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<blockquote data-quote="TheBullLady" data-source="post: 853797" data-attributes="member: 173"><p>The ranch was offered for sale for over a year when they decided to auction it off. The problem with a facility like that is.. there is a LOT of inventory on the market, even large and over-improved properties. They are selling for pennies on the dollar, because of the economy and the banks being so tight fisted in lending. No one wants to put that kind of cash into something that isn't fairly liquid, which we know that won't be. The owner had to sell... I'm guessing his lender(s) are the ones that initiated the auction. Auctions sometimes will bring good $$$, depending on who goes, and if there is more than one person that is interested. At some point it can and will become a "pissing contest".</p><p></p><p>I have to agree with some of the other posters.. it's a wonderful investment for the future. There are fewer and fewer large ranches in Texas every year, and they are disappearing at an alarming rate. Families die off, and the heirs don't want anything to do with the land, just the $$ they can get from the sale. If they can make the operation pay for itself, they'll make a fortune selling it off in smaller chunks at some point in time.</p><p></p><p>I think what took that place over the edge was the big fiasco with the Wildebeasts and that virus. That reduced his breeding stocks (cattle) value substantially, and made a lot of potential buyers vanish.</p></blockquote><p></p>
[QUOTE="TheBullLady, post: 853797, member: 173"] The ranch was offered for sale for over a year when they decided to auction it off. The problem with a facility like that is.. there is a LOT of inventory on the market, even large and over-improved properties. They are selling for pennies on the dollar, because of the economy and the banks being so tight fisted in lending. No one wants to put that kind of cash into something that isn't fairly liquid, which we know that won't be. The owner had to sell... I'm guessing his lender(s) are the ones that initiated the auction. Auctions sometimes will bring good $$$, depending on who goes, and if there is more than one person that is interested. At some point it can and will become a "pissing contest". I have to agree with some of the other posters.. it's a wonderful investment for the future. There are fewer and fewer large ranches in Texas every year, and they are disappearing at an alarming rate. Families die off, and the heirs don't want anything to do with the land, just the $$ they can get from the sale. If they can make the operation pay for itself, they'll make a fortune selling it off in smaller chunks at some point in time. I think what took that place over the edge was the big fiasco with the Wildebeasts and that virus. That reduced his breeding stocks (cattle) value substantially, and made a lot of potential buyers vanish. [/QUOTE]
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