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Can we have a COTH farm real estate thread... since HGTV hasn't?

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  • Original Poster

    #61
    Originally posted by Finzean View Post
    http://www.haganandhagan.com/horse-p...es/horse-farms

    Just about anything here will do...anything w/easy access to the Foundation. I used to live on Old Mail Road (working student housing!! no SS appliances but granite in the driveway! ha) and it's really lovely.
    You are so right! Any of 'em would do.

    So.... what's the catch? What's wrong with the area? Prices rock and architecture/barns/pasture are great compared to other parts of the country.
    The armchair saddler
    Politically Pro-Cat

    Comment


    • #62
      http://www.haganandhagan.com/real-estate/details/56584

      If this were here, I'd FIND financing. I'd sell body parts. Wow...
      COTH's official mini-donk enabler

      "I am all for reaching out, but in some situations it needs to be done with a rolled up news paper." Alagirl

      Comment


      • #63
        Originally posted by msj View Post
        Originally posted by alabama View Post
        When I was house shopping, an appraiser told me that things like fencing and barns did nothing for an appraisal. I was surprised by that.
        I had one realtor tell me the same thing-that my barn, indoor, and all the post and rail fenced pastures weren't worth anything. And, to top it off, she had horses herself! I admit I had heard that in relation to a swimming pool.

        Now, on the plus side, when I built the barn and indoor and fenced and cross fenced, my assessment only went up $30K. Believe me, I spent a WHOLE LOT MORE than $30K, well over 130K to be exact!


        I've been known to DRAG Appraisers kicking and screaming out to the barns. I've found telling them "you WILL include the barn in the appraisal or we will tell the bank we want another appraisal ordered" often works. Yes I've ruined many appraisers fine leather shoes. (always amazes me what some Real Estate Professionals will wear on their feet to look at horse farms)

        This is my website incase anyone's interested to see what the market looks like in this area. http://www.exclusivelyequinepropertiesllc.com/ As you can see we absolutely value the barns and the land and the fencing!

        For the most part, traditional appraisers are good with numbers but not so good with farms. If you can get an experienced equine property appraiser, your good but often for purchases or re-fi's you are stuck with a bank assigned appraiser. I've watched the smoke come out of many appraisers ears when you tell them there's a "barn" on the property. Many times, they don't know how to categorize the property. Most horse properties are truly unique and over 10 acres. The appraisers immediately begin to try and get the round peg into the square hole. I've found many appraisers can not grasp how you can have a "agricultural operation" run from a "residential property" and I've often seen them try to force the horse farms that I sell, into a commercial loan category, which carries a much higher %.

        Also, many conventional loans will not work for horse properties over 20 acres, in New York State, as they don't meet Govt. underwriting guidelines. The last 10 farms I've sold, the buyers have had to have their loans held in house at the bank. One of the reasons I always recommend using a small local credit union as opposed to a big bank is they will often do this for you with a smile on their face.

        Big Banks, and more importantly, the big bank appraisers will often refuse to include any thing but the house and few acres. This means you can have a 100 acre farm with two barns and and indoor riding arena and a 2,000 sq. ft. house but the appraisal report will show a 2,000 sq foot house on 3 acres, IF YOU DON'T USE THE RIGHT BANK AND THE RIGHT LOAN.


        That said, many consumers also use the words appraisal, assessment and CMA (comparative market value analysis) interchangeably and they are 3 different #'s generated by 3 different formulas and 3 different Real Estate Professionals. And each report may be used for different reasons.
        1. Your CMA, requires a licensed Real estate broker.
        2. Your Appraisal requires a licensed Appraiser.
        3. Your FMV and assessment # is done by your town tax assessor. Who is often neither a Licensed Broker or Appriaser.
        (I've found this # can fluctuate with what mood they were in the day they updated the towns values and whether or not they like your family)


        As you stated you can do $130k worth of improvements and only have your assessment go up $30k, which can be a good thing for your taxes but a bad thing for resale value or taking out a HELOC to buy more footing for your arena or install automatic waterers in the stalls for example.

        But that is also why you can (almost always) buy an existing Horse Farm for cheaper than it would be to build it. And another reason why traditional Real Estate Reality shows are misleading. Just as if you install a $30,000 kitchen and you can not add on $30,000 to your homes market value, you can also not build a $80,000 horse barn and think it will ad $80,000 on TOP of your market value. Sure a new kitchen or a new barn WILL help sell your property but they often add pennies on the dollar on what they cost to renovate or construct.

