SOUTH FLORIDA HORSE PROPERTY MARKET UPDATE - APRIL 2007
There are currently 538 equestrian properties in the Dade, Broward or Palm Beach counties that could be classified as "horse" properties, but this number also includes lots in equestrian communities, or lots or land zoned OK for horses. Roughly 50% or less of these listings are fully operational "horse" properties, with fencing, stalls, a ring, etc., the rest is more "horse ready or horse OK", but would need the improvements including barn and or house.
The average listing price is $1,141,000. A handful of stunning properties range from $5,000,000 - $15,000,000, most of which are in Wellington, Southwest Ranches or Davie. The largest majority are in the $800,000 to $2,000,000 range. There are still some great properties to be found under $800,000 which are more likely to be found in Miami-Dade due to the UBD restrictions which help keep land more affordable. Most of the properties under $600,000 normally do not have a house and are buildable lots or land, often 1-2 Acres.
2007 has seen 17 closed sales, the average sale was $758,676 and the highest was $1,600,000. The average number Days on Market was 76 before going under contract and they sold for on average of 95% of list price. Additionally there are currently 12 pending sales, the average list price of these under contract properties is $871,608 and the highest was $2,100,000 and the average days on market is 43. This equate to a 74 month supply of Equestrian properties in Miami-Dade, Broward and Palm Beach Counties.
Compared to much of the rest of the current market (NIC condos) in these three counties , an average DOM of 76 (or better yet 43) and a list to sale ratio of 95% is really not bad at all, but notice that most of the properties are in the lower end for horse properties and the high ticket properties are languishing on the market. In a slower market, these are the properties, horse or not, that are slower to move. Additionally, owning a horse property comes not only with the expense of the property but the upkeep and maintenance of the farm and horses which is not inexpensive. Horses are much like boats, they are great to have but they cost money every month no matter what and in a more challenged economic time, people may either choose to (or have to) sell their horse property or not buy one in the first place. Most buyers and sellers of horse properties that we see are already horse property owners who need to find a larger or smaller place depending on their economic means and/or the number of horses they have (want or need to sell).
If you have a horse property to sell or if you are looking for a horse property to buy, we would love to hear from you, 786-252-4970. Also please feel free to check out our website, www.SouthFloridaHorseProperties.com, but please contact us as well as new listings are coming on the market every day and still more are not listed on our site due to confidentiality.
Janie Coffey
Owner/Broker, GRI, TRC, QSC
cell: 786-252-4970
email: janie@papillonllc.com
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