Horse Farm Appraisal

[JSmith43]

In discerning HBU, did you get any information regarding the historical uses of the place? Financials?

I have appraised lots of hobby farms. In MN, with the 2nd indoor arena being 3,600 SF, it could be the site of indoor dressage event, barrel racing, whatever.

The box stall count is suggestive of a boarding use. There are lots of women living in apartments, townhouse, etc, that own their own horse and stable them somewhere other than the garage A few of my nieces have participated in such events all their lives. They have owned what I would call hobby farms, several box stalls, but not 52!

I've got a hunch that this type of layout reflects an attempt to make a living and/or subsidize a hobby. If it were purely a hobby, the home most likely would be big & fancy in MN & the indoor riding arena might have a cedar shake roof to match the home.

If it were my assignment, I'd refer it to someone into the horse scene that was also an appraiser, if possible, because they would be less likely to miss something in the analysis. I'd have to struggle to much for it to be worth it, since I don't have an interest in such things. It is a lifestyle for horse people. I know that much.

 

[nauthead]

These properties require research not typically found with residential assignments. Soil types can have a big bearing on these properties. Soil contamination is also an issue. Does the market prefer center aisle or shed row style barns? Do concrete block and frame barns have the same market acceptance? What about spray systems? 52 stalls would probably require several apartments attached to the barns for workers. Would you have functional issues without apartments for workers? Does the property have an adequate foaling barn, lab, a sufficient number of paddocks, loading ramps, hot walkers or free walkers? Do you have the data to complete a cost approach for all of the improvements if necessary? I could go on.......