$20M Texas ranch hits market for first time in over 100 years


Johnson Legacy River Ranch.

Siggi Ragnar/Ragnar Fotografi

The Johnson Legacy River Ranch, located less than an hour from Fredericksburg, is listed in full for $20.2 million by Jeremy Lacy of Anders Ranch Realty or as one of seven other, smaller configurations. 

The full property stretches across 864.96 acres of oak savannah and includes three-quarters of a mile of access to the Llano River, which the listing notes is particularly private, surrounded by large land parcels and without visible public roads. 

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Johnson Legacy River Ranch.Siggi Ragnar/Ragnar Fotografi

The actual built environment is relatively modest compared to the cost of the property overall, as is typical of these legacy tracts (neither the $5.4 million Powderhorn North, for example, nor the nearly $8 million Tigner Ranch has many buildings to speak of). On the Johnson ranch, the original 1923 farmhouse still stands, a bit more than 1,700 square feet of living space with three bedrooms and two bathrooms. There’s also a barn and a few storage sheds around the acreage. 

Johnson Legacy River Ranch.Siggi Ragnar/Ragnar Fotografi

But the natural environment is remarkable. In addition to the river frontage, the Johnson Ranch is traversed by more than a mile of the seasonal San Fernando Creek, and marked by rock formations throughout, including a 25-foot high granite outcropping that provides wide views of the Hill Country. The ranch provides a home to ample white-tailed deer for hunters, according to the listing. 

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Johnson Legacy River Ranch.Siggi Ragnar/Ragnar Fotografi

Though the pandemic-era boom in demand for rural land has vastly slowed, even to previously normal levels, according to data on sales volume from Texas A&M’s Real Estate Research Center, prices for that land have continued to increase across the state. In Hill Country alone, where housing costs are up throughout the region and development is rapidly changing the landscape, in the fourth quarter of 2022 the price per acre of rural land increased 24.3 percent year-over-year, rising to $7,127. The Johnson ranch and others like it are now going for far more.

Johnson Legacy River Ranch.Siggi Ragnar/Ragnar Fotografi

For potential buyers looking to invest in less than the full property, the ranch is being offered in seven smaller configurations ranging from 62.5 acres for $2.2 million to 306.5 acres for $10.6 million, which makes the per-acre cost somewhere between $23,331 and  $35,280—way above the average but in league with other prime properties (the $80 million listing price of the Mt. Solitude Ranch, which is just outside of San Antonio, makes for about $22,000 per acre) but hardly the ceiling. An “ultra-luxury” ranch in Navasota that is also a potential development opportunity, for example, recently listed for $64,000 per acre.

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This article was originally published by a www.chron.com . Read the Original article here. .