median of 129 days, while foreclosures sold in 39 days. Non-distressed homes were on the market for 33 days.
Chris Polychron, NAR’s president, says that real estate professionals are reporting drastic imbalances of supply compared to buyer demand in several metro areas, most notably in the West.
“The demand for buying has really heated up this summer, leading to multiple bidders and homes selling at or above the asking price,” Polychron says. “Furthermore, tight inventory conditions are being exacerbated by the fact that some home owners are hesitant to sell because they’re not optimistic they’ll have adequate time to find an affordable property to move into.”
Source: National Association of REALTORS®
To sell your property today call Ruth Kruger at 970.404.4000
International Real Estate Federation In Malaysia
Viva Las Americas!
The future of the Federation was clarified yesterday with the election of Kirkor Ajderhanyan as FIABCI World President 2016-2017 on the first ballot. For the first time in many years, four candidates stood for election and democracy played out at the General Assembly where delegates anxiously awaited the news of whether there would be a second round of balloting.
At the conclusion of the Committee Days, the Board approved moving forward with the creation of a proposal for a Regional Secretariat for the Americas. FIABCI-USA President Ruth Kruger’s vision for closer ties among Chapters in the Region is one step closer.
Social event highlights included a trip to the KL Bird Park, the World’s Largest Free-Flight Walk-In Aviary and the arrival of the Lord Mayor of Kuala Lumpur at the Welcome Party.
Call Ruth Kruger today at 970.404.4000 or email at ruth@krugerandcompany.com
66th FIABCI World Conference Kuala Lumpur
Well Worth the Trip
After more than 24 hours in planes and airports, flying halfway around the world, the FIABCI-USA delegation has arrived in Kuala Lumpur, Malaysia for the 66th World Congress. While we lost a day along the way, we are gaining great friendships with our colleagues from almost 40 countries.
Highlights of the first preliminary day included the meetings of the Membership, Education and Marketing & Networking Committees. The evening closed with a spectacular dinner hosted at the Signature at The Roof restaurant hosted by Michael Geh, Publicity Director of the World Congress Organizing Committee and benefiting the FIABCI Scholarship Foundation.
Stay tuned for updates as the official Congress gets underway in the coming days.
Call Ruth Kruger today at 970.404.4000 or email ruth@krugerandcompany.com for more details.
Major Asia-Pacific Real Estate Conference Coming to Honolulu
Major Asia-Pacific real estate conference coming to Honolulu this fall
May 20, 2015, 2:00am HST
Duane Shimogawa
Pacific Business News
The FIABCI-USA Chapter is hosting the Asia-Pacific Real Estate Congress in Honolulu at the Hilton Hawaiian Village Waikiki Beach Resort, seen in this file photo, from Sept. 10-12.
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The FIABCI-USA Chapter is hosting the Asia-Pacific Real Estate Congress in Honolulu at… more
For the third time in the past three decades Hawaii will once again play host to the Asia-Pacific Real Estate Congress, with more than 300 attendees expected to attend this fall, one of the organizers confirmed to PBN.
The FIABCI-USA Chapter is hosting the conference being held in Honolulu at the Hilton Hawaiian Village Waikiki Beach Resort from Sept. 10-12. The theme of the conference is “ Success Across the Pacific — New Development Concepts.”
Bill Endsley, secretary general for FIABCI-USA, told PBN by phone from Chicago, that the conference was last held in Honolulu in 2008 and back in 1991.
“The goal is to really make people understand that Hawaii is about business,” he said. “Most people think Hawaii is about surfboards and luaus. There is real business going on. It’s not just a vacation spot.”
The conference, which will attract a broad range of industry professionals from all over the Asia-Pacific Region, including developers, contractors, architects, appraisers, property managers, business consultants, will discuss current real estate investment trends, obstacles and opportunities, Joan Sato, president of the organization committee, told PBN.
“Our developers or contractors get the chance to showcase projects they have done,” she said. “Should any of these [outside] developers want to partner with somebody here, this is an opportunity to showcase their projects and quality of workmanship.”
One of the conference’s main themes will tackle the concept of transient-oriented development, which is something that the City and County of Honolulu is currently looking into as part of its multi-billion dollar rail transit project.
