Lisa Simpson
Apr 20,2010
In: Foreclosures

Horse Properties are now Facing the Brunt of the Niggardly Market

Horse properties are now facing the brunt of the niggardly market.

Horse properties are now facing the brunt of the niggardly market. One of the victims is Emerald Hills Ranch of Scottsdale – a calm and peaceful oasis just a stone’s throw from the bustling traffic of Sheal Boulevard. A five year old stallion American saddlebred horse named Pine Canyon is under the charge of two trainers – Cayce and Roman Marcos.

Marilyn Kennedy is a realtor focusing on horse ranches. She is hunting for a buyer of Emerald Hills. The price tag is $5.2 million but there is only a small cluster of would-be buyers. Kennedy is targeting those buyers who would be interested in setting up horse farms across America.

Horse ranches are facing the same problem as the real estate market in general. There are many properties but few buyers. Kennedy said, “There’s always a lot of horse properties, even in the best of years.”

The market covers an extensive area spanning the valley. Prices start from a modest $37,000. In Buckeye a property covering 1 acre is priced at $150,000. In Desert Hills region lying to the north of Phoenix a house with amenities for keeping horses has an asking price of $186,000. The price increased to multimillion of dollars in ranches located in Scottsdale and Rio Verde. Recently a property covering 5 acres at Hayden (north Scottsdale) found a buyer for $1.6 million.

Trisha Brooks is a realtor. She said, “It’s a price-driven beauty contest.” Potential buyers are honing in on foreclosures and short sales.

Of the 27,000 or more houses listed by Arizona Regional Multiple Listing Service in Phoenix, 10% are horse ranches. These are horse properties comprising of corrals and barns covering at least one acre.

It was in 1976 that Emerald Hills Ranch came into being. It has three bedrooms standing on 3,454 square feet as well as a guest house. It is located in the locality of Scottsdale where there are large lots. Some of them are old fashioned while others are stucco and tile houses. The southern edge of the ranch is skirted by the Central Arizona Canal. This acts as a demarcating line with adjacent properties. Included in Emerald Hills is a track covering quarter miles. In the main barn there are 20 stalls. Another barn is for foaling. There are also two tack rooms and a lounge for clients. It has been functioning as private stables and for horse breeding. The owner is now thinking of cutting down on its size said Kennedy.