Paul Kerley is a real estate executive who maintains a head office in Salem, Oregon, and oversees the acquisition and management of investment properties across the state. Through Steak OnThe Hoof, LLC, Paul Kerley and his Salem, Oregon, team successfully guided the $2.3 million purchase of the 500-acre Houston Lake Ranch.
This 2020 transaction involved a property that spans multiple addresses on Southwest Houston Lake Road in Powell Butte, Oregon, and is zoned for agricultural use. The largest and oldest residential structure on the property is a four-bedroom, 2,030-square-foot ranch house. There are also two newer houses of 1,279 square feet and 1,006 square feet, respectively. In addition, there are barns, storage sheds, and other outbuildings common within a working cattle ranch setting. The “exclusive farm use” category the property falls under comes with IRS tax exemption benefits.
The property also includes full mineral rights and an extensive irrigation system that makes 60 percent of the land arable. Water is provided through a pump system installed in Little Houston Lake, which has additional uses as a watering area for livestock, as well as a refuge for birds, fish, and other wildlife.
