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W i n e s & V i n e s n o V e m b e r 2 0 1 4 97 R E A L E S T A T E intangible lifestyle benefits, though financial returns are important. Vineyard prices on the rise Finally, appraiser Correia spoke about California vineyards and land. He first noted that the value of Cali- fornia wine grapes grew from about $200 million in 1973 to $3.25 bil- lion in 2013, and with the growth, vineyards prices have followed. In Napa County specifically, grape prices rose from $1,500 per ton in 1995 to $5,500 in 2013, Correia said, even as tonnage has almost doubled. Cabernet Sauvignon has increas- ingly dominated Napa. Its harvest rose by 92% since 1995, even as Chardonnay dropped 22%. One result is that even secondary vineyard land has increased in value from $50,000 per acre in 1995 to $100,000-$200,000 now, and the price for prime vineyard sites lo- cated in top mid-valley AVAs is ap- proaching $300,000. "A few are pushing $450,000 (per acre)," Cor- reia said. "That's still a bargain compared to the best of Bordeaux and Burgundy, however!" Even outlying land across the mountains from Napa Valley but still in Napa County can go for $50,000 per acre. For his part, however, Correia said he fears some growers are planting Cabernet in unsuitable soil, which could compromise Napa's reputation for quality. "We've never seen a seri- ous decline in value in Napa, in prices of grapes or land, unlike the disasters that have occurred in other parts of the state," he said. Prices are lower in Sonoma County, but top Pinot Noir land near the coast can cost $125,000—up from $25,000 in 1995. "Pinot is driving the bus in Sonoma," Correia said, adding that the same is also true in Monterey—especially in the Santa Lucia Highlands. In Monterey County, where growers compete for space with vegetable farmers, land has risen from $10,000 to $40,000 per acre, while in San Luis Obispo and Santa Bar- bara counties, the prices have risen from about $12,000 per acre to more than $50,000 in some areas. Lodi has stayed relatively stable (from $12,000 to $20,000 per acre), but in Fresno and Madera counties, demand for land to plant nut orchards has grown from less than $5,000 per acre to more than $25,000 if the land has water. Correia concluded his talk with an emphasis on the importance of water. "There's plenty of water in California, but politics can create problems." With new regulations signed, he warned growers to deal with water issues now. —Paul Franson E. & J. Gallo Winery acquired Columbia and Covey Run in Washington Jackson Family Wines acquired Gran Moraine/Zena Crown Vineyards in Oregon Jackson Family Wines acquired Gran Moraine/ Zena Crown Vineyards in Oregon Jackson Family Wines acquired Maple Grove Vineyard Ste. Michelle Wine Estates acquired Willakia Vineyard in Oregon Precept Wine Brands acquired Yamhela Vineyard in Oregon Elk Cove Vineyards acquired Goodrich Vineyard in Oregon Allan Brothers Inc. acquired Sagemoor Vineyards in Washington Louis Jadot acquired Resonance Vineyard in Oregon Banfi acquired Pacfic Rim Winemakers in Washington Duckhorn Vineyards acquired Longwind Vineyard in Washington Jackson Family Wines acquired Solena Estate winery in Oregon Foley Family Wines acquired Four Graces winery in Oregon 2010 2011 2012 2013 2014 (Continued from page 95.)