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Southwest Texas proved to be a strong performer again in 2007, as prices continued to increase after spike of 2006. Val Verde County saw several sales of average land NE of Lake Amistad hit $650/acre for 1,000+ acre tracts, and a 23,000 acre parcel west on Hwy. 90 in the western part of the county was taken down for over $200/acre, and is now being offered for resale in smaller tracts for over $500/acre. Minerals are scarce in this area, as we have heard of lease bonuses in some cases exceeding $100/acre and climbing. Asking prices of Lake Amistad ranches now average $3,000/acre, though there were no takers that we are aware of. Edwards and Kinney Counties saw several meaningful sales in the $1,000/acre range with no live water, and trading is rampant, with most purchases placed immediately back on market at 50+% markup. There were reports of live water sales exceeding $1,500/acre in Kinney and $2,500/acre in Edwards. A 9,100 acre parcel on Sycamore Creek just outside of Del Rio was shopped for $1,500/acre with no takers, however. The Rocksprings area in particular seemed to be a hotbed of activity, with asking prices moving from $950/acre for divide country early in the year to $1,500 later on, for sites located east of town in the 500 to 1,000 acre range. Kimble County saw heavy action, with a large parcel on Bear Creek fetching over $2,000/acre, and immediately offered for resale at $4,500/acre. Asking prices on the Llano Rivers now average over $5,000/acre. Marginal land in Kimble & Uvalde Counties was offered at $1,500/acre, though transactions were fewer, and tract size was reduced, an area-wide trend. Buyers became more critical of issues such as noise pollution, access and minor title encumbrances, creating an ever-increasing climate of caution and logic-based purchases that has spilled over into 2008.

Southwest Texas continued the area-wide upward trend, with Val Verde, Kinney and Edwards Counties posting strong gains. This firm participated in a mindboggling sale and resale of 6,642 acres on Lake Amistad, with first sale occurring in Jan., 2006, at $685/acre, and the second in September, 2006, at $1,350/acre. Another Lake Amistad sale of 1,200 acres topped the $2,000/acre mark, we are told. A highly improved 5,400 acres just NE of Lake Amistad was taken down for $700/acre, and put back on the market for twice that amount. Land trading is rampant in this area, with retail buyers coming out on the short end of the stick due to their inexperience and lack of qualified broker guidance and quick-striking ability. Further north, Edwards County saw several transactions approach $1,000/acre, and this firm participated in a sale on the North Llano River west of Junction for $2,200/acre. Kimble and Uvalde Counties are over $1,000/acre for even the most marginal land, with primo live water inventory fetching as much as $3,500/acre. Further west, Comstock, Langtry and Dryden are appreciating, as many investors seem to believe that $150/acre land will double in value more quickly than $5,000/acre land much closer in to population centers. The Devil’s River area has seen the 14,000 acre Jarret Ranch be shopped at over $2,000/acre with no takers, with nearby non-water inventory being offered at 20% of that price.

Southwest Texas showed substantial gains, with recreational and hunting parcels leading the way. A strong value surge occurred in the Rocksprings area, with prices jumping seemingly overnight for 2,500 acre tracts from $450/acre in 2004 to $650/acre, on average, throughout 2005. Kinney County saw several sizable sales out in the Tularosa Road area in the $425/acre range, with subdivided parcels moving for $650/acre or more in the 500 acre range. Asking prices along Highway 90 between Uvalde and Brackettville have soared over $1,000/acre, but there are no sales to confirm any justification of that level of optimism. Live water ranches, though scarce, on major creek or river, were fetching well over $1,500/acre in the Nueces Canyon. A ranch on Bullhead Creek near Vance traded for over $3,000/acre. The Frio Canyon saw a couple of sizable river sales of over $5,000/acre, with strong flowing creek ranches topping $2,500/acre in several instances. The Uvalde area appears to have reached a value spike of $3,000/acre for river properties, $2,000/acre for creeks and $1,000/acre for non-water parcels. Further west, these numbers decline to about half of above, while Kimble County is similar to Uvalde in all property types. An 828 acre ranch on big flowing Johnson Fork Creek near Segovia topped $3,500/acre, but at the same time, there were a couple of sales on the N. Llano River west of Junction for less than $2,000/acre.

Southwest Texas land values held mostly steady, though properties with live water continued to appreciate in value. Kinney and Edwards Counties saw quite a bit of subdivision activity, particularly the area north of Bracketville towards Carta Valley. An abundance of 200 to 500 acre tracts were available in the $450/acre range with some sales recorded. Tracts over 5,000 acres moved for $325 to $400 depending upon accessibility, tree cover and improvements. Uvalde, Real and Kimble County saw slight gains overall, with live water properties again leading the way. A recent surge in Kimble County values seems to have leveled off in 2004, with live water tracts of 500 acres topping out at $3,750/acre for “big” water (Llano River, Johnson Fork), $2,000/acre for lesser water (Bear Creek, etc.) The Nueces Canyon has seen some river ranches sell for over $1,500/acre, while there were several creek properties topping $1,000/acre. Dryland tracts of 500+ acres east of Uvalde have topped the $1,000/acre mark, with irrigated and/or riverfront pushing $1,750/acre. The Frio Canyon has seen another wave of riverfront developments, and it has become next to impossible to find 100 acre+ riverparcels for sale at all.