oregon farmland sales assessment april18 oregon farmland sales...• statewide, the median price per...

ANALYSIS of

OREGON FARMLAND SALES

2010-2015

Published Spring 2018

Lead Author:

Dr. Megan Horst, Portland State University, Urban Studies & Planning, Planning Oregon

With support from PSU graduate students:

Chris De Venicia, PhD student Ansel Carr, Master of Urban Studies student Sarah Baca, Master of Urban Studies Student

Andrea Villaroel, former PhD student

And feedback from: Access to Land Committee of the Oregon Community Food Systems Network

And other anonymous reviewers

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Table of Contents

Overview ……………………………………………..……………………………………..………….……………………p. 2

Statewide Look………………………………………………………………..……..………….…………………………p. 7

County Specific Analysis…………………………………………………..………………..…………………………p. 11

Regional Analysis…………………………………………………..………………..……………………………………p. 15

Central…………………………………………………..………………..………………………………….……p. 16

Coastal…………………………………………………..………………..………………………………….……p. 20

Columbia Gorge…………………………………………………..………………..………………………….p. 24

Northeastern…………………………………………………..………………..……………………………...p. 28

Southeastern…………………………………………………..………………..…………………………..….p. 32

Southern…………………………………………………..………………..………………………………….….p. 36

Willamette Valley…………………………………………………..………………..………………………..p. 40

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Overview

INTRODUCTION

Who owns farmland matters, for our agricultural economy and workers, rural and peri-urban communities, environment, food system, and our landscape. This report examines recent changes in farmland (including ranchland) ownership in Oregon. We look at both Exclusive Farm Use zoned properties as well as properties that are receiving special farmland tax assessment.1 The 2016 report The Future of Oregon’s Agricultural Land2 shared initial findings from an examination of farmland purchases in four pilot counties. This report expands on that pilot study by sharing a statewide look, an examination by the seven agricultural regions of the state, and a look at 33 out of 36 counties.3 Specifically, this report presents data on recent farmland transfers in Oregon in 2010-2015 (as recorded by county tax assessors), particularly focusing on the amount of farmland being transferred, sales prices, and the kinds of buyers that are acquiring land. We focused on this time period because we aimed to avoid the impact of the 2007-2008 Recession, and to capture the most recent data possible (this effort was initiated in early 2016).

RESEARCH MOTIVATIONS

One motivation for this report is the prediction of a massive transfer of farmland ownership in Oregon, due to an aging farmer population as well as broader changes in agriculture including increasing economic consolidation. Nationally it is widely believed that around 70 percent of all U.S. agricultural land will likely change ownership within the next 20 years. The Future of Oregon’s Agricultural Land report noted that in this state, over 10 million acres, or about two thirds of Oregon’s agricultural land, will pass to new owners in the next 20 years. How that land changes hands, for how much, who acquires it, and what they do with the land will impact Oregon for generations. This report offers insight into the actors currently buying farmland. A second motivation for this report is interest in the price of farmland. Farmland prices nationally have been rising, with mixed impacts. On the one hand, people selling farmland benefit from high prices per property and per acre. On the other hand, those looking to buy farmland- especially beginning and small-scale, direct market farmers- are concerned about affordability as prices rise. There is also concern that the price of farmland is climbing too high relative to the amount of income that can be generated by farming. The USDA reports that Oregon farm real estate values rose 5% between 2016-2017, and equaled about $2,300 per acre. The USDA uses different methods for identifying farms and assessing land value than we do in this report.4 We compare our findings to those of the USDA with a much more detailed examination. The third and final motivation for this report is concern about who is buying Oregon farmland. Since the mid 1800’s, when land was taken from Native Americans and redistributed to homesteaders, Oregon

1 Explained in more detail in Methods section. 2 Source: Brekken, C. A., Gwin, L., Horst, M., McAdams, N., Martin, S., & Stephenson, G. (2016). The Future of Oregon's Agricultural Land. Accessed athttps://www.pdx.edu/usp/sites/www.pdx.edu.usp/files/formatted_future_of_farmland_final.pdf 3 Individual county reporting forthcoming in a subsequent online report. Also, this analysis does not include Multnomah, Klamath, or Umatilla counties. Multnomah is not included due to its more urban landscape. Klamath and Umatilla Counties did not respond to our multiple data requests. 4 The USDA’s data on farmland values comes from the National Agricultural Statistics Service (NASS)’s annual survey from USDA-identifies farms. NASS estimates national and state agricultural land values from that survey. In comparison, we obtained recent sales prices from county assessors’ offices. Thus, our analysis is focused more on actual recent sales.

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has been home to mainly locally based family farmers. Relative to other parts of the country, farms are modestly-sized. While preparing this report, we heard speculation and concern that actors like development speculators, investors, large-scale agri-business, non-local entities, and amenity owners are buying farmland in Oregon. In this report, we present as much information as possible on the entities buying farmland in Oregon

HIGHLIGHTS

Visit the following sections for detailed highlights, tables and figures by state and region. Overall, some main patterns and trends we observe include:

Number of farmland sales and acres

• Statewide, a significant amount of farmland properties (13,109 properties, or about 37% of all Census of Agriculture identified farms in Oregon) were sold in 2010-2015. A smaller percentage (8.5% of the state’s total acres, or about 1.4 million acres) of acres were sold. Overall, it seems that smaller farms are selling at a faster pace.

• The median size of farms sold was 20 acres, another indicator that that the farms selling are smaller farms.

• The total number of properties (nearly 2,000) sold in in 2015 was higher relative to years prior. For example, there were around 1,100 sales in 2010.

• Regionally, the Willamette Valley region had the most farmland sales (7,682) of the seven regions. The Northeastern region had the most acres sold (about 376 thousand acres), followed by the Southeast (about 324 thousand acres) and the Willamette Valley (290 thousand acres).

Price of farmland

• Statewide, many farm properties sold for low amounts of money, possibly to family members or similar close connections (in real estate transactions, these are often called non-arm’s length transactions). There were 3,574 sales for under $1,000, which we removed from the remainder of the price analysis to focus on arm’s length sales.

• Statewide, the median price per acre of farmland declined in 2011 compared to 2010, but then increased steadily each year from 2011-2015. The statewide median price per acre in 2015 ($12,798) was slightly less than 2010 ($13,482), though up from 2011, 2012, 2013 and 2014.

• Statewide, the median price per acre for EFU-zoned land was $9,841, or about half that of non-EFU zoned land ($19,357).

• Statewide, the median price for all the types of farm properties (EFU-zoned and not, improved and unimproved) was less than the average price, indicating that there are some outliers on the high price end bringing up the average.

• Statewide, the average price per acre varied depending on parcel size. Generally, smaller farm parcels (under 5 acres) sold for a much greater price per acre than larger farm parcels.

• Regionally, the median price per acre varied both geographically and by property type. The Willamette Valley region had the highest median price per acre overall ($18,596) The Southeast region had the lowest median price per acre ($1,711). The Willamette Valley region had the highest median price per acre ($36,279) for EFU-zoned farmland. The Columbia Gorge region had the highest median price per acre for non-EFU zoned farmland receiving farm-use assessment ($69,721). The Willamette Valley region also had the highest median price per acre for improved properties regardless of zoning ($24,820).

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• Among counties, Hood River County ($29,300), Washington County ($25,489), and Lane County ($24,267) had the highest prices per acre for EFU-zoned land. These same three counties also had the highest price per acre for non-EFU land and improved land.

Buyers

• Out of state buyers are active in buying properties around the state. Statewide, out-of-state buyers bought at least 10% of properties and 26% of acres. This is likely an under-count (see Methods for more information). In our observations, these out-of-state buyers came from a variety of states and some came from other countries.

• Statewide, individuals were the majority of buyers (71%), and trusts (with or without individuals) accounted for about 8% of buyers.

• Statewide, corporations bought approximately 40 properties of farmland annually, shifting ownership of about 6,265 acres of farmland annually from individuals to corporations.

• Statewide, corporations (including family and other kinds of corporations) accounted for a little more than 1 out of every 6 sales (about 19%) and over 40% of acreage sales. In other words, corporations bought larger properties.

• Among the 1,853 corporate buyers statewide in the time period, less than half (805) were corporations with clear connections to agriculture. More than half did not have clear connections to agriculture and instead were involved in estate/property development, investing, or manufacturing, or other. Some of the top purchasers in the state by acreage or by price are non-agricultural corporations.

• Statewide, the top ten buyers in terms of acreage bought nearly 174,000 acres combined. The top ten buyers in terms of price spent over $150 million combined on farmland. These actors ranged by type and included individuals, trusts, agriculture-related corporations, non-agriculture related corporations (including real estate), and other.

• Regionally, the Columbia Gorge region had the highest percentage of properties purchased by out-of-state buyers (14%) while the Southeast region had the highest percentage of acres purchased by out-of-state buyers (almost 40%).