“We thought that this would be a great experience for Hawaii to learn about TOD from other countries and cities,” Sato said. “We can take a look at what has or hasn’t worked without having to travel.”
FIABCI, the International Real Estate Federation, has chapters in more than 50 countries and represents every discipline in the industry including brokers, appraisers, consultants, managers and developers, according to its website.
To speak with the President of FIABCI-USA call Ruth Kruger today with all of real estate needs at 970.404.4000 or email at ruth@krugerandcompany.com
Aspen’s Ruth Kruger Installed as Real Estate Federation President
ASPEN’S RUTH KRUGER INSTALLED AS REAL ESTATE FEDERATION PRESIDENT
The U.S. chapter of the International Real Estate Federation held a luncheon in the private delegates’ dining room at the United Nations on March 27 to install Ruth Kruger of Aspen as its new president and address the continuing need for cross-border cooperation in international property markets.
In addition to the passing of the president’s gavel and regalia, the luncheon featured speakers from the International Monetary Fund, the Center for International Private Enterprise and the Global Indicators Group of the World Bank. The luncheon followed a daylong, high-level global conference focused on global capital flows held in cooperation with George Washington University, an academic member of the federation.
Kruger has traveled the world learning best practices in Asia, Europe and most states in the U.S. She specializes in commercial properties in Aspen and luxury resort properties worldwide. She has served on the real estate federation’s board of directors for six years and was founding chairwoman of the Grand Prix of Real Estate, the federation’s awards program that celebrates the best in U.S. real estate development. Through the Grand Prix program, she has brought international recognition to four different projects in Aspen.
“I am extremely excited to take the lead for (the real estate federation) at this time of tremendous change and opportunity,” Kruger said in a statement. “We have only just begun to capitalize on the vast resources and business connections that (the federation) brings to the international real estate community.”
Kruger said she plans to strengthen ties between professionals in North, Central and South America during her term and to help members raise their profiles as trusted and credible global experts in their local markets.
The International Real Estate Federation is a business network of real estate professionals worldwide. It provides access and opportunity for real estate professionals interested in gaining knowledge, sharing information and conducting international business with one another. With members in 65 countries, including 100 professional associations, 65 academic institutions and 3,000 individual members from all professions of the real estate sector, it holds special consultative status with the Economic and Social Council of the U.N. For more information, visit www.fiabci-usa.com.
To speak to Ruth Kruger today about international real estate please call 970.404.4000 or email ruth@krugerandcompany.com
Grand Prix Environmental Award Presented to Auden Schendler of Aspen Skiing Company
GRAND PRIX ENVIRONMENTAL AWARD PRESENTED TO AUDEN SCHENDLER OF ASPEN SKIING COMPANY
Ruth Kruger, local real estate broker, Is the new president of the U.S. Chapter of the International Real Estate Federation.
The acronym for The International Federation is FIABCI. It is a Paris based organization so it does not translate well into English.
FIABCI has been in existence for 66 years and is in 65 countries, with 65 academic members, and 100 Professional Associations with 3000 members in all disciplines related to real estate.
FIABCI also holds special consultative status with the United Nations and has partnered with the World Bank, NAR and many others.
The international Prix de Excellence awards program has been in existence for over 20 years but the US award is 3 years young.
The award presented Friday March 31st, 2015 celebrates projects that exceed industry standards to create a built environment that excels in community amenities, technology, sustainability and architecture.
This Environmental Award was presented to Auden Schendler of the Aspen Skiing Company for their work at the Elk Creek coal mine near Somerset that recaptures methane gas and transforms it into electrical power. This project exemplifies to the world how to collaborate with big business in order to turn the tide of climate change by becoming a carbon conscious company. In so many ways this project is the key to a changed world.
Congratulations to Auden and Skico for all they do for the environment and our community.
To speak to Ruth about international real estate please call 970.404.4000 or email ruth@krugerandcompany.com
FIABCI-USA Works Toward Transparent & Efficient International Property Markets
Tuesday March 31, 2015, Washington, DC
FIABCI-USA Works Toward Transparent & Efficient International Property Markets
FIABCI-USA, the International Real Estate Federation – U.S. Chapter held a Luncheon in the private delegates’ dining room at the United Nations on Friday March 27 to address the continuing need for cross-border cooperation in international property markets. FIABCI enjoys special consultative status with the Economic and Social Council of the United Nations and regularly address real estate issues at UN offices around the world.
