Newspaper article THE JOURNAL RECORD

Recreational Land Hot Real Estate in Oklahoma

Newspaper article THE JOURNAL RECORD

Recreational Land Hot Real Estate in Oklahoma

Article excerpt

The demand to lease or sell nonproductive land for recreational use is reaching a mainstream market, and Oklahomans are benefiting.

The business of recreational land real estate was arguably established in Oklahoma in the 1940s. Recently, mainstream landowners seeking additional income have showed interest in leasing or selling their unused property.

We've sold about $8 million worth of land in 2005, said Shane Terrel, owner and broker at Hunting Country Real Estate in Alva. Based in northwest Oklahoma, we've seen a lot of properties double in value for no other reason than for recreation and hunting.

There's a lot of room for our market to appreciate further, I think it's barely scraping the surface, Terrel said. If the dollar value gets high enough, people will sell.

Recreational land in Oklahoma can sell for $500 to $2,000 per acre depending on the area.

Smaller tracts of land are often more desirable than larger plots, Terrel said. Also, proximity to the airport and metropolitan areas is preferred over rural locations, especially for out-of- state buyers.

It's very easy to manipulate the market, Terrel said. There are a lot of benefits in comparison to other states. We are one of the cheapest and have way-above-average quality for hunting. Our real estate taxes are low and our property values are extremely lower than other states.

Most of Terrel's sales are in northwest Oklahoma, near his main office.

It is estimated that the average annual hunting lease income in the Midwest is about $2,350 per property. Approximately 2,000 acres are leased in Oklahoma in Canadian, Texas and Woods counties through Hunting Lease Network, a hunting lease franchise that is a subsidiary of Farmers National Co., a farm management company, according to the Hunting Lease Network.

The Hunting Lease Network offers landowners who want to lease their recreational land office and real estate leasing services for a $100 listing fee. …

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