        On that note, I think it's worth mentioning (and something many new yorkers are not aware of) if you are agriculturally assessed in New York State, if you build a new agricultural building, make sure that your building inspector and tax assessor KNOW it's tax exempt for the first 10 years! If not refer them to the NYS AG and Markets website. And buildings like clear span building are often not even recorded on the tax records (although you still need a Building Permit) as they are "temporary" structures that often have a 7-10 year depreciation value.

        In that example the Clear Span riding arena will factor into your Market value $ but it will be a challenge to get a appraisal $ to include it unless you have an Equine Friendly Appraiser.

        True Equine Property Appraisers and Equine Property Agents are hard to come by. I am lucky to live in an area with quite a few good ones to work with.

        I see a lot of people in powersuits take a picture with a horse and put it on their business card and Presto Chango they are "equine property specialists". Not everyone buying a horse farm is a horse person yet. They may own a horse but not know what makes a farm desirable or not. Some "pretty" farms are not smart purchases and other's with less curb appeal are actually well designed farms.

        It's important, no matter what part of the country you buy in, that you have someone who really is versed in the horse property field. In the long run they can help you make a wiser decision which usually saves money and time in the long run.
        Last edited by hudsonhunter; Jan. 29, 2013, 09:26 AM. Reason: spelling errors
        Your New York Horse Farm Real Estate Broker

        http://www.exclusivelyequineproperties.com/

        Comment


        • #64
          Originally posted by saddleup View Post
          I can't get over how much you can get for the money in some areas. Acreage, indoor arenas, etc.

          I think I'm depressed.
          Then move!
          http://www.youtube.com/user/NBChoice http://nbchoice.blogspot.com/
          The New Banner's Choice- 1994 ASB Mare
          Dennis The Menace Too- 1999 ASB Gelding
          Dreamacres Sublime- 2008 ASB Gelding

          Comment


          • #65
            Originally posted by rmh_rider View Post
            I do think the funniest ones are the granite and ss. OH OH and OPEN KITCHEN type floor plan. Ok. So you want granite and ss, AND open kitchen. That person must not EVER cook. The smell of food goes everywhere, and it is so loud everywhere. Can't hear the tv or radio due to all the kitchen noise. Oh, there isn't noise in there house, only from the microwave. But at least they have ss, and granite. I have seen so many kitchens which are not useful, but those buyers want it because it has granite and ss. o.m.g.
            I have an open floorplan, granite and stainless steel. And we cook A LOT. During the summer, we normally have people over all weekend cooking all kinds of things. And my house doesn't stink. I also have a huge master bedroom, 36 acres and a private lake. Doesn't make me a snob, makes me someone who put an addition on my house and we decorated it how we wanted it. I can paint too. So don't lump everyone with high end tastes as worthless and incompetent.

            Comment


            • #66
              nickers@dawn - I'm a realtor who sells a lot of horse farms in the area. I showed this property and I'll tell why it didn't sell for more:
              1. Came on the market way too high and lost momentum as days on market lengthened.
              2. Cute barn, not particularly clean - so people with more to choose from opted to go elsewhere.
              3. House was very old (and we do have many charming older homes in this area) but did not have the updates most buyers want.
              4. Weird floor plan, if I recall correctly.
              5. On the corner of a fairly busy county road, Route 579.
              If you STILL want to move to NJ, PM me!

              Comment


              • #67
                Originally posted by Sabino View Post
                I have an open floorplan, granite and stainless steel. And we cook A LOT. During the summer, we normally have people over all weekend cooking all kinds of things. And my house doesn't stink. I also have a huge master bedroom, 36 acres and a private lake. Doesn't make me a snob, makes me someone who put an addition on my house and we decorated it how we wanted it. I can paint too. So don't lump everyone with high end tastes as worthless and incompetent.
                OK, so I wasn't the only one who was rubbed the wrong way...my house just went on the market two weeks ago, the realtor loved the open kitchen, ss, etc, and my house never smelled likefood after a couple hours had gone by. Sheesh .
                COTH's official mini-donk enabler

                "I am all for reaching out, but in some situations it needs to be done with a rolled up news paper." Alagirl

                Comment


                • #68
                  Thank you TheJenners, even tho I've been on this forum for a long time, I don't post much so I figured I'd get strung up by my toes for responding that way.