Local international real estate expert Ruth Kruger of Aspen Colorado attended the luncheon gained valuable insights into the increasing interest of global investors in US real estate. This interest has recently been expanding to second and third tier cities around the country. The Luncheon featured speakers from the International Monetary Fund, the Center for International Private Enterprise and the Global Indicators Group of the World Bank. The Luncheon followed a daylong, high-level global conference focused on global capital flows held in cooperation with FIABCI Academic Member the George Washington University School of Business.
Hites Ahir, Senior Research Officer at the International Monetary Fund introduced the Global Housing Watch a new IMF initiative that tracks global housing prices, credit availability and housing price-to-income ratios. Frank Stroker, Assistant Program Officer at the Center for International Private Enterprise looked at the importance of democracy and entrepreneurs to economic development. Finally Laura Diniz, Operations Analyst from the Doing Business Unit of the World Bank updated the attendees on FIABCI’s cooperation with the World Bank on collecting data on property rights using its extensive networks around the world.
FIABCI World President Robyn Waters was a featured speaker at the George Washington University conference addressing global real estate development opportunities, especially in her native Australia. Investing in direct and indirect real estate has been globalizing at a rapid pace over the past two decades. There is more competition among capital providers, more investment opportunities and providers need to make even more informed decisions about where and in what type of real estate they invest.
“I am extremely pleased to have ended my term as FIABCI-USA President with this outstanding opportunity to examine the condition of international property markets and be a part of this organization that has been active in the UN since 1954,” noted Edward Alford of South Hadley, MA who passed the FIABCI-USA President’s Gavel to Ruth Kruger of Aspen, CO at the conclusion of these meetings. The next FIABCI event will be the 66th FIABCI World Congress held in Kuala Lumpur, Malaysia from May 26-31.
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FIABCI-USA, the International Real Estate Federation – US Chapter provides access and opportunity for real estate professionals interested in gaining knowledge, sharing information and conducting international business. With members in 65 countries, including 100 Professional Associations, 65 Academic Institutions and 3000 individual members from all professions of the real estate sector, FIABCI is the most representative organization of the real estate industry in the world and holds special consultative status with the Economic and Social Council (ECOSOC) of the United Nations. For more information about FIABCI-USA use the contact above or visit www.fiabci-usa.com/.
Please call Ruth Kruger today for more information about your international realty needs 970.404.4000 or email at ruth@krugerandcompany.com
Aspen Snowmass 4th Quarter Real Estate Report
Aspen Snowmass 4th Quarter Real Estate Report
The 4th quarter real estate report for Aspen came back promising. Single family home prices are on the rise as inventory drops. Average sales price of single family homes are up 10.8% from 2013 jumping from an average sales price of $4.815M to $5.366. Median sales price has risen a million dollars. Days of Single family homes on market has dropped from 179 to 130, a 27.4% drop. The data suggests the single family home market is improving rapidly in Aspen. There are fewer new listings in 2014 overall and 118 single family homes have sold in 2014 compared with 93 last year. Months supply of inventory has dropped 42.9% from 23.1 months to only 13.2 months.
