Equestrian Estates

[Nancy in Friday Harbor]

Hi All,

Am working on a 28 acre waterfront property on an island with serious equestrian amenities -- 8 stall barn with in floor heat, tack room, wash rack, bathroom & laundry, stallion stalls; Open arena with excavation down to about 3 feet and then layers of impact absorbant material; fenced and cross fenced with wood rail fence (no wire), etc etc.

We have horse properties here, but there are so many other differences in the real estate, that it's next to impossible to come up with specific market value contributions.....ie no paired sales <sigh>.

The appraisal is for a family trust for use in buying out one family member.

Just wanting to double check with other areas on whether or not these amenities add much, if any, market value. Am especially interested in Western Washington info...

Thanks much....

Nancy

 

[BOB PADRICK]

around here

and just north (ocala) all those amenities (save perhaps floor heat-heat? what's that? lol) would indeed contribute to the value. It doesn't appear to have true commercial appeal, but in an equestrian community those items will add value. I'd look to see if there are some sales there were flipped post addition of one or more of those items, and failing that just try to get cost info and then find the closest parallel structures (large workshops, etc.) and do a cost versus contribution analysis. In other words, do your best!

 

[Jim Bearden]

Not that much different than others than for size. Specialized ameninties are not worth much because they are typically only valuable to that owner.

 

[CANative]

Try non-traditional methods of searching for sales via the internet and brokerages which specilize in high dollar equestrian properties. Properties like this seldom appear in MLS.

 

[Ray Miller]

Sounds like a good average horse set up in an upscale neighborhood. I can talk about ones that are much higher in value and many that are much lower.

This one sound about average in an area where heat may be needed in the winter months.

Yes there is some value there.

 

[Michigan CG]

What about an extensive income approach to value? Is there an income? Is the income stream reliable and consistent? If you can get income details you can rely on that approach, although finding a cap rate will be hard to discern. Some good books out there about discerning cap rates or talk to someone above about a reliable cap rate and how they found one.

 

[Nancy in Friday Harbor]

No Tim, no income. Hobby setup.... Owner has 5 Friesians. One foal produced and sold in 3 years. Big, powerful horses, so stalls/stable, fencing, etc is heavy duty and top quality.

 

[Ray Miller]

In todays equine market an 8 stall barn would not produce enought income to even pay the light bill.

Kill prices for horse are now gone do the US Goverment interference in the slaughter of horses. Soon horse will be running wild with the deer as people who can not afford to keep them will just turn then loose.

This past month good broke bring 200 to 600 hundred dollars. Reg horse bringing an average $1200. Over supply to say the least. Colts can be had for $10 to $20. One horse this past week end sold for $200 less then the breeding fee paid three years ago. Not counting one year of training and the cost of feed, care and vet that was never recovered.

this no slaughter of horse in this country is going to be just like the "Wild Horse Act" cost us tax pays Tens of Millions of dollar now, even this will cost more as no market to slaughter the over supply of what is call a wild horse. So now will be looking at Hundreds of Millions of dollars for the care and feeding of horses that no one wants. Way to go Groverment and Tree Huggers and Animial Rights people.

 

[Tim Schneider]

What is slaughtered horse used for?

 

[Wayne Tomlinson]

Slaughtered horses have been used for export mostly to France. They consider it a delicasy.

They also have been used in dog food.

There is presently only one slaughter house remaining in the US. It is in De Kalb Illinois.

Bo Derek just last week appeared to testify (fully clothed, I think) to tell our legislators that it is not a nice thing slaughter horses for human food, because they are pets.

My personal problem with that is that there is no alternative remaining for a horse owner but to keep feeding that worthless horse until it dies, of to have it put down and call the back hoe guy to bury it, (Bo probably does not like that option either)

My personal opinion is that the horse slaughter house provided a good, worthwhile service.

Wayne Tomlinson

Wayne Tomlinson