• Regionally, the percentage of corporate buyers was highest in the Columbia Gorge (25%) and Central Regions (25%). Corporate buyers bought the most land in in the Central region (59%) and in the Southeast region (46%).

METHODS

This is a brief summary of the steps of our methods, and includes comments on the limitations posed by the data. For more detailed questions, contact report author. 1. We contacted all 36 county assessor’s offices in the state of Oregon to request the county sales

records for all EFU-zoned farmland and non-EFU zoned farmland that received farmland tax assessments, for the time period of 2010-2015. We obtained data for 33 out of the 36 state counties (with the exceptions of Multnomah, Klamath, and Umatilla). We paid a fee for most of the counties’ data.

2. Our records requests included a unique property ID number, maptaxlot information, situs address, property class (which we used to identify improved and unimproved as well as zoning category), sale date, sale type, sale price, acreage, land real market value, improvement real market value, total real market value, grantor (seller), grantee (buyer), and grantee’s mailing address.

3. In an attempt to remove non-arms-length transactions, we removed all sales under $1,000 from most of the analysis (though we do report how many sales under $1,000 happened). We selected

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this cut-off point based on conversations with several agricultural land realtors, and because it appeared to be a logical cut-off point.

4. We meticulously combed the data to delete obvious double entries of the same transaction. However, the distinction was harder to ascertain when parcels were bought and sold more than once during the reference period of 2010-2016.

5. We adjusted all sales prices to be in 2015 dollars. 6. We manually categorized sellers and buyers by different types such as Individuals, Trust/LP/Estate,

All Corporation Types, Fannie Mae or Bank Alone, and Unknown/Other. For All Corporation Types, further refinement was done to distinguish business categories such as Agriculture, Banking/Finance/Mortgage Brokers, Investment Company, Real Estate/Land Development & Property Management, Wholesale/Retail, and Other. When a grantor/grantee is included in All Corporation Types, a search in the State of Oregon Secretary of State Business Database will uncover a self-reported business category. Additional searches in other databases were employed when corporations where not listed with the Oregon Secretary of State’s Business Database.

7. We also manually categorized buyers as In State, Out of State, and Unknown, based on the mailing address listed for the grantee. We believe this overestimates the number of In State buyers, as many grantees simply use the purchased farmland as their mailing address. Most counties did not record the last legal mailing address for grantees before the finalization of sales. In some cases, mailing addresses were not provided at all.

8. We then analyzed the records by zoning class, property class and acreage/size. 9. We present descriptive and summary findings statewide and also by regions closely following the

“seven agricultural regions of Oregon” used by the Oregon Department of Agriculture (though with a few differences, because we started with county property tax records). We also share some limited county-specific data.

One of the main limitations was our limited ability to analyze owners, including their actual previous residence and more about who they are/what kind of organization. A second limitation is that there is no obvious way to remove non-arm’s length transactions, so our analysis likely includes those transactions not typical of the arm’s length reality. A third limitation is that we were not able to account for other considerations of farmland price, like water rights, specific location, soil type, etc. A fourth limitation is the constrained time period, 2010-2015. A lot of activity has happened since then, and we are unable to report on that. Finally, the quality and completeness of the data varied by county, and in some counties, did not include complete addresses, creating a barrier for more spatially fine analysis. Future iterations of this research would benefit greatly from a standardized and uniform recordkeeping process implemented across Oregon’s 36 counties. This would = also enable more ongoing reporting. Next steps could include analyzing by location at a finer scale than by county (e.g. by zipcode) and incorporating additional information about housing, soil class, water rights, etc. Another next step would be to do a follow-up study in future years to track changes.

CONCLUSIONS

This report provides insight into the transfer of ownership of Oregon farmland. We hope stakeholders of Oregon’s food and agricultural system find it useful. Statewide, we see a brisk pace of farmland sales in the time period. Median and average prices increased over the time period, after an initial decline in 2010-2011. The median price per acre tends to be higher for smaller properties, non-EFU zoned properties, and improved (rather and unimproved)

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properties. Median prices are higher than average prices across the board, suggesting that individual properties are driving the averages up. We found higher prices per acre than reported by USDA, suggesting that our methods of tracking actual sales transactions may more accurately reflect the price arms-length buyers experience. The median price per acre was particularly higher in some counties and regions, as mentioned in the summary, compared to others. The median price per acre is higher for smaller properties, non-EFU zoned properties, and improved properties compared to larger properties, EFU-zoned properties. The rising prices might be a barrier for beginning farmers, small-scale farmers, and farmers with less resources. It may also be problematic if farm net incomes continue to be compressed. A lot of actors, including out-of-state actors and corporations, are involved in farmland sales. There appears to be a shift underway to greater corporate ownership (this may include family corporations). Corporations unrelated to agriculture are also involved in purchasing farmland, raising questions about the future of the land in farm use. Individuals and trusts with and without individuals) continue to be the main buyers. Some specific buyers acquired significant amounts of farmland property, and will likely have an influence on the agricultural landscape. Additionally, some buyers spent a lot of money on farmland purchases, and may be influencing the prices in Oregon up.

This report hopefully provides information to stakeholders of Oregon’s agricultural economy and workers, rural and peri-urban communities, environment, food system, and our landscape, and informs future action on these issues.

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Statewide Look

Highlights: Sales and Prices • Over 13,000 farm properties and nearly 1.4 million acres of farmland changed ownership from 2010-2015. (Table 1) • Over 2,500 farmland sales were of properties greater than 80 acres, while there were nearly 1,500 sales each from the size

categories of 5-10 acres, 10-20 and 20-40 acres. (Figure 1) The median acreage was about 20 acres. (Table 1) • The total number of farmland sales increased each year in the period. (Figure 2) • More than 1 out of every 4 sales during the reference time period sold for less than $1,000 and were removed from the

subsequent state-wide analysis. (Table 1) • There were 1,560 annual qualified sales accounting for about 187 thousand acres of land transferred annually. (Table 1) • The median price per acre for qualified sales was nearly $11,000, while the average price per acre was over $34,000.

(Table 1). The median was the highest in 2010, while the average was the highest in 2014 of the 6 study years (Figure 3). • The median ($19,357) and average ($46,249) price for non-EFU properties was higher per acre than the median ($9.841)

and average ($32,572) for EFU-zoned properties. (Table 1) • The average price per acre was higher for smaller properties than larger properties. (Figure 4)

Highlights: Buyers • Known out of state buyers accounted for about 10% of properties and 26% of acres purchased. (Figure 5) Out of state

buyers paid higher average purchase prices than in-state buyers (not pictured). • Individuals and trusts/estates/LPs accounted for 79% of farmland properties purchased and 54% of acres purchased. • Corporations accounted for a little more than 1 out of every 5 sales and over 40% of acres purchased. In other words,

corporations are buying larger properties than other buyer types. (Figures 6 & 7) • Agriculture-related corporations accounted for 8% of all sales and 24% of acres purchased. Real estate, land development

and property management-related corporations accounted for 7% of all sales and 14% of acres purchased. (Figures 6 & 7) • Corporations bought approximately 40 properties of farmland annually, shifting ownership of about 6,265 acres of

farmland annually from individuals to corporations. (Table 1) • Agriculture-related corporations accounted for 5 of the top 10 buyers by price and 3 of the top 10 buyers by acreage.

(Tables 2 & 3)

Table 1. Oregon Region Farmland Sales (2010-2015)

All Farmland Sales 2010-2015 13,109

All Farmland Acres Transferred 2010-2015 1,392,155

Qualified Farmland Sales 2010-2015 (Sales under $1,000 removed from remainder of analysis) 9,365 (3,744)

Average Annual Sales 1,560

Average Annual Sales As Percentage of Farms in Oregon 4.4%

Total Qualified Acres Sold 1,119,180

Average Annual Acres Transferred 186,530

Average Annual Acres Transferred As Percentage of Farmland Acres in Oregon 1.1%

Median Acreage (Average Acreage) Per Transfer 20 (119)

Median (Average) Price Per Acre $10,903 ($34,184)

Median (Average) Price Per Acre, Improved $9,841 ($34,249)

Median (Average) Per Acre, Unimproved $19,452($32,572)

Median (Average) Per Acre, EFU $9,841($31,056)

Median (Average) Per Acre, non-EFU $19,357($46,249) Average Net Annual Properties Purchased By Corporations from Individuals & Trusts 40 Average Net Annual Acres Purchased by Corporations from Individuals & Trusts 6,265

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Figure 1: Number of Sales by Size Categories

Figure 2: Number of Sales Per Year, EFU and non-EFU zoned properties

Figure 3: Median and Average Sales price per Acre in 2015 dollars Overall, Per Year

Figure 4: Average Sales Price Per Acre by lot size, EFU and non-EFU zoned proeprties