Single Family // Quarter 4 // Year to Date
| Key Metrics | 2013 | 2014 | % Change fromPrevious Year | Thru Q4 2013 | Thru Q4 2014 | % Change fromPrevious Year |
| New Listings | 37 | 33 | -10.8% | 190 | 174 | -8.4% |
| Sold Listings | 27 | 35 | +29.6 | 93 | 118 | +36.9 |
| Median Sales Price | $3,950,000 | $4,950,000 | +25.3 | $3,510,000 | $4,850,000 | +38.2 |
| Average Sales Price | $4,815,000 | $5,336,667 | +10.8 | $5,069,447 | $5,625,979 | +11 |
| Percent of List Price Received | 89.1% | 93.6% | +5.1 | 89.5% | 92% | +2.8 |
| Days on Market Until Sale | 219 | 214 | -2.3 | 286 | 217 | -24.1 |
| Inventory of Homes for Sale | 179 | 130 | -27.4 | |||
| Months Supply of Inventory | 23.1 | 13.2 | -42.9 |
Townhouse-Condo // Quarter 4 // Year to Date
| Key Metrics | 2013 | 2014 | % Change fromPrevious Year | Thru Q4 2013 | Thru Q4 2014 | % Change fromPrevious Year |
| New Listings | 60 | 42 | -30.0% | 250 | 222 | -11.2% |
| Sold Listings | 37 | 48 | +29.7 | 148 | 159 | -7.4 |
| Median Sales Price | $1,195,000 | $1,447,500 | +21.1 | $1,147,500 | $1,290,000 | +12.4 |
| Average Sales Price | $1,822,757 | $2,281,875 | +25.2 | $1,697,614 | $2,105,056 | +24.0 |
| Percent of List Received | 94.2% | 93.5% | -0.7 | 92.8% | 93.9% | +1.2 |
| Days on Market Until Sale | 158 | 227 | +43.7 | 178 | 203 | +14.00 |
| Inventory of Homes for Sale | 186 | 123 | -33.9 | |||
| Months Supply of Inventory | 15.1 | 9.3 | -38.4 |
The condo market in Aspen is heating up. Inventory was down a third compared to 2013 in the 4th quarter. Sold listings is up almost 30%, however down 7.4% for the year. Median sales price was up 21.1% for the fourth quarter, 12.4% for the year. Average sales price is up 25% for the fourth quarter as well as for the year at $2.1 M being the average sales price for a condo in Aspen. Percent list price remains high at 93.9% for the year. Homes are sitting on the market longer however up 14% for the year or 203 days. There are 9.3 months inventory of Aspen condos currently which is an indication of a changing market, down 38.4% from last year.
Snowmass Village
Single Family // Quarter 4 // Year to Date
| Key Metrics | 2013 | 2014 | % Change fromPrevious Year | Thru Q4 2013 | Thru Q4 2014 | % Change fromPrevious Year |
| New Listings | 17 | 15 | -11.8% | 64 | 67 | +4.7% |
| Sold Listings | 8 | 8 | 0.0 | 29 | 37 | +27.6 |
| Median Sales Price | $2,165,500 | $2,100,000 | -3.0 | $2,100,000 | $1,950,000 | -7.1 |
| Average Sales Price | $3,686,750 | $3,420,625 | -7.2 | $3,948,862 | $2,697,649 | -31.7 |
| Percent of List Price Received | 89.8% | 91.1% | +1.4 | 89.7% | 91% | +1.4% |
| Days on Market Until Sale | 338 | 198 | -41.4 | 242 | 165 | -31.8% |
| Inventory of Homes for Sale | 67 | 62 | -7.5 | |||
| Months Supply of Inventory | 25.4 | 18.4 | -27.6 |
There are slightly more single family on the market this year compared to last year with 67 new single family home listings in 2014. Sold homes are up 27.6 for the year. Median sales price is down 7.1% and average sales price is down 31.7% for the year. There is still time to get a good deal on a single family home in Snowmass Village on the heels of the last housing recession. Percent of list price received has remained strong at 91%. Average days on the market was 165 which is down 31.8% from last year, showing signs of recovery. Inventory is down 7.5% and months supply of inventory is down 27.6%. I think we will continue to see improving conditions for the single family market in Snowmass Village.
