A huge ranch near San Antonio now has an equally high asking price to match.
Mt. Solitude Ranch, a 3,600-acre property in a fast-growing area northwest of Alamo, is asking $79.9 million, according to a release from Icon Global. The 100-year-old ranch has been on the market since last year, but has had no firm asking price until now. The company’s founder, pasture specialist Bernard Uechtritz, is listed.
For a century the land has belonged to the RL White family who owned a road paving company and rock asphalt mine. Portions of the property rise more than 1,800 feet above sea level near Mount Smith, the highest point in Bexar County.
In legacy ranch sales, where development possibilities are high, off-market sales make up the majority of transactions, and it’s not uncommon to enter the market without setting an asking price for a period of time, Uechtritz said.
“When you have a truly unique piece like this, you go out and see what the market says,” Uechtritz said.
Given the property’s proximity to San Antonio and Austin, the price is intended to reflect a likely group of institutional buyers as homebuilders and developers eye redevelopment projects.
It will take time to get there – at the moment, the buildings on the ranch are more historic than high class.They include a rustic two-storey gazebo by a small lake on the property, and a single-storey stone house Known as “The Getty House” After White’s wife.
It’s a turbulent time for land sales in Texas, as a slowdown in home buying has led the state’s largest homebuilder to cut acquisitions of development sites. Things may be looking up, however, as buyers and major homebuilders are adjusting to a higher mortgage rate environment — Lennar stock rose 5.45% this week after positive second-quarter earnings.
“As related to homebuilding, the economic environment has stabilized as customers adjust to and accept higher interest rates for a prolonged period. Supply chain disruptions have normalized, inventories remain low and housing supply is very limited across the country,” said the company’s chief executive said on an earnings call.
Any development on Mt. Solitude will take years. A home builder capable of purchasing and redeveloping a 3,600-acre ranch has a long-term view on the real estate market.
A 2,200-acre ranch in the area recently received six offers after it hit the market for $54.5 million.
“Anyone that’s big and deep, they’re not buying in today’s market for ROI,” Uechtritz said. “They’re buying 3 or 4 cycles.”