0

500

1,000

1,500

2,000

2010 2011 2012 2013 2014 2015

EFU-zoned properties Non EFU-zoned properties

$0

$10,000

$20,000

$30,000

$40,000

2010 2011 2012 2013 2014 2015Average Median

$317,128

$108,405$91,519

$67,414$61,742

$35,028$22,228

$11,552 $8,252 $6,056 $3,376

$192,719

$134,696

$112,860

$89,297$74,612

$49,076$23,425

$15,411 $6,845 $4,437$2,829

-

50,000.00

100,000.00

150,000.00

200,000.00

250,000.00

300,000.00

350,000.00

0to1acre 1to2acres 2to3acres 3to4acres 4to5acres 5to10acres 10to20acres 20to40acres 40to60acres 60to80acres over80acres

Averagepricepe

racrein2015do

llars

Lotsize

averagepriceperacrein2015dollarsEFU averagepriceperacrein2015dollarsnon-EFU

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Figure 5: Percentage of Farmland Properties and Acres Purchased, by Known Location of Buyer

Figure 6. Percentage and Number of Farmland Properties Purchased by Buyer Types

Figure 7: Percentage and Number of Acres Purchased By Buyer Types

82%

10%

8%

Properties

56%26%

18%

Acres

InState

OutofState

Unknown

7,041,71%

807,8%99,1%

109,1%

805,8%

113,1%87,1%20,0%

692,7%

1,0%135,2%

1,853,19%

Individual

Trust/LP/Estate

FannieMaeorBankAlone

Other/Unknown

Agriculture

Banking/Finance/MortgageBrokers

InvestmentCompany

Manufacturing

RealEstate,LandDevelopment&PropertyManagementWholesaleandRetail

Other

501,601,43%

126,378,11%

9,544,1%34,098,3%

280,584,24%

12,137,1%13,381,1%2,695,0%

160,704,14%

101,0%

28,329,2%

497,932,42%

Individual

Trust/LP/Estate


Other/Unknown

Agriculture


InvestmentCompany

Manufacturing


Other

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Table 2. Oregon Top 10 Purchasers by Price (2010-2015) Price Per Acre

1 $65,000,000 Greg Te Velde Columbia Gorge Individual $8,918

2 $13,855,000 Oregon Trail Highway LLC Columbia Gorge

Real Estate, Land Development &

Property Management $7,300

3 $11,766,936 RBH OREGON LLC Central Other $ 73,470

4 $11,000,000 BLATCHFORD & SON, LLC Northeast Agriculture $2,200,000

5 $ 10,445,105 STAFFORD RANCHES LLC Central Agriculture $33,046

6 $9,900,000 Pueblo Mountain Land Company LLC Southeast Real Estate, Land Development &

Property Management $576

7 $9,500,000 ACMPC OREGON 1 LLC Willamette Valley Agriculture $3,936

8 $ 9,000,000 NOFZIGER TYLER C & JESSICA K Southeast Individual $112,500

9 $ 8,400,000 PROBERT FAMILY RANCHES, LLC Northeast Agriculture $707

10 $8,354,500 BTAZ Nevada LLC Southeast Agriculture $224

Table 3. Oregon Top 10 Purchasers by Acreage (2010-2015) Price Per Acre

1 63,222 acres BTAZ NEVADA LLC Southeast Agriculture $172

2 17,196 acres Pueblo Mountain Land Company LLC Southeast

Real Estate, Land Development & Property

Management $576

3 14,148 acres Western River Conservancy Columbia Gorge Other - Conservancy $431

4 14,039 acres Daniel P Wegner Trust, et al. Southeast Trust/LP/Estate $577

5 13,328 acres KREBS WIND LLC Northeast Agriculture $627

6 13,273 acres Neal J Dow Family Limited Partners LP Columbia Gorge Trust/LP/Estate $502

7 11,874 acres PROBERT FAMILY RANCHES, LLC Northeast Agriculture $707

8 11,003 acres HAMILTON RANCH LLC Central Real Estate, Land

Development & Property Management

$534

9 8,071 acres BROOKS, KENNETH R & CECILIA B Northeast Individual $372

10 7,820 acres WIKSTROM, CHARLES & CHARLENE Northeast Individual $151

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County Specific Analysis

Highlights:

• Among counties, Hood River County ($29,300), Washington County ($25,489), and Lane County ($24,267) had the highest prices per acre for EFU-zoned land. These same three counties also had the highest price per acre for non-EFU land and improved land.

Figure 1: Map of Median Price Per Acre of EFU-Zoned Properties, by County

Lake

HarneyMalheur

Lane

Grant

Douglas

Linn

Baker

Crook

Wallowa

WascoUnion

Jackson

Coos

Curry

Deschutes

Morrow

WheelerJefferson

Gilliam

Marion

Clackamas

Polk

Josephine

Lincoln

Tillamook

Clatsop

Yamhill

Benton

Sherman

Columbia

WashingtonHood River

LegendOregon countiesMedian Price Per Acre

$0.00

$0.01 - $1,000.00

$1,000.01 - $5,000.00

$5,000.01 - $10,000.00

$10,000.01 - $15,000.00

$15,000.01 - $20,000.00

$20,000.01 - $25,000.00

$25,000.01 - $30,000.00

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Figure 2: Map of Median Price Per Acre of Non EFU-Zoned Properties, by County

Lake

HarneyMalheur

Lane

Grant

Douglas

Linn

Baker

Crook

Wallowa

WascoUnion

Jackson

Coos

Curry

Deschutes

Morrow

WheelerJefferson

Gilliam

Marion

Clackamas

Polk

Josephine

Lincoln

Tillamook

Clatsop

Yamhill

Benton

Sherman

Columbia

Washington Hood River

LegendOregon countiesMPPA_NonEFU

$0.00

$0.01 - $1,000.00

$1,000.01 - $5,000.00

$5,000.01 - $10,000.00

$10,000.01 - $20,000.00

$20,000.01 - $40,000.00

$40,000.01 - $60,000.00

$60,000.01 - $100,000.00

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Table 1: Price Per Acre by Region, County, and Property Type

Region

Median

Sales Price

Per Acre

Overall EFU Non-EFU Improved Non-Improved

Coastal

Clatsop $5,957 $4,914 $6,642 $6,642 $2,974 Coos $16,764 $0 $16,764 $16,764 $0 Curry $11,205 $11,205 $11,205 $11,205 $11,205 Lincoln $21,717 $23,585 $17,112 $23,794 $4,638 Tillamook $11,601 $9,804 $48,000 $11,601 $13,178

Columbia

Gorge

Gillam $447 $439 $539 $784 $285 Hood River $35,137 $29,300 $91,822 $42,477 $21,778 Morrow $2,043 $0 $0 $0 $0 Sherman $1,132 $1,132 $0 $940 $1,264 Wasco $148 $128 $0 $148 $0

Central

Crook $4,095 $4,118 $4,037 $6,200 $1,547 Deschutes $24,310 $18,816 $41,000 $28,709 $10,096

Jefferson $4,371 $4,245 $26,499 $5,247 $2,242

Northeast

Baker $3,386 $3,030 $12,581 $5,117 $1,791

Grant $1,129 $2,721 $893 $1,629 $798

Union $1,981 $1,896 $4,092 $2,405 $1,594 Wallowa $2,163 $2,285 $1,404 $3,986 $1,004 Wheeler $2,158 $2,302 $2,302 $4,601 $1,516

Southeast

Lake $1,523 $1,844 $1,523 $2,500 $1,148

Harney $999 $967 $8,390 $1,666 $556

Malheur $3,517 $3,874 $220 $3,950 $1,955 Southern

Douglas $2,815 $0 $2,815 $3,182 $1,909 Jackson $10,940 $10,125 $18,040 $18,381 $6,625 Josephine $16,980 $13,711 $18,573 $17,000 $12,185

Willamette

Valley

Benton $14,911 $11,871 $37,207 $33,727 $5,990 Clackamas $28,361 $22,724 $55,967 $35,088 $13,404 Columbia $14,948 $15,011 $12,966 $11,296 $30,030 Lane $36,400 $24,267 $57,586 $39,589 $31,579 Linn $8,000 $7,681 $11,034 $12,395 $4,395 Marion $16,669 $17,334 $13,348 $19,795 $5,692 Polk $4,861 $4,899 $4,425 $4,861 $4,641 Washington $37,204 $25,489 $67,497 $42,841 $18,539 Yamhill $20,972 $18,132 $18,132 $26,498 $11,042

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Figure 4: Price Per Acre by Region, County, and Property Type

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

$100,000

Clatsop

Coos

Curry

Lincoln

Tillamoo

k

Gillam

Hood

River

Morrow

Sherman

Wasco

Croo

k

Deschu

tes

Jeffe

rson

Baker

Grant

Union

Wallowa

Whe

eler

Lake

Harney

Malhe

ur

Douglas

Jackson

Joseph

ine

Benton

Clackamas

Columbia

Lane

Linn

Marion

Polk

Washington

Yamhill

Coastal ColumbiaGorge Central Northeast Southeast Southern WillametteValley

OverallEFUNon-EFUImprovedNon-Improved EFU Non-EFU Improved Non-Improved

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Regional Analysis On the next pages, we summarize findings by the regions in the figure below.

