Investment quality properties in the United States
The United States is home to some of the best fishing and hunting properties in the world.
Despite the turbulent financial markets and the sub-prime mortgage mess, these properties remain as
valuable, interest accruing assets. Douglas A. Hall talks to Overseas Living
It should come as no surprise that those
seeking to purchase prime sporting
properties consider privacy, exclusivity,
proximity to public lands, and availability
of good water to be the top factors in their
search. Properties that have the highest
potential for appreciation and liquidity are also
very important. The best sporting properties
are unique, desirable, and in very short supply.
Two key ingredients that make a fishing
property ‘investment quality’ are water and
privacy. Accessibility is another important
factor. If one has to charter a helicopter or a
floatplane to access a property, then one has to
discount the value that relates to the quality of
the water or exclusivity of the property. If it is
difficult to get into a piece of property, buyers
will typically insist on a substantial discount or
select a more accessible property.
Fresh water fisheries generally come in the form
of lakes, small streams, rivers, and spring creeks. As
a general rule, lakes are not considered as desirable
as moving water for fishermen. They often require
more maintenance, as they are often man-made.
That is not to say that there are not some wonderful
natural lakes that support significant wild fish
populations. Stream and river fisheries are desirable
based on a number of factors: The stream or river
must have the nutrient base and water temperature
to support game fish. Upstream dams and/or
irrigation water users above the property also
deeply impact on a property’s value.
Every state has different regulations regarding
public access to its waters. One needs to
determine whether there is any form of public
access to the stream that passes through the
property in question. In Montana, for example,
many of the most famous trout rivers such as the
Madison, the Big Hole, the Yellowstone, etc. can
be floated by the public, and the public may get
out of their boat and fish up to the high water
mark. In Colorado on the other hand, floaters are
not allowed to get out of their boats where the
rivers pass through private land.
Spring creeks represent the ultimate in privacy
and generally offer year-round fishing with very
little impact from spring run off or upstream
users. Spring creeks by their very nature rise out
of the ground at a constant temperature and flow
for a relatively short distance before disappearing
into a river or stream. In concept, this allows one
or two owners to control the use of the stream.
Fish tend to do well in this environment.
Hunting
Hunting properties tend to be a bit more complex.
In the US the two main types of hunting properties
are big game or upland bird/waterfowl properties.
The main species of interest for big game in the
US are deer and elk. The primary consideration in
finding a big game hunting property is to control
enough prime habitats so that the property can be
hunted without driving the animals off the ranch. A
good hunting ranch can be enhanced considerably
if it lies adjacent to large blocks of public land.
This allows the owner to expand a hunting area,
and frequently public pressure drives wildlife onto
private or controlled lands. Since the state claims
ownership of the wildlife, it is important to review
the local regulations.
Upland bird and waterfowl properties tend to
lie in less scenic areas and are somewhat less
interesting in terms of their aesthetic qualities.
Pheasants and water fowl in particular are
subject to man made habitat enhancements
such as introduced crops and ponds.
Waterfowl are migratory so this introduces
a variable that is difficult to control. Generally
a great property will be one on a dependable
flyway that has been developed to attract and
hold birds and waterfowl. In many cases, tame
birds are introduced to increase the numbers.
The best of these are the ones that have a
high percentage of natural habitats that would
cause them to be great hunting properties even
without the man-made enhancements.
Perhaps the best examples of bird/waterfowl
properties are the famous quail plantations of
the South-eastern United States. While there
is a significant level of input from man and
introduced birds, the best of these properties
are the ones that produce significant numbers
of wild birds in a natural setting. The great
and sought after properties are the ones that
offer a variety of hunting options from deer
to waterfowl to doves. It is fair to say that
man’s hunter gatherer instinct runs deep and
properties that allow him to go back to his
roots will always be in short supply and in high
demand. This certainly applies to the tophunting
and fishing properties on the market today.l
Douglas A. Hall is Managing Director at Hall and Hall. Presently, he is in charge of all
day-to-day operations specialising in ranch sales. Doug is currently licensed as a real
estate broker in Montana, Wyoming and Idaho. Doug has served as a mortgage correspondent
for several insurance companies: www.hallhall.com
EXPERT OPINION
27
MARCH-APRIL OVERSEAS LIVING
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