                  Comment


                  • #69
                    Originally posted by twelvegates View Post
                    Is that the Fleek QH property??? -- because I do think it went under contract. Another one of my dream places.
                    Hmmm, I don't know. I was wondering what the barn was actually... Figured it was something like that with the western saddles. I know dressage people and some eventers but not many people in other disciplines so that probably explains it! It's a gorgeous place... I'm completely biased but I think it would be even more gorgeous with a full size outdoor dressage court and pastures full of FEI horses, nice broodmares, and fancy little foals! LOL

                    Comment


                    • #70
                      Originally posted by RedmondDressage View Post
                      Hmmm, I don't know. I was wondering what the barn was actually... Figured it was something like that with the western saddles. I know dressage people and some eventers but not many people in other disciplines so that probably explains it! It's a gorgeous place... I'm completely biased but I think it would be even more gorgeous with a full size outdoor dressage court and pastures full of FEI horses, nice broodmares, and fancy little foals! LOL
                      Well check out these BIG pics (same place I believe)...to die for...

                      http://mariadanieli.com/listings/fle...er-horses.html
                      Nothing with horses is ever easy or cheap. And if it is, you're doing it wrong. They always rip out part of your soul when they leave. I guess that's how they find us later.

                      Comment


                      • #71
                        A Horse House Hunters would be tricky, I mean it took me three years to find my modest place. Speaking of which, I am in the middle of a complete gut job, 95% of which is DIY, and am much more interested in DIY or remodeling shows right now. HGTV used to have a lot more interior and exterior designer shows--I miss those. I always liked Curb Appeal.

                        Perhaps they should do a special on horsey-estates instead? Or horse farms of the rich and famous--that would be fun.

                        Or they could build ultimate barns! I would be willing to nominate my farm for the pilot.
                        DIY Journey of Remodeling the Farmette: http://weownblackacre.blogspot.com/

                        Comment


                        • #72
                          Originally posted by twelvegates View Post
                          Well check out these BIG pics (same place I believe)...to die for...

                          http://mariadanieli.com/listings/fle...er-horses.html
                          Oh man, those pics make me like it even more!!! :::Running to the store to buy 10 lotto tickets:::

                          Comment


                          • #73
                            I was just searching HGTV to see how to enter a property/family.

                            Right now all they are looking for are people in the LA area. I mean, who really cares about metro LA?

                            How bout you come on out to PA and fix me up!

                            Honestly, there is an entire show worth of history behind the farm we are buying and has been in the family since the day it was built.

                            Even doing something in the South with and old plantation house or in New Orleans. Really, I think doing a back story would be a really nice addition to the show!

                            So, pick me, pick me !! I will even throw in a good hauting ghost story or two

                            Comment


                            • #74
                              Originally posted by Sabino View Post
                              I have an open floorplan, granite and stainless steel. And we cook A LOT. During the summer, we normally have people over all weekend cooking all kinds of things. And my house doesn't stink. I also have a huge master bedroom, 36 acres and a private lake. Doesn't make me a snob, makes me someone who put an addition on my house and we decorated it how we wanted it. I can paint too. So don't lump everyone with high end tastes as worthless and incompetent.
                              that's great, but was this your first home that you expected to pay $150,000 for? THAT is what I find amusing.. just watched another one last night... it's too small, it's too this or not enough that? What on earth do you expect for $99,900? At that price, here, it would be a dump... not a remodeled kitchen (which was really nice)... I cannot get over the house prices in the US!

                              Nobody would want my 1976 house... no master bathroom, no walk in closet, a fairly small master and an old kitchen (which I truly hate...) It still appraises well in our area in the high $300K.

                              Comment


                              • #75
                                Originally posted by FalseImpression View Post
                                that's great, but was this your first home that you expected to pay $150,000 for? THAT is what I find amusing.. just watched another one last night... it's too small, it's too this or not enough that? What on earth do you expect for $99,900? At that price, here, it would be a dump... not a remodeled kitchen (which was really nice)... I cannot get over the house prices in the US!