Figure 1: Agricultural Regions of Oregon Used in this Analysis

LegendOregon countiesRegions

Not included in report

Central

Coast

Columbia Gorge

Northeast

Southeast

Southern

Willamette Valley

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Regional Analysis: Central Region Highlights: Sales and Prices • Over 1,600 properties and over 180 thousand acres of farmland were transferred in the time period. • About 8%, or 1 out of every 12 farmland properties changed hands annually. (Table 1) • About a third of all sales during the reference time period were for less than $1,000. (Table 1) • The median price per acre for improved farmland ($12,128) was roughly 3.5 times higher than unimproved farmland

($3,185). (Table 1 & Figure 3) • The median price per acre for non-EFU farmland ($33,046) was over 5 times as much as EFU farmland ($6,506). (Table 1) • The median acreage sold in the region was about 36 acres, while the average was 130 acres. (Table 1 & Figure 1) • Smaller farmland properties have higher median prices per acre than larger properties, with the smallest properties having

the highest prices. (Figure 1) • The number of farmland transfers increased each year in the time period. (Figure 2) • The median price per acres was highest in 2010 in the time period. (Figure 3) • Deschutes County had by far the highest median price per acre for all property types, including EFU ($18,816), non=-EFU

($41,000), and improved ($28,709). (Figure 8) Highlights: Buyers • Most of the buyers had in-state addresses. (Figure 5) • Out of state buyers paid higher median purchase prices than in state buyers. (not pictured) • Corporations bought approximately 1 property of farmland annually, shifting ownership of about 1,206 acres of farmland

from individuals to corporations. (Table 1) • Corporations accounted for about 1 out of every 4 sales and 3 out of 5 of acres purchases. In other words, corporations

bought larger properties than other buyer types. (Figures 2 & 3) • Agriculture-related corporations accounted for 3 of the top 10 buyers by price and 5 of the top 10 buyers by acreage.

(Tables 4 & 5) • Agriculture-related corporations accounted for about 13% of all sales, and 24% of all purchases by acreage. (Figures 2 & 3) • Real Estate, etc.-related corporations accounted for about 8% of all sales, and 27% of all sales by acreage. Ome of the

largest buyers by price or acreages were real-estate, etc.-related corporations. (Figures 2 & 3, Tables 2 & 3)

Table 1. Central Region Farmland Sales (2010-2015) All Farmland Sales 1,602 All Farmland Acres Transferred 182,931 Qualified Farmland Sales (Sales Under $1,000) 1,117 (485) Average Annual Sales 186 Average Annual Sales As Percentage of Farms in Oregon 8% Total Qualified Acres Transferred 145,355 Average Annual Acres Transferred 24,225 Average Annual Acres Transferred As Percentage of Farmland Acres in Oregon 8.2% Median Acreage (Average Acreage) 36 (130) Median (Average) Price Per Acre $7,472 ($22,052) Median (Average) Price Per Acre, Improved $12,128 ($22,368) Median (Average) Price Per Acre, Unimproved $3,185 ($12,725) Median (Average) Price Per Acre, EFU $6,506 ($45,840) Median (Average) Price Per Acre, non-EFU $33,046 ($22,052) Average Net Annual Properties Purchased By Corporations from Individuals & Trusts 1 Average Net Annual Acres Purchased by Corporations from Individuals & Trusts 1,206

17

Figure 1: Number of Farmland Sales by Size Categories, 2010-2015

Figure 2: Number of Sales per Year, EFU And Non-EFU

Figure 3: Average and Median Sales Price Per Acre Per Year

Figure 4: Average Price Per Acre by Size Category, EFU and Non-EFU

0

20

40

60

80

100

120

140

160

180

200

over160acres over80acres 0ver40acres over20acres 10to20acres 5to10acres 4to5acres 3to4acres 2to3acres 1to2acres 0to1acres

0

100

200

300

2010 2011 2012 2023 2014 2015

EFU

Non-EFU

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

2010 2011 2012 2013 2014 2015

Average Median

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

0-5acres 5-10acres 10-20acres 20-40acres 40-80acres 80-160acres 160+acres

EFU Non-EFU

18


Figure 6: Percentage and Number of Farmland Properties Purchased by Buyer Types

Figure 7: Percentage and Number of Farmland Acres Purchased by Buyer Types

75%

10%

15%

Properties

InState

OutofState

Unknown

77%

9%

14%

Acres

InState

OutofState

Unknown

734,65%

88,8%

7,1%

8,1%

145,13%

11,1%

13,1% 2,0%

88,8%

-,0%26,2%

285,25%

Individual

Trust/LP/Estate


Other/Unknown

Agriculture


InvestmentCompany

Manufacturing

RealEstate,LandDevelopment&PropertyManagement

WholesaleandRetail

Other

46,425.46,32%

11,901.54,8%

641.04,0% 763.38,1%

34,992.73,24%

991.98,1%

7,628.16,5%

318.45,0%

38,686.51,27%

-,0%3,159.31,2%

85,777.14,59%

Individual

Trust/LP/Estate


Other/Unknown

Agriculture


InvestmentCompany

Manufacturing


WholesaleandRetail

Other

19

Table 2. Central Region Top 10 Purchasers by Price (2010-2015) Price Per Acre 1 $11,766,936 RBH OREGON LLC Other $73,740 2 $10,445,105 STAFFORD RANCHES LLC Agriculture $33,046

3 $7,577,319 HAMILTON RANCH LLC Real Estate, Land Development & Property Management $534

4 $7,111,610 LOYAL LAND LLC Real Estate, Land Development & Property Management $4,487

5 $6,307,401 PLUNKETT, MIKE & EILEEN Individual $78,843 6 $4,792,587 AJ DAIRY LLC Agriculture $8,201 7 $2,600,000 ROSS, ROBERT G JR & NANETTE T Individual $6,295 8 $2,541,291 DESCHUTES LAND TRUST Other - Land Trust $158,831 9 $2,250,000 KNIGHT, PHILIP & PENELOPE Individual $4,686 10 $2,175,471 MALOTT MARK & ANN LLC Agriculture $6,818

Table 3. Central Region Top 10 Purchasers by Acreage (2010-2015) Price Per Acre

1 17,078 HAMILTON RANCH LLC Real Estate, Land Development & Property Management $534

2 8,417 1100 LLC Real Estate, Land Development & Property Management $388

3 7,574 STAFFORD RANCHES, LLC ET AL Agriculture no sale price 4 6,167 JRS PROPERTIES III LP Investment Company no sale price 5 4,753 KINVILLE, LINDA Individual $13 6 3,552 96 RANCH LLC Agriculture $358 7 3,233 KENNEDY MARTIN ANDREW TRUST Trust/LP/Estate $328 8 2,856 FRYER CREEK RANCH LLC Agriculture $408

9 2,760 MILGARD JAMES DBA DESERT CREEK RANCH Agriculture $413

10 2,418 CIRCLE F RANCHES INC Agriculture $835

Figure 8: Median Price Per Acre by County and Property Type

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

Crook Deschutes Jefferson

Overall

EFU

Non-EFU

Improved

Non-Improved

20

Regional Analysis: Coastal Region Highlight: Sales and Prices • There were 369 farm sales in the time period. About 3% of farmland properties changed hands annually. (Table 1) • About 16%, or roughly 1 out of every 6 sales during the reference time period were for less than $100. (Table 1) • The median price per acre for improved farmland ($12,352) was roughly 2.2 times higher than unimproved farmland ($

5,503). (Table 1) • The median and average price per acre for EFU farmland is comparable to that of non-EFU farmland ($ 9,884). (Table 1) • Median acreage in the region is 19 acres compared to 42 for average acreage for farmland purchases (Table 1) • The average and median price per acre increased in 2014 and 2015 relative to the previous years. (Figure 3) • Smaller farmland properties have a higher average price per acre than larger properties. (Figure 4) • Lincoln County had the highest median price per acre for both EFU-zoned and improved properties, at over $23,000 per

acre. (Figure 8) Highlight: Buyers • Individual and trusts accounted for over 90% of farm purchases in 2010-2015. (Figures 6 & 7) • Corporations buy approximately 1 property of farmland annually, shifting ownership of about 122 acres of farmland from

individuals to corporations. (Table 1) • All Corporation Types purchased farmland at the highest median purchase price than other buyer types (not pictured). • 85% of buyers have in-state addresses (Figure 5) • Out of state buyers paid higher median purchase prices per property and acre than in-state buyers (not pictured). • Corporations accounted for 7.7% of all sales and 16.6% of acreage sales. In other words, corporations are buying larger

properties than other buyer types. (Figures 6 & 7) • Real Estate, etc.-related corporations accounted for 2.6% of all sales, and 1.7% of all sales by acreage. (Figures 2 & 3) • Corporations not obviously related to agriculture accounted for 6.1% of all sales, and 12.9% of all sales by acreage. (Figures

