Two High Quality
Properties Close!
The plantation market is the last real estate market to remain "recession proof"
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July 1, 2009
We are proud to announce the successful closing of two premier Tallahassee/Thomasville-Plantation Belt plantations as this unique asset class continues to resist the recessionary prices that have plagued most other real estate classes. In a rare show of strength for the real estate market, two key high quality plantations closed Friday, June 26, 2009, continuing the trend of these unique properties holding or increasing in value.
The Tallahassee/Thomasville-Plantation Belt (also known as the Red Hills) is regarded as some of the most exclusively held recreational property in the country. Traditionally held for generations by the heirs of wealthy families such as US Steel, Standard Oil, and Maybelline, as well as self made businessmen like Ted Turner, these properties are seldom sold. The demand for this unique asset class, first established in 1888, has remained strong throughout many economic downturns, including the current one.
Friday’s plantation sale marks the first time this property has had a new owner in over a generation. It was once part of the landholdings originally put together by one of the founders of the quail plantation asset class as we know it today.
Now renamed Red Hills, it is historically known as the western portion of the prestigious Cherokee Plantation and Hickory Hill. The 1,638 acre plantation was sold by one of the most respected and longtime plantation families in the region. Located in Leon County, Florida on County Road 12 and between Tall Timbers Research Station and US 319, it is one of the most strategically located plantations in the “Red Hills.” The new name is fitting. The plantation has a longstanding and well earned reputation for its exceptional wild quail population. It contains some of the tallest hills in North Florida with impeccably beautiful quail habitat.
The plantation closed on June 26, 2009 for $12,777,648 ($7,800 per acre). Jon Kohler & Associates, LLC (www.jonkohler.com) represented the buyer, Red Hills Plantation, LLC. The plantation will continue to be managed and improved as one of the premier wild bird plantations in the country.
In another significant event, Walker Springs also closed Friday. This exceptionally beautiful riverfront property is located just south of Ted Turner’s 29,000 acre Avalon Plantation and contains a private spring producing upwards of ¾ of a million gallons of water a day and fronts a half of a mile on the Aucilla River. Walker Springs is bordered on three sides by state preserved lands and is one of the last privately held properties on this part of the river. Jon Kohler & Associates, LLC brokered the sale.
The seller was a former professional football player with an illustrious career in the NFL and was a nationally acclaimed first round draft pick to the San Diego Chargers. Plantation Marketing Group, LLC also represented the seller in marketing the property. www.walkerspringsplantation.com. The property went under contract immediately upon completion of the marketing program. K&A also brought the buyer who closed on Walker Springs for $1.2 Million ($7,102 acre for 168.96 acres). The property will continue to be maintained as both a recreational and ecological showplace.
“Despite what most would expect during this national real estate market, sophisticated investors are capitalizing on the opportunity to buy high quality properties that would otherwise be unavailable,” says Jon Kohler, principal of Jon Kohler & Associates, LLC, a brokerage firm that specializes in plantation and high quality land sales.
Continues Kohler, “Red Hills Plantation and Walker Springs are both great examples of class “A” plantation sales continuing to set records. The “buy” in this market is in the opportunity itself to own one of these legacy properties. Despite the national recession investor appetite for these high quality properties has continued to be strong; intelligently cautious, but strong.”
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