Luxury Ranches Unsold as Millennial’s Uninterested

Christopher Zenios19/09/20192min
As generations in the “wild west” age issues arise as younger generations show no interest in buying ranches due to a labour intensive and expensive view.

Journalist Katherine Clarke reported the wider issue of unsold luxury ranches to the Wall Street Journal, talking with Ken Mirr, a ranch broker who commented,

Their children aren’t necessarily always as interested in operating the properties,” adding “Sometimes the kids just see cows and think ‘What should I do with this?’

This type of reasoning has left property markets with an abundance of unsold luxury ranches, the majority located in Colorado, with some sitting on the real estate market for years.

One example is that of Morton Fleischer who is currently listing two luxury ranches on the property market for 50 million. The ranches span 7,100 acres combined and have been listed on the market for over a year.

Due to these long periods on the market, many luxury ranches are facing price cuts in an attempt to attract buyers. One ranch listed for $100 million in 2017 has since seen a price reduction of $30 million.

Despite this, Morton Fleischer remains hopeful as his ranch includes the whole package with all of the equipment and staff on both ranches willing to stay on for buyer. “It’s all set for them. They don’t have to do anything.” Comment Morton.

Christopher Zenios

Christopher has always been a pioneer, a first adopter when it comes to technological advancements. Over the years, his expertise surrounded the real estate and digital markets and their evolution in today's society. After being the editor to various professional business news portals and blogs, he was selected to become the chief editor for HWC. Contact Christopher at +357-22029786 ext: 6110 or by email at [email protected] for editorial related questions.

About us

High Worth Citizen is all about delivering the latest business news on finance, investment, real estate and wealth. Our readers are the rich and powerful, their associates and business partners, the global High Net Worth Individuals.