2 &3)

Table 1: Coastal Region Farmland Sales (2010-2015)

All Farmland Sales 2010-2015 369 All Acres Transferred 2010-2015 14,695 Qualified Farmland Sales (Sales Under $100) 311 (58) Average Annual Sales 52 Average Annual Sales as Percentage of Farms in Region 3% Total Qualified Acres Sold 13,068 Average Annual Acres Transferred 2,178 Average Annual Acres Transferred as Percent of Farmland in Region 1% Median Acreage (Average Acreage) per Transfer 18.6 (42) Median (Average) Price Per Acre $11,355 ($32,171) Median (Average) Price Per Acre, Improved $12,352 ($34,446) Median (Average) Price Per Acre, Unimproved $5,503 ($26,862) Median (Average) Price Per Acre, EFU $11,503 ($31,986) Median (Average) Price Per Acre, non-EFU $11,205 ($32,291) Average Net Annual Properties Purchased By Corporations from Individuals & Trusts 1 Average Net Annual Acres Purchased by Corporations from Individuals & Trusts 1212

21

Figure 1: Number of Sales by Size Categories, 2010-2015



Figure 4: Average Sales Price Per Acre by lot size, EFU and non-EFU zoned properties

01020304050607080


0102030405060

2010 2011 2012 2013 2014 2015

EFUzonedproperties Non-EFUzonedproperties

$-

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

2010 2011 2012 2013 2014 2015

AveragePricePerAcre MedianPricePerAcre

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000


EFU Non-EFU

22



Figure 7: Percentage and Number of Farmland Acres Purchased by Buyer Types

88%

10%

2%

Acres

InState

OutofState

Unknown

245,79%

36,12% 1,0%

5,2%

5,2%

1,0%1,0%

4,1%

8,2%

-,0%

5,2%

24,7%

Individual

Trust/LP/Estate


Other/Unknown

Agriculture


InvestmentCompany

Manufacturing


8,307,63%

2,316,18%22,0%

259,2%

473,4%

22,0%

7,0%

1,096,8%

221,2% -,0%

345,3%2,164,17%

Individual

Trust/LP/Estate


Other/Unknown

Agriculture


InvestmentCompany

Manufacturing


Other

85%

12%

3%

Properties

InState

OutofState

Unknown

23

Table 4. Coastal Region Top 10 Purchasers by Price (2010-2015) Price Per Acre 1 $4,700,000 ANKER, CORNELIUS Individual $10,437 2 $3,850,000 HOGAN, DAVID L & RITA F (C) Trust/LP/Estate $9,842 3 $2,845,000 LAFRANCHI, RON Individual $20,343 4 $2,150,000 COWAN, NEAL BRADLEY & MELODY Individual $8,259 5 $2,000,000 STIMSON LUMBER COMPANY Manufacturing $9,709 6 $1,900,000 DILA DAIRY, INC. Agriculture $5,903

7 $1,900,000 MARIA CONCEPCION FRIAS REVOCABLE TRUST Trust/LP/Estate $34,907

8 $1,650,000 HINDMAN, SHIRLEY A Individual $22,856 9 $1,612,500 Astoria Wetlands LLC Other $6,412 10 $ 1,525,000 NEGLEY, LESLIE NELSON TRSTEE Trust/LP/Estate $18,776

Table 5. Coastal Region Top 10 Purchasers by Acreage (2010-2015) Price Per Acre 1 592 JACKSON, MADELYN ETAL Individual $1,688 2 479 Warrenton Fiber Company Manufacturing $1,878 3 409 MARSH, JOSEPH B & JEANMARIE Individual $1,708 4 391 HOGAN, DAVID L & RITA F (C) Trust/LP/Estate $10,437 5 326 APCO CURRY PROPERTIES LLC Manufacturing $1,687 6 321 DILA DAIRY, INC. Agriculture $5,903 7 260 COWAN, NEAL BRADLEY & MELODY Individual $8,259 8 251 ANDERSON, WILLIAM R & ROBYN L TRSTEES Trust/LP/Estate $3,134 9 251 Astoria Wetlands LLC Other $6,412 10 248 ANKER, CORNELIUS Individual $15,310

Figure 8: Median Price Per Acre by County

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

Clatsop Coos Curry Lincoln Tillamook

Overall

EFU

Non-EFU

Improved

Non-Improved

24

Regional Analysis: Columbia Gorge Highlights: Sales and Prices • 35.6% of all sales during the reference time period were for less than $100. (Table 1) • 1.4% of farmland properties changed hands annually. (Table 1) • Median prices per acre for improved farmland ($ 17,292) was roughly 1.7 times higher than unimproved farmland ($ 9,903). (Table 1) • Median prices per acre for non-EFU farmland ($ 69,721) sold for 3.3 times as much as EFU farmland ($ 21,155). (Table 1) • Average sale price is almost 3 times the market assessment for farmland (323.4%). (Table 1) • Median sale price is almost equivalent to the market assessment for farmland (98.0%). (Table 1) • Median acreage in the region is 19.55, compared to 372.40 for average acreage for farmland purchases (Table 1) • Hood River County had by far the highest median price per acre in all categories, including EFU-zoned ($29,300), non-EFU ($91,822) and

improved ($42,477).

Highlights: Buyers • Corporations buy approximately 3 properties of farmland annually, shifting ownership of about 99.46 acres of farmland from individuals

to corporations. (Table 1) • Smaller farmland properties have a higher median price per acre than larger properties. (Figure 1) • Properties in the 2-3 acre range had the highest median prices per acre ($ 139,831) than other properties below 5 acres. (Figure 1) • Fannie Mae or Banks Alone purchased farmland at the highest median purchase prices ($ 650,000) than other buyer types. (Table 2) • Out of state buyers paid the highest median purchase prices ($ 365,000) than in county or in state buyers. (Table 3) • In county buyers paid the highest median prices per acre ($ 28,301) than in state or out of state buyers. (Table 3) • Corporations accounted for 1 out of every 4 sales (24.9%), and 37% of acreage sales. In other words, corporations are buying larger

properties than other buyer types. (Figures 2 & 3) • Agriculture accounted for 2 of the top 10 buyers by price and 3 of the top 10 buyers by acreage. (Tables 4 & 5) • Agriculture accounted for 13.4% of all sales, and 21.2% of all sales by acreage. (Figures 2 & 3) • Real Estate, etc. accounted for 8.5% of all sales, and 10.7% of all sales by acreage. (Figures 2 & 3) • Corporations unrelated to agriculture accounted for 11.5% of all sales, and 15.9% of all sales by acreage. (Figures 2 &3)

Table 1. Columbia Gorge Region Farmland Sales (2010-2015)

All Farmland Sales 2010-2015 474 Total Farmland Acres Transferred 125,700 Qualified Farmland Sales (Sales Under $1,000 removed from remainder of analysis) 305 (169)

Average Annual Sales 51 Average Annual Sales as Percentage of Farms in Region 1%

Total Qualified Acres Sold 113,581 Average Annual Acres Transferred 18,930 Average Annual Acres Transferred as Percentage of Farmland in Region 0% Median Acreage (Average Acreage) 19.55 (372)

Median (Average) Price Per Acre $14,297 ($46,046) Median (Average) Price Per Acre, Improved $17,292 (71,336) Median (Average) Price Per Acre, Unimproved $ 9,903 (31,132) Median (Average) Price Per Acre, EFU $21,155 ($50,952) Median (Average) Price Per Acre, non-EFU $69,721 (34,473)

Average Net Annual Properties Purchased By Corporations from Individuals & Trusts 3 Average Net Annual Acres Purchased by Corporations from Individuals & Trusts 99

25





0

20

40

60

80

100

120

140

0-5acres 5-10acres 10-20acres 20-40acres 40-80acres 80-160acres 160acres+

0

20

40

60

80

100

2010 2011 2012 2013 2014 2015

EFU-zonedproperties NonEFU-zonedproperties

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000

2010 2011 2012 2013 2014 2015


$0

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$80,000

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$120,000

0-5 acres 5-10 acres 10-20 acres20-40 acres40-80 acres 80-160acres

160 acres+

Non-EFU EFU

26



Figure 7. Percentage and Number of Farmland Acres Purchased by Buyer Types

71%

14%

15%

Properties

InState

OutofState

Unknown 57%

14%

29%

Acres

InState

OutofState

Unknown

182,60%

39,13%

1,0%

7,2%

41,14%

1,0% 1,0%-,0%

26,9%

-,0%7,2%

76,25%

Individual

Trust/LP/Estate


Other/Unknown

Agriculture


InvestmentCompany

Manufacturing


WholesaleandRetail

Other

32,084,28%

20,370,18%

549,1%18,533,16%

24,018,21%

549,0% 47,0%0,0%

12,150,11%

0,0%5,282,5%

42,046,37%

Individual

Trust/LP/Estate


Other/Unknown

Agriculture


InvestmentCompany

Manufacturing


WholesaleandRetail

Other

27

Table 2. Columbia Gorge Region Top 10 Purchasers by Price (2010-2015) Price Per Acre