                                Nobody would want my 1976 house... no master bathroom, no walk in closet, a fairly small master and an old kitchen (which I truly hate...) It still appraises well in our area in the high $300K.
                                House prices in the US are all over the place. You can get a lot more in TX than in CA for example. Urban areas are way more expensive--just like the rest of the world. Don't worry, you can't get a large open floor plan with granite and SS for $150,000 in SD and we are hardly one of the more expensive states. And if it is a farm--ha! Land is VERY expensive where I am compared to the average salary/cost of living.
                                Last edited by TrotTrotPumpkn; Jan. 29, 2013, 05:39 PM.
                                DIY Journey of Remodeling the Farmette: http://weownblackacre.blogspot.com/

                                Comment

                                • Original Poster

                                  #76
                                  Originally posted by FalseImpression View Post
                                  that's great, but was this your first home that you expected to pay $150,000 for? THAT is what I find amusing.. just watched another one last night... it's too small, it's too this or not enough that? What on earth do you expect for $99,900? At that price, here, it would be a dump... not a remodeled kitchen (which was really nice)... I cannot get over the house prices in the US!

                                  Nobody would want my 1976 house... no master bathroom, no walk in closet, a fairly small master and an old kitchen (which I truly hate...) It still appraises well in our area in the high $300K.
                                  The wackiest, IMO, are the people looking for their first house with budgets well over a quarter million. Where are the whippersnappers getting, say, 40-60 grand in downpayment?

                                  Oh, and then watch "My First Sale" to see people owing $105K on a $115K mortgage after 10 years and being bummed that they are getting out of their house (usually into a bigger one) OWING some dough.


                                  Granted, these are apples and oranges. Usually the rich first-time buyers are composed of two people working or one working who is an attorney of some sort, and they are looking near one of the big cities on one of the coasts. The sellers are in non-descript suburbs in the South and Southwest.
                                  The armchair saddler
                                  Politically Pro-Cat

                                  Comment


                                  • #77
                                    Originally posted by mvp View Post
                                    The wackiest, IMO, are the people looking for their first house with budgets well over a quarter million. Where are the whippersnappers getting, say, 40-60 grand in downpayment?
                                    I suppose that perception depends on where you live. You would be hard pressed to find a single family house in decent condition in Seattle for $250k. Those of us who live in cities like this either start out in small condos or rent well into our 30's until we have the down payment. Things have come down since the recession but not all that much.

                                    Comment

                                    • Original Poster

                                      #78
                                      Originally posted by RedmondDressage View Post
                                      I suppose that perception depends on where you live. You would be hard pressed to find a single family house in decent condition in Seattle for $250k. Those of us who live in cities like this either start out in small condos or rent well into our 30's until we have the down payment. Things have come down since the recession but not all that much.
                                      I grew up in the SF Bay Area and have seen not one but two real estate bubbles in my lifetime. I know from overpriced housing!

                                      By the way, some of these whippersnappers are paying that $250K for townhouses.

                                      So, yeah, they rent into their 30s, but then again they have student loan debt as well. The numbers still look big n' crazy to me.
                                      The armchair saddler
                                      Politically Pro-Cat

                                      Comment


                                      • #79
                                        mvp-I know exactly what you mean about My First Sale, and the same thing happened on Real Estate Intervention (the original two seasons around DC). The worst were the people who bought places, and everytime the value went up they refinanced, and used the place like an ATM. I was amazed that some owners on both shows ended up with a house they've had for 10 or 15 years, and still owed almost the selling price, and the selling price was based on their own need for money, and not the market value.
                                        You can't fix stupid-Ron White

                                        Comment


                                        • #80
                                          I can't stand to watch House Hunters or any of those anymore, I like to watch the International version though. That's a good serving of humble pie for most American Princes and Princesses. If I see another stainless steel appliance next to a granite counter top I think I'll hurl. They all look they same and they aren't that nice. They break dishes on a dime and show fingerprints forever. I hate the cookie cutter house that "we simply MUST have or this house is a total tear down!" Give me an old farmhouse with good grass pastures and solid fences any day. I'll take the character, the history, and the water rights over freaking granite counter tops all day long.
                                          “Most people do not listen with the intent to understand; they listen with the intent to reply.” Stephen R. Covey

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