Major price cuts for New York’s horse farms

New York’s horse farm properties have not been immune to the downturn and are facing sharp price reductions in both high- and low-end markets, the New York Times reported. For those who once had to board their horses because they couldn’t afford a farm, this may be the time to enter the market.

In North Salem, the heart of Westchester’s horse region, a three-bedroom, two-and-a-half-bathroom renovated farmhouse with a three-stall barn and four acres is asking $895,000. Five years ago it would probably have asked closer to $1.3 million, according to Carol Goldberg, the listing agent for Vincent & Whittemore Real Estate.

At the other end of the price spectrum, a five-bedroom estate, in Duchess County’s Millbrook, on 276 acres was listed for $26 million by Houlihan Lawrence earlier this year. It’s proximity to Midtown and its ability to house more than 50 horses, made it unique. Still, when it came to the crunch, the property was sold for only $18.375 million.

“The problem is, in the current market, even at the lower price range, most buyers today look at horses as very expensive toys, and we’re feeling that,” said Sanford Glazman, an associate broker with Better Homes & Garden Rand Realty in Warwick, New York, which is 57 miles from Manhattan, according to google maps.

The further the distance from Midtown, the cheaper the property, he said.

“Some of my clients have looked in Westchester, but there aren’t as many large tracts available there, and taxes are higher… As a result, places like Warwick have become viable alternatives, especially for people who work from home and only commute to Manhattan two or three days a week.”

Bedford also remains a key location for affluent horse owners because of its proximity to Manhattan, said Alfie Rechichi, manager of the Katonah office of Coldwell Banker Residential Brokerage.

Earlier this year, The Real Deal reported that “Will & Grace” director Jim Burrows had sold his Duchess County horse farm for a record-breaking $15 million to legendary investor Jack Meyer. [NYT]