1 $65,000,000 Greg Te Velde Individual $ 8,918

2 $13,855,000 Oregon Trail Highway LLC Real Estate, Land Development & Property Management $7,300

3 $6,669,000 Neal J Dow Family Limited Partners LP Trust/LP/Estate $502

4 $6,100,000 Western River Conservancy Other - Conservancy $431

5 $5,134,971 EAGLE CREEK NORTHWEST, LLC Real Estate, Land Development & Property Management $151,922

6 $3,610,758 State of Oregon Government Agency $1,060 7 $3,600,000 Weedman Brothers Agriculture $907

8 $3,130,000 JPD LAND COMPANY, LLC Real Estate, Land Development & Property Management $17,056

9 $2,775,000 Meadowbrook Farms, LLC Agriculture $2,555

10 $2,350,000 Bellinger Properties LLC Real Estate, Land Development & Property Management $6,930

Table 3. Columbia Gorge Region Top 10 Purchasers by Acreage (2010-2015) Price Per Acre

1 14,148 Western River Conservancy Other - Conservancy $431 2 13,273 Neal J Dow Family Limited Partners LP Trust/LP/Estate $502 3 8,483 McElligott LLC Agriculture $274 4 7,288 Greg Te Velde Individual $8,918

5 5,752 Tritazu Investments LLC Real Estate, Land Development & Property Management $340

6 5,234 Oregon EAT, LLC Unknown $363 7 3,970 Weedman Brothers Agriculture $907 8 3,949 John D & Debra Burns Co-Trustees Trust/LP/Estate $405 9 3,406 State of Oregon Government Agency $1,060

10 3,135 Kamerrer Farms Inc Agriculture $447

Figure 8: Median Price Per Acre By County

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

$100,000

Gillam HoodRiver Morrow Sherman Wasco

Overall

EFU

Non-EFU

Improved

Non-Improved

28

Regional Analysis: Northeast Region Highlights: Sales and Prices • There were 936 total sales in the time period. Only 6.5% of all sales during the reference time period were for less than

$1,000. (Table 1) • 5.7%, or roughly 1 out of every 18 farmland properties in the region changed hands annually. (Table 1) • The median price per acre for improved farmland ($3,292) was roughly 3 times higher than unimproved farmland ($1,141).

(Table 1) • The median price per acre for non-EFU farmland ($1,528) sold for just around 61% of EFU farmland ($2,500). (Table 1) • The median acreage per farm property sold was about 125 acres, compared to 389 acres for average acreage for

purchases. (Table 1) • Most properties sold were over 160 acres. (Figure 1) • Smaller farmland properties have higher median prices per acre than larger properties. (Figure 4) • Baker County had the highest median price per acre for EFU-zoned properties ($2,721) and improved ($1,628) properties.

(Figure 8) Highlights: Buyers • Known out-of-state buyers bought about 14% of farms and • Corporations buy approximately 2 properties of farmland annually, shifting ownership of about 2,352 acres of farmland

from individuals to corporations. (Table 1) • Corporations accounted for roughly 1 out of every 6 sales (17.4%), and 38% of acreage sales. In other words, corporations


(Tables 4 & 5) • Agriculture-related corporations accounted for 8.8% of all sales, and 21.3% of all sales by acreage. (Figures 6 & 7) • Real Estate, etc. related corporations accounted for 5% of all sales, and 10.5% of all sales by acreage. (Figures 6 & 7)

Table 1. Northeast Region Farmland Sales (2010-2015) All Farmland Sales 2010-2015 936 All Acres Sold 2010-2015 376,264 Qualified Farmland Sales (Sales Under $1,000 removed from remainder of analysis) 875 (62) Average Annual Sales 146 Average Annual Sales as Percentage of Farms in Region 5.7% Total Qualified Acres Sold 340,607 Percent of Farmland Acres Sold, Qualified 56,767 Average Annual Acres Transferred As Percentage of Farmland Acres in Region 2% Median Acreage (Average Acreage) 125 (389) Median (Average) Price Per Acre $2,302 ($10,55) Median (Average) Price Per Acre, Improved $3,292 ($14,066) Median (Average) Price Per Acre, Unimproved $1,141 ($3,275) Median (Average) Price Per Acre, EFU $2,500 ($9,299) Median (Average) Price Per Acre, non-EFU $1,528 ($12,659) Average Net Annual Properties Purchased By Corporations from Individuals & Trusts 2 Average Net Annual Acres Purchased by Corporations from Individuals & Trusts 2,352

29



Figure 3: Average and Median Price Per Acre

Figure 4: Average Price Per Acre by Lot Size and by EFU and Non-EFU Zoning

0

50

100

150

200

250

300


0

50

100

2010 2011 2012 2013 2014 2015

EFUzonedproperties Non-EFUzonedproperties

$0

$5,000

$10,000

$15,000

$20,000

$25,000

2010 2011 2012 2013 2014 2015


0

10000

20000

30000

40000

50000

60000

70000

80000

90000

100000


EFU Non-EFU

30


Figure 6: Number and Percentage of Properties Purchased, by Buyer Types

Figure 7: Number and Percentage of Acres Purchased, by Buyer Types

69%

13%

18%

Properties

InState

OutofState

Unknown 58%21%

21%

Acres

InState

OutofState

Unknown

648,74%

63,7%

5,1%

7,1%

77,9%

7,1%

4,0%

1,0%

44,5%

-,0%

19,2%152,17%

Individual

Trust/LP/Estate


Other/Unknown

Agriculture


InvestmentCompany

Manufacturing


WholesaleandRetail

Other

170,130,50%

27,678,8%7,074,2%

7,577,2%

72,679,21%

8,495,3% 748,0%

244,0%

35,584,11%

-,0%10,398,3%

128,148,38%

Individual

Trust/LP/Estate


Other/Unknown

Agriculture


InvestmentCompany

Manufacturing


Other

31

Table 2: Northeast Region Top 10 Purchasers by Price (2010-2015) Price Per Acre

1 $11,000,000 BLATCHFORD & SON, LLC Agriculture $2,200,000 2 $8,400,000 PROBERT FAMILY RANCHES, LLC Agriculture $707 3 $8,351,820 KREBS WIND LLC Agriculture $627 4 $7,348,200 MCEST RANCHES, LLC Agriculture $2,837

5 $6,296,788 SSD LANDS LLC Real Estate, Land Development & Property Management $2,465

6 $5,300,000 ELMER, LLC Other $774 7 $4,537,500 ALLEN POTATO LLC Agriculture $1,003 8 $4,001,330 ROVEY, BYRON G & STEPHANIE R Individual $2,405 9 $4,000,000 WILSON, JOHN JR Individual $660 10 $4,000,000 BERNHARD, ALEX K TRUSTEE Trust/LP/Estate $843

Table 3: Northeast Region Top 10 Purchasers by Acreage (2010-2015) Price Per Acre

1 13,328 KREBS WIND LLC Agriculture $627 2 11,874 PROBERT FAMILY RANCHES, LLC Agriculture $707 3 8,071 BROOKS, KENNETH R & CECILIA B Individual $372 4 7,820 WIKSTROM, CHARLES & CHARLENE Individual $151

5 6,979 GALLATIN NE OR LAND & TIMBER Real Estate, Land Development & Property Management $565

6 6,846 ELMER, LLC Other $774 7 6,759 SFG HCK TIMBER PARTNERSHIP LP Manufacturing None recorded

8 6,219 AMERICAN AGCREDIT, FLCA Banking/Finance/Mortgage Brokers $480

9 6,060 WILSON, JOHN JR Individual $660 10 5,171 BRANQUINHO-BUSH RANCH, LLC Other $416

Figure 8: Median Price Per Acre by County

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Baker Grant Union Wallowa Wheeler

Overall EFU Non-EFU Improved Non-Improved

32

Regional Analysis: Southeast Region

Highlights: Sales and Prices • There were 1,063 transfers in the period. (Table 1) • About 15% of all sales during the reference time period were for less than $1,000. (Table 1) • About 1 out of every 20 farmland properties in the region changed hands annually. (Table 1) • The median price per acre for improved farmland ($2,617) was roughly 2.4 times higher than unimproved farmland ($

1,085). (Table 1) • The median price per acre for non-EFU farmland ($754) sold for 2.4 times less than EFU farmland ($ 1,833). (Table 1) • The median acreage transferred in the region was 80 acres, compared to an average acreage of 323. (Table 1) • More farm properties sold in 2014 and 2015 compared to previous years. (Figure 2) • Smaller farmland properties have higher median prices per acre than larger properties. (Figure 4) • Malheur County had the highest median price per acre for both EFU-zoned ($3,874) and improved properties ($3,950).

