Rural Land Values in the Southwest: Second Half, 1997 Page: 4
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demand from nonranchers, panelists forecast a
3 percent increase in rangeland prices and a
strong 7 percent rise in urban fringe land prices
by fall 1998.
Consumers (47 percent of responses) domi-
nated Texas markets. Farmers and ranchers
dominated, according to approximately 34
percent of panelists. Reflecting these buyer
categories, panelists identified recreation (30
percent), agricultural production (21 percent)
and rural home sites (21 percent) as the leading
buyer motives in Texas land markets. Invest-
ment dominated buyers' motives (18 percent)
less prominently than in the previous survey.
Retirement and estate settlement prompted
sellers into the market (76 percent). The
importance of financial stress as a motive for
sellers slipped in importance, falling to 11
percent of responses.
Panelists indicated the following facts about
the Texas market.
" Irrigated cropland:
a median value of $712 per acre
typical sold property size of 250 acres
highest regional median price of $1,550
per acre in LMA 27
lowest regional median price of $300
per acre in LMA 2 and 5
no change was projected in values by
fall of 1998
"Nonirrigated cropland:
a median value of $520 per acre
typical sold property size of 188 acres
highest regional median price of $2,000
per acre in LMA 26
lowest regional median price of $200
per acre in LMA 3
no change was projected in values by
fall of 1998
" Native rangeland:
a median value of $500 per acre
typical sold property size of 323 acres
highest regional median price of $3,500
per acre in LMA 23
lowest regional median price of $40 per
acre in LMA 8a forecast 3 percent increase in values
by spring of 1998.
The Texas panel contributed 73 observations
on current land markets.
Commentary
The following comments contributed by
Texas panelists add insight into local land
market developments.
"Land prices are driven by the availability
of underground water. There is high
demand for productive irrigated land,"
(Amarillo area lender).
"CRP land is being bid back into the
program. Land that is accepted is priced
higher than land that is not. Crop pro-
duction is always a big factor in this
market," (Lubbock area broker).
"In this land market area, the new farm
program and the settling down of prices
has many worried," (Lubbock area
appraiser).
"The falling water table is again a concern
here," (Permian-West broker).
'In this ranching country, issues influenc-
ing the market include environmental
concerns, the health of the ranching
economy and the continued drought,"
(Trans-Pecos area property manager).
"Currently, water rights and potential
recreational use of property drive market
demand in this area," (Uvalde area
lender).
"Property taxes are a major concern
here."
"In this area, the quality tracts sell quickly.
There is a lot of demand but not a lot on
the market," (South Texas manager).
"Suburban tracts in transition to residen-
tial and development use and ranch and
brush tracts being purchased for recre-
ation and hunting are of major concern in
this area," (South Texas brush country
broker/appraiser).
"Property owners remain concerned
about outside governmental influences on
private land ownership by entities such as
EPA and animal rights groups," (Hill
Country appraiser).4
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Gilliland, Charles E. & Semien, Anthony. Rural Land Values in the Southwest: Second Half, 1997, report, July 1998; College Station, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1586957/m1/8/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.