After only 5 agricultural land sales over 100 acres in 2019, a rebound in activity appears to be in store for 2020.
As reported last December in the MacRo Report Blog post Pace Of Large Frederick County Farm Sales Slows In 2019, large farm land sales fell to a three year low. But so far this year appears to be offering some promise in the number of transactions with 7 closed deals.
With the exception of a 125-acre transfer located in Middletown, the remaining six sales took place north of the City of Frederick. All deals totaled $6,815,000 and one thousand one hundred and eighty-five acres. The average price per acre came at $5,752, which is nearly $1,200 per acre less than that of last year.
Here’s a few highlights of this year’s sales through June:
- 2111 Old National Pike, Middletown with 125 acres sold for $840,000 ($6,717.31/ac). Jose Osorio to Brian Allan McDermott on January 28th.
- 9608B Fountain School Rd, Union Bridge with 118.7 acres sold for $1,200,000 ($10,106.97/ac). Christie Lee Arrison, Trustee to Francis Edward Harrison on February 20th.
- Unimproved agricultural land on Orndorff Road in Thurmont with 144 acres sold for $600,000 ($4,166.67/ac). Jeane Keilholtz, Trustee to Joseph I. Topper on February 26th.
- The Carl and Norma Miller farm on Old Annapolis Road containing 388 acres sold for $2,500,000 ($6,443.96/ac). Miller to Jason Wayne Storm on April 6th.
- Four contiguous unimproved parcels on Harney Road in Emmitsburg totaling 167.4 acres sold for $450,000 ($2,688.56/ac). MDCC Maryland Property, LLC to Ronald L Coleman on June 4th.
- A tract of unimproved farmland on Dublin Road in Walkersville containing 109.3 acres sold for $550,000 ($5,032.02/ac). Robert Steele Michael to James E. Ledford on June 18th.
- 15210 Motters Station Rd in Rocky Ridge with 132.4 acres sold for $675,000 ($5,097.52/ac). Franklin M. Williams, Sr., et al to Michael R. Albaugh on June 19th.
One other property that carries Frederick County Agricultural zoning transferred on the 30th of June. Known as the Frederick Golf Club and located at 5519 South Renn Road, it has been struggling for several years. This 126-acre tract with an 18-hole course was transferred from Michael and Thomas Milligan to Lion Hart, LLC, which is affiliated with the Gunpowder Golf Course in Laurel, Maryland. The sales price $1,020,000 ($8,083.69/ac) included taxable improvements totaling $1.16million. We wish that new ownership good luck!
The second half of 2020 is showing promise with several properties currently under contract awaiting closing.
Rocky Mackintosh, President of MacRo, Ltd., a Land and Commercial Real Estate firm based in Frederick, Maryland, has been an active member of the Frederick community for over four decades. He has served as chairman of the board of Frederick Memorial Hospital and as a member of the Frederick County Charter Board from 2010 to 2012. He currently serves as chairman of the board of Frederick Mutual Insurance Company. Established in 1843, it is one of the longest enduring businesses in Frederick County.