(Figure 8) Highlights: Buyers • Buyers with out-of-state addresses accounted for about 10% of buyers but 40% of acres purchased. (Figure 5) • Corporations accounted for 1 out of every 5 sales (about 20%) and 45% of acreage sales. In other words, corporations


(Tables 4 & 5) • Agriculture-related corporations accounted for about 13% of all sales, and 35% of all sales by acreage. (Figures 2 & 3) • Real Estate, etc.-related corporations accounted for 4% of all sales, and almost 9% of all sales by acreage. (Figures 2 & 3)

Table 1. Southeast Region Farmland Sales (2010-2015)

All Farmland Sales 2010-2015 1,063 All Farmland Acres Transferred 2010-2015 324,616 Qualified Farmland Sales (Sales Under $1,000 removed from remainder of this analysis) 906 (157) Average Annual Sales 151 Average Annual Sales as Percentage of Farms in Region 5% Total Qualified Acres Sold 292,316 Average Annual Acres Transferred 48,719 Average Annual Acres Transferred as Percentage of Farmland Acres in Region 1% Median Acreage (Average Acreage) 80 (323) Median (Average) Price Per Acre $1,711 ($4,238) Median (Average) Price Per Acre, Improved $2,617 ($5,165) Median (Average) Price Per Acre, Unimproved $1,085 ($3,305) Median (Average) Price Per Acre, EFU $1,833 ($4,016) Median (Average) Price Per Acre, non-EFU $757 ($6,206) Average Net Annual Properties Purchased By Corporations from Individuals & Trusts -1 Average Net Annual Acres Purchased by Corporations from Individuals & Trusts -3,112

33





0

50

100

150

200

250

300

350


0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

2010 2011 2012 2013 2014 2015

EFU-zonedproperties Non-EFUzonedproperties

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2010 2011 2012 2013 2014 2015

Average Median

$0$5,000$10,000$15,000$20,000$25,000$30,000$35,000$40,000$45,000$50,000


EFU Non-EFU

34




603,67%99,11%

198,22%

Properties

InState

OutofState

Unknown

45%

40%

15%

Acres

InState

OutofState

Unknown

650,72%

68,8%

2,0%

7,1%

121,13%

2,0% 2,0%-,0%

36,4%

-,0%18,2%

179,19%

Individual

Trust/LP/Estate


Other/Unknown

Agriculture


InvestmentCompany

Manufacturing


Other

120,969,41%

38,363,13%

10,0% 1,009,0%

101,058,35%

10,0%

798,0%-,0%

25,408,9%

-,0%5,294,2%

132,568,46%

Individual

Trust/LP/Estate


Other/Unknown

Agriculture


InvestmentCompany

Manufacturing


WholesaleandRetail

Other

35

Table 2. Southeast Region Top 10 Purchasers by Price (2010-2015) Price Per Acre

1 $10,850,000 BTAZ NEVADA LLC Agriculture $172

2 $9,900,000 Pueblo Mountain Land Company LLC Real Estate, Land Development & Property Management $576

3 $9,000,000 NOFZIGER TYLER C & JESSICA K Individual $112,500

4 $8,448,860 GREEN DIAMOND RESOURCE Real Estate, Land Development & Property Management $105,611

5 $8,100,000 Daniel P Wegner Trust, et al. Trust/LP/Estate $577 6 $5,777,000 Sunnyside Dairy LLC Agriculture $1,802 7 $4,100,000 Lorin & Katharine Sherburn Individual $1,901 8 $3,700,000 Alan & Sherry Shufelberger, Trustees Trust/LP/Estate $798 9 $3,400,000 Fred Briggs, Trustee Trust/LP/Estate $555 10 $3,000,000 Larry & Susan Otley Individual $ 520

Table 3. Southeast Region Top 10 Purchasers by Acreage (2010-2015) Price Per Acre

1 63,222 BTAZ NEVADA LLC Agriculture $172

2 17,196 Pueblo Mountain Land Company LLC Real Estate, Land Development & Property Management $576

3 14,039 Daniel P Wegner Trust, etal Trust/LP/Estate $577 4 10,539 Jonathan & Lacy Blake Individual $330 5 6,124 Fred Briggs, Trustee Trust/LP/Estate $555 6 5,769 Larry & Susan Otley Individual $520 7 4,828 Lorin & Katharine Sherburn Individual $994 8 4,639 Alan & Sherry Shufelberger, Trustees Trust/LP/Estate $798 9 4,400 P-W Cow Co Inc Agriculture $305 10 3,773 Willaim & Lori Peila Individual $371

Figure 8: County-Specific Median Prices Per Acre

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

Lake Harney Malheur

Overall

EFU

Non-EFU

Improved

Non-Improved

36

Regional Analysis: Southern Region Highlights: Sales and Prices • There were almost 1,000 sales in the time period, or 130 annual qualified sales over $1,000. 3.1% farmland properties changed hands

annually. (Table 1) • 1 out of every 5 sales during the reference time period were for less than $100. (Table 1) • The median price per acre for improved farmland ($12,310) was roughly 2.3 times higher than unimproved farmland ($ 5,282). (Table 1) • The median price per acre for non-EFU farmland ($5,482) sold 2 times less than EFU farmland ($11,195). (Table 1) • Average sale price is almost a third more than the market assessment for farmland (132.6%). (Table 1) • The median acreage of farmland sold in the region was 19 acres, compared to 53 acres for the average acreage. (Table 1) • Smaller farmland properties have higher median prices per acre than larger properties. (Figure 3) • Josephine County had the highest median price per acre for EFU-zoned properties ($13,711) while Jackson County had the highest median

price per acre for improved properties ($18,381). Figure 8

Highlights: Buyers • Known in-state buyers accounted for about 3 out of every 4 farmland purchase and farm acre purchase. (Figure 5) • Individuals and trusts accounted for almost about 3 out of 4 farmland purchases, and over 1 out of 2 farm acre transferred. (Figures 6 &7) • Corporations bought approximately 6 properties of farmland annually, shifting ownership of about 1,000 acres of farmland from individuals

to corporations. (Table 1) • Corporations accounted for 1 out of every 4 sales (24%), and 41% of acreage sales. In other words, corporations are buying larger properties

than other buyer types. (Figures 2 & 3)

• Agriculture-related corporations accounted for 3 of the top 10 buyers by price and 3 of the top 10 buyers by acreage. (Tables 4 & 5) • Agriculture-related corporations accounted for 10% of all sales, and 15% of all sales by acreage. (Figures 2 & 3) • Real Estate, etc.-related corporations accounted for 10.5% of all sales, and 20.9% of all sales by acreage. (Figures 2 & 3)

Table 1. Southern Region Farmland Sales (2010-2015)

All Farmland Sales 2010-2015 978 All Farmland Acres Transferred 2010-2015 74,600 Qualified Farmland Sales (Sales Under $1,000 removed from remainder of regional analysis) 781 (197)

Average Annual Sales 130 Average Annual Sales As Percentage of Farms in Region 3%

Total Qualified Acres Sold 41,702 Average Annual Acres Transferred 6,950 Average Annual Acres Transferred As Percentage of Farmland Acres in Region 1%

Median Acreage (Average Acreage) 19 (53) Median (Average) Price Per Acre $9,065 ($34,695)

Median (Average) Price Per Acre, Improved $12,310 ($40,934) Median (Average) Price Per Acre, Unimproved $5,282 ($16,418) Median (Average) Price Per Acre, EFU $11,195 ($28,677) Median (Average) Price Per Acre, non-EFU $5,482 ($16,418)

Average Net Annual Properties Purchased By Corporations from Individuals & Trusts 6 Average Net Annual Acres Purchased by Corporations from Individuals & Trusts 1,071

37





0

50

100

150

200


020406080

100120140160

2010 2011 2012 2013 2014 2015

EFU-zonedproperties NonEFU-zonedproperties

$-$20,000$40,000$60,000$80,000$100,000$120,000$140,000

2010 2011 2012 2013 2014 2015


020000400006000080000100000120000140000160000180000


EFUzonedproperties NonEFU-zonedproperties

38




77%

14%

9%

Properties

InState

OutofState

Unknown

74%

14%

12%

Acres

InState

OutofState

Unknown

519,67%

67,9%

3,0%

2,0%

79,10%

3,0%

3,0%

1,0%

82,11%

-,0%22,3%

190,24%

Individual

Trust/LP/Estate


Other/Unknown

Agriculture


InvestmentCompany

Manufacturing


Other

21,519,52%

2,812,7%

159,0% 86,0%

6,200,15%

159,0%123,0%

88,0%

8,716,21%

-,0%1,840,5%

17,126,41%

Individual

Trust/LP/Estate


Other/Unknown

Agriculture


InvestmentCompany

Manufacturing


WholesaleandRetail

Other

39

Table 4. Southern Region Top 10 Purchasers by Price (2010-2015) Price Per Acre 1 $9,165,000 NAUMES INC Agriculture $3,419,776