Townhouse-Condo // Quarter 4 // Year to Date
| Key Metrics | 2013 | 2014 | % Change fromPrevious Year | Thru Q3 2013 | Thru Q3 2014 | % Change fromPrevious Year |
| New Listings | 74 | 34 | -54.1% | 175 | 144 | -17.7% |
| Sold Listings | 21 | 12 | -42.9 | 129 | 91 | -29.5 |
| Median Sales Price | $675,000 | $587,500 | -13.0 | $508,212 | $550,000 | +8.2 |
| Average Sales Price | $789,900 | $744,875 | -6.8 | $694,227 | $846,535 | +21.9 |
| Percent of List Received | 92.7% | 95.1% | +2.6 | 93.2 | 92.5 | -0.8 |
| Days on Market Until Sale | 271 | 192 | -29.2 | 181 | 228 | +26.0 |
| Inventory of Homes for Sale | 181 | 165 | -8.8 | |||
| Months Supply of Inventory | 16.8 | 19.9 | +18.5 |
There are 54.1% fewer new listings this year for condos in Snowmass Village and down 17.7% over the entire year. Sold condo listings however are also down 29.5% for the year; dropping from 129 sold condos in Snowmass Village in 2013 to 91 sold listings in 2014. Median sales price is up 8.2%. Average sales price overall for 2014 is up 21.9%. Percent of list price received is 92.5%. Condos are sitting on the market longer on average in 2014. Averaging 228 days on market until sales in 2014 compared to 181 in 2013. Inventory is down 8.8% and months supply of inventory has increased to 18.5%. What is happening? As the market continues to improve sellers decide that the market has recovered enough to put their condo on the market which is flooding the market with inventory, however they are willing to wait for a good offer increasing the time on market.
It is a good time to buy in Snowmass Village.
For more information on the Roaring Fork Valley market please contact Ruth Kruger at 970-404-4001 or visit us on our website www.krugerandcompany.com
Real Estate Outlook 2015
Interest rates are almost certain to rise in 2015.
What will drive interest rates higher? The Fed is signaling that the third round of quantitative easing is coming to a close and that a short-term fund rate hike is inevitable.
- Chief Economist for N.A.R., Mr. Lawrence Yun believes interest rates for 30-year fixed mortgages will increase to 5%, possibly as early as the spring. He also thinks interest rates will rise another 1% by the end of 2016 to a 6% level.
- Both Freddie Mac and the Mortgage Banker’s Association forecast the 30-year fixed rate to reach 5% by the end of 2015.
- Dr. Bill Conerly, a well-known economist, sees interest rates climbing even further, to perhaps as much as 6% by the end of 2015.
U.S. Home prices level off as more inventory hits the market.
Price gains are expected to moderate in 2015 as more inventory hits the market. This should create a more normalized environment between buyers and sellers. With the buying frenzy fading, most forecasts call for a 4 to 6% gain in home prices in 2015.
Residential resale units are expected to increase by 7%, but new development sales are expected to increase by 30%.
The resale market will continue to plug along, but new development sales are expected to be very strong in 2015. There is a pent-up demand for new housing, following the precipitous decline of new construction during the housing recession. Builders are coming back strong, but the McMansion style of new homes built in the late 1990’s and early 2000’s are a thing of the past. Today’s modern developments are often smaller, located along coastal regions, and are going high-rise.
U.S. Foreclosures will drop to pre-recession levels.
The market has absorbed most of the distressed housing, and 2015 should bring back more normal market conditions. The REO market, which has been in decline for a couple of years, will continue to dry up and most of the foreclosures will be for reasons that are more personally driven, instead of caused by loans and market speculation.
Dollar reaches 10-year high vs. several major world currencies.
The dollar’s strength creates an opportunity to help clients buy in a foreign country. This is an ideal time for your clients who are considering buying in Europe; perhaps a vacation or retirement home or an investment property. Another good opportunity: Mexico is a rising economy with many good investment opportunities and beautiful condos along its beaches. Connect to agents in your target country through ProxioPro and generate some referral income.
Foreign purchases in the US will continue to be strong as deflation hits Europe and money continues to flow out of politically challenged areas.
The year 2014 showed an all-time high in US real estate purchases by international buyers. With continued geo-political instability in Latin America and Eastern Europe, and Western European economies struggling, foreign investors will continue to seek refuge in American real estate. U.S. real estate is considered safe and stable, with price appreciation almost a certainty over the long haul.
Multicultural and multi-generational families continue to grow.
The stringent lending standards and aging of the baby boomer generation is creating new challenges to housing at the bottom and top of the market. With many recent young professionals not being able to qualify for mortgages, and an aging American demographic, multicultural buyers and multi-generational housing are becoming much more important segments of the housing market.
Information compliments of Proxio
Please call Ruth Kruger today for more information 970.404.4000 or email at ruth@krugerandcompany.com
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