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Unless there are strict requirements that delineate the number and quality of stalls, the size of the barn the arena, the pens, the loafing sheds, the feed storage, and that have pretty specific rules concerning such things, the mere fact that it is a horse property makes it very complex. Finding comparables with similar features is going to be difficult. To develop a market response to a particular feature will probably require a multiple regression developed for most of the unique items. And the value can change based on the quality of the hose down area, the size and integrity of the tack room, the quality of each stall, the number of stalls. Believe it or not there is a substantial value difference between a 60' lunging arena as opposed to a 90' lunging arena. Needless to say, if all there is is a bunch of 30x40 morton buildings with no fixtures and one or two pipe corrals and perimeter fencing then that might be different.
But we have an indicator in the OP that suggest there is a lack of recent sales of similar properties. So what we would have to look for is similar communities with similar horse restrictions and a similar economic base and similar taxation etc etc etc.
Even for an experienced professional developing an estimate of value for this is going to be a challenge. For an appraiser with no experience with this type of property, the appraisal won't be worth the paper it is written on.
I agree that the appraisals for such properties are generally a less valid than those for more routine properties, but as Wayne is primarily a suburban residential community I do not believe any highly specialized appraiser will be sought out nor would the lender really care about the details cited.
The lender wants something in writing that they can put in the file to "CYA" their decision to lend or not.
Unless there are strict requirements that delineate the number and quality of stalls, the size of the barn the arena, the pens, the loafing sheds, the feed storage, and that have pretty specific rules concerning such things, the mere fact that it is a horse property makes it very complex. Finding comparables with similar features is going to be difficult. To develop a market response to a particular feature will probably require a multiple regression developed for most of the unique items. And the value can change based on the quality of the hose down area, the size and integrity of the tack room, the quality of each stall, the number of stalls. Believe it or not there is a substantial value difference between a 60' lunging arena as opposed to a 90' lunging arena. Needless to say, if all there is is a bunch of 30x40 morton buildings with no fixtures and one or two pipe corrals and perimeter fencing then that might be different.
But we have an indicator in the OP that suggest there is a lack of recent sales of similar properties. So what we would have to look for is similar communities with similar horse restrictions and a similar economic base and similar taxation etc etc etc.
Even for an experienced professional developing an estimate of value for this is going to be a challenge. For an appraiser with no experience with this type of property, the appraisal won't be worth the paper it is written on.
There are very strict requirements for the property. Barn has to be "in keeping with the house" and is limited to stall size and max sq ft based on amount of acreage with the house. 1000 sq ft barn for 2 acres, then an extra 240 sq ft with each additional acreage. Also the barn has to be constructed of same material as house i.e. cedar with cedar, brick with brick. No steel barns at all. Also restrictions on type and quality of fencing.
A horse property in Wayne. You can come to dinner if you like - just bring the cheesecake.
Ah yes....Barrington Hills is probably too far but oh so similar.
Plain or with strawberries?
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