2 $3,942,273 GOLD RIVER RANCH LLC Real Estate, Land Development & Property Management $6,992

3 $2,500,000 CIRCLE OF TRUST HEALING CENTER LLC Other $25,961 4 $2,329,933 ARROWHEAD RANCH HOLDING COMPANY LLC Agriculture $9,934 5 $2,182,000 LOWMAN REV TRUST ET AL Trust/LP/Estate $13,168 6 $1,800,000 REDNECK RANCHES LLC Agriculture $1,513 7 $1,442,273 BIRD ROBERT L Individual $66,865

8 $1,400,000 BLUE HERON LAND CO LLC Real Estate, Land Development & Property Management $6,203

9 $1,400,000 TANGENT PROPERTIES ONE LLC Real Estate, Land Development & Property Management $8,508

10 $1,400,000 SMITH ZANE ET AL Individual $17,979

Table 5. Southern Region Top 10 Purchasers by Acreage (2010-2015) Price Per Acre 1 3,583 DAVID D ROTH TRUST & Trust/LP/Estate no sales price 2 2,480 DEAR RANCH LLC Agriculture no sales price 3 1,926 FERGUSON & SON RANCH LLC Agriculture no sales price 4 1,788 ROMAN, RON & KATHARINE Individual $786 5 1,608 REDNECK RANCHES LLC Agriculture $ 1,601 6 1,512 ROSE RANCH & Individual no sales price 7 1,312 TRINCHERO, DAVID ALAN & Individual no sales price 8 1,261 WAGGONER, GARY L TRS & Trust/LP/Estate no sales price 9 1,057 RHODES, GLORIA FAYE TRS & Trust/LP/Estate no sales price

10 748 JOHNSRUD, CYNTHIA S TRS & Trust/LP/Estate no sales price

Figure 8: Median Sales Price Per Acre by County

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

$100,000

Gillam HoodRiver Morrow Sherman Wasco

Overall

EFU

Non-EFU

Improved

Non-Improved

40

Regional Analysis: Willamette Valley Highlights: Sales and Price • 7,682 farm properties and 290,578 of farmland changed ownership from 2010-2015. (Table 1) • Almost 1 out 3 sales during the reference time period sold for less than $100 and were removed from the subsequent

regional analysis. (Table 1) • About 1 out of every 20 farmland properties changed hands annually. (Table 1) • The median price per acre for improved farmland (about $25,000) was roughly 3 times higher than unimproved farmland

($ 8,298). (Table 1) • The median price per acre for non-EFU farmland ($36,279) was over 2 times as much as EFU farmland ($15,696). (Table 1) • The average price per acre was higher for smaller properties than larger properties. (Figure 4) • Washington County had the highest median price per acre for EFU-zoned property ($25,489), non-EFU zoned property

($67,497) and improved property ($42,841). Highlights: Buyers • Known out of state buyers accounted for about 10% of properties and 26% of acres purchased. (Figure 4) Out of state

buyers paid higher average purchase prices than in-state buyers (not pictured). • Individuals and trusts/estates/LPs accounted for 79% of farmland properties purchased and 54% of acres purchased.

Corporations accounted for a little more than 1 out of every 5 sales and over 40% of acres purchased. In other words, corporations are buying larger properties than other buyer types. (Figures 5 & 6)

• Agriculture-related corporations accounted for 8% of all sales and 24% of acres purchased. Real estate, land development and property management-related corporations accounted for 7% of all sales and 14% of acres purchased. (Figures 5 & 6)

• Corporations bought approximately 40 properties of farmland annually, shifting ownership of about 6,265 acres of farmland annually from individuals to corporations. (Table 1)

• Agriculture-related corporations accounted for 5 of the top 10 buyers by price and 3 of the top 10 buyers by acreage. (Tables 2 & 3)

Table 1. Willamette Valley Region Farmland Sales (2010-2015) All Farmland Sales 2010-2015 7,682 All Farmland Acres Transferred (Includes Sales Under $100) 290,578 Qualified Farmland Sales (Sales Under $100 removed from remainder of this countywide analysis) 5,238 (2,444) Average Annual Sales 873 Average Annual Sales as Percentage of Farms in Region 5% Total Qualified Acres Sold 170,466 Average Annual Acres Transferred 28,411 Average Annual Acres Transferred As Percentage of Farmland Acres in Oregon 1.7% Median Acreage (Average Acreage) 12 (33) Median (Average) Price Per Acre $18,683($44,826) Median (Average) Price Per Acre, Improved $24,820($47,206) Median (Average) Price Per Acre, Unimproved $8,298($37,951) Median (Average) Price Per Acre, EFU $36,279($41,515) Median (Average) Price Per Acre, non-EFU $15,696($56,551) Average Net Annual Properties Purchased By Corporations from Individuals & Trusts 22 Average Net Annual Acres Purchased by Corporations from Individuals & Trusts 2,163

41



Figure 3: Median and Average Sales Price per Acre Per Year

Figure 4: Average Price Per Acre by Lot Size and by EFU and Non-EFU Zoning

0

200

400

600

800

1,000

1,200

1,400

1,600

0-1acres 1-2acres 2-3acres 3-4acres 4-5acres 5-10acres 10-20acres 20-40acres 40-80acres 80-160acres 160+acres

0

200

400

600

800

1000

1200

1400

2010 2011 2012 2013 2014 2015

EFUZonedproperties Non-EFUzonedproperties

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

2010 2011 2012 2013 2014 2015


$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000


EFUZonedProperties Non-EFUZonedProperties

42




88%

8%4%

Properties

85%

11%4%

Acres

InState

OutofState

Unknown

64%

7%

1%

14%

5% 2%

1%

0%

6%

0%0%

6%

Individual

Trust/LP/Estate


AllCorporationTypes

Agriculture


InvestmentCompany

Manufacturing


Other

40%

9%

0%

25%11%

1%2%

0%

11%

0%1%

12%

Individual

Trust/LP/Estate


AllCorporationTypes

Agriculture


InvestmentCompany

Manufacturing


Other

43

Table 2. Willamette Valley Region Top 10 Purchasers by Price (2010-2015) Price Per Acre

1 $ 9,500,000 ACMPC OREGON 1 LLC Agriculture $ 3,936 2 $ 8,000,000 TUALATIN HILLS PARK & Government Agency $ 357,622 3 $ 6,141,278 SHELTON KATHY Individual $ 537,765 4 $ 5,900,000 FINEGAN FARMS, INC Agriculture $ 7,270 5 $ 5,850,000 DELFORD M SMITH RT & Individual $ 12,492 6 $ 5,700,000 WOODBURN ORGANIC FARMS LLC Agriculture $ 14,483 7 $ 5,295,000 COLUMBIA LAND TRUST Other - Land Trust $ 5,754

8 $ 4,394,597 LENNAR NORTHWEST INC Real Estate, Land Development & Property Management $ 241,196

9 $ 4,380,000 RB PAMPLIN CORPORTATION Investment Company $ 15,104

10 $ 4,056,469 BFN PROPERTIES LLC Real Estate, Land Development & Property Management $ 11,252

Table 3. Willamette Valley Region Top 10 Purchasers by Acreage (2010-2015) Price Per Acre

1 2,413.88 ACMPC OREGON 1 LLC Agriculture $ 3,936 2 1,852.96 WALKER STEPHEN A II Individual $ 1,403 3 1,274.17 SARBANAND ENTERPRISE Agriculture $1 sale price 4 1,252.00 PIKE ROAD VINEYARD L Agriculture no sale price

5 1,108.64 HAMILTON FARMS LLC Real Estate, Land Development & Property Management no sale price

6 926.48 DUPEE VALLEY TIMBER Agriculture no sale price 7 920.19 COLUMBIA LAND TRUST Other - Land Trust $ 5,754

8 920.19 LEPPIN ARNOLD OREGON MARITAL TRUST ET AL Trust/LP/Estate no sale price

9 856.36 AUER JOHN W JR & AUER MAURINE M, C0-TRS Trust/LP/Estate no sale price

10 773.75 MORITZ SANDRA L, TR Trust/LP/Estate no sale price Figure 8: Median Price Per Acre, By County and Property Type

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

Benton Clackamas Columbia Lane Linn Marion Polk Washington Yamhill

Overall

EFU

Non-EFU

Improved

Non-Improved

44

Thank you! Please contact report author Megan Horst, [email protected], with questions.

oregon farmland sales assessment april18 oregon farmland sales...• statewide, the median price per...

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