Dream Farm, high end, upscale horse farm

[ToN_Farm]

Is being close to NYC a perk for a horse person? It wouldn’t be for me. I guess if one of the family worked there it might be. This location is also relatively close to Philadelphia.

As for the mud, I don’t have any ever in my NJ fields that have clay in the soil. But I also don’t have multiple horses share small quarters. Once you lose all the grass, all that’s left is dirt. Grass isn’t going to grow back with a group of horses on it 24/7. Add rain and you have mud.

Someone asked when this property was listed. Just this month. What I found interesting is the big price jump from in 14 years. Judge for yourself.

Property Price

Date	Event	Price	Price/Sq Ft	Source
01/09/2023	Listed	$1,199,999	-	MonmouthOcean
06/23/2009	Sold	$267,900	$121	Public Record
05/10/2009	Listing removed	$267,800	$118	MonmouthOcean
03/13/2009	Listed	$267,900	$118	MonmouthOcean
12/03/1998	Sold	$135,000	$61	Public Record
12/20/1996	Sold	$115,000	$52	Public Record
11/17/1989	Sold	$240,000	$108	Public Record

[furlong47]

@Rackonteur

I feel sad, seeing the barn’s website and FB page and reading of their plans for 2023. I wonder what happened and I feel bad for the trainer/owner and the boarders both equine and human. The more so because of the OTTB program.

They could be moving to a bigger and better facility with more room for their number of horses… I wouldn’t be sad without knowing the story. I’ve seen lots of programs that operated out of different facilities over their lifetime.

[Texarkana]

@ToN_Farm

Is being close to NYC a perk for a horse person? It wouldn’t be for me. I guess if one of the family worked there it might be. This location is also relatively close to Philadelphia.

As for the mud, I don’t have any ever in my NJ fields that have clay in the soil. But I also don’t have multiple horses share small quarters. Once you lose all the grass, all that’s left is dirt. Grass isn’t going to grow back with a group of horses on it 24/7. Add rain and you have mud.

Someone asked when this property was listed. Just this month. What I found interesting is the big price jump from in 14 years. Judge for yourself.

Property Price

Date	Event	Price	Price/Sq Ft	Source
01/09/2023	Listed	$1,199,999	-	MonmouthOcean
06/23/2009	Sold	$267,900	$121	Public Record
05/10/2009	Listing removed	$267,800	$118	MonmouthOcean
03/13/2009	Listed	$267,900	$118	MonmouthOcean
12/03/1998	Sold	$135,000	$61	Public Record
12/20/1996	Sold	$115,000	$52	Public Record
11/17/1989	Sold	$240,000	$108	Public Record

I noticed this price jump too, but some observations:

2009 was amid the years of the Great Recession. There’s a good chance this was a foreclosure in 2009, also possibly in 1996 given the price in 1989.

I think the horse facilities were probably built or expanded around 2009 based on their appearance. The barn construction and driveways give the place a repurposed business feel. Given how wooded the surrounding area is, I think it’s very possible the land was cleared as recently as 14 years ago. That would also explain the mud/poor grass growth. The interior house updates also look like they were done within the past 14 years, furthering my suspicion this was a foreclosure or major fixer upper.

Being close to NYC is a good place to be if you want to make a living giving riding lessons or boarding horses. Lots of people, not a lot of competition for your business.

[ToN_Farm]

@Texarkana
I disagree with you on all you wrote. First the barn does not look like it was built just 14 years ago. My barn was built 30 years ago, and looks much better than that one. 2008 was a bad year for foreclosures, but look what the price was in 1989. The other thing is the place has no indoor arena which is pretty much a necessity here in NJ if you are seriously into riding. As for NYC providing clients, it is 50 miles away. This area is not imo considered a horse mecca at all. Lastly, it only has 6 acres. I think the place would be lucky to get 500k. I’m no realtor, but I have a very good feel for the horse facility market in New Jersey. I guess we shall see when it sells what they get for it.

This farm sold in May 2021 for $900k. It is in a much better location, better condition, and has an indoor.

https://www.realtor.com/realestateandhomes-detail/49-Allerton-Rd_Lebanon_NJ_08833_M90626-50640

[Texarkana]

@ToN_Farm

I disagree with you on all you wrote. First the barn does not look like it was built just 14 years ago. My barn was built 30 years ago, and looks much better than that one. 2008 was a bad year for foreclosures, but look what the price was in 1989.

Fair point, but I get a very “repurposed on the cheap” vibe off the barn that I could believe was done 14 years ago. The sheds are T1-11 that can’t possibly be older than 14 years.

I see the price in 1989, which is exactly what makes me think it was a foreclosure or fixer-upper in 2009. Why do you think $240k in 1989 then $267k in 2009 automatically disproves that it was a foreclosure?

[ToN_Farm]

@Texarkana

@ToN_Farm

I disagree with you on all you wrote. First the barn does not look like it was built just 14 years ago. My barn was built 30 years ago, and looks much better than that one. 2008 was a bad year for foreclosures, but look what the price was in 1989.

Fair point, but I get a very “repurposed on the cheap” vibe off the barn that I could believe was done 14 years ago. The sheds are T1-11 that can’t possibly be older than 14 years.

I see the price in 1989, which is exactly what makes me think it was a foreclosure or fixer-upper in 2009. Why do you think $240k in 1989 then $267k in 2009 automatically disproves that it was a foreclosure?

I didn’t say it wasn’t a foreclosure. I just checked, and it was. That doesn’t change the fact that the farm isn’t worth 1 million dollars when compared to other farms I see selling in the state.

Maxim Southard Rd Howell New Jersey 07731 | Foreclosure.com

[Rackonteur]

@MsM

Really unfortunate listing for the property. Not so much “high end” as a commercial business property (which seems to be how it was used) Much more realistic to be marketed as a boarding/training/lesson facility. Not doing that makes me wonder if it was grandfathered in and can not longer be used that way.

I wondered about that too. But according to Google Maps it’s kind of out in the middle of nowhere, certainly not in a built-up or upmarket neighborhood. Not that that means the area isn’t about to be zoned commercial and bought up by some developer …

[Libby2563]

For whatever it’s worth, here are old satellite views (I already had Google Earth open for something else).

1995 (earliest view in which everything isn’t just a blur):

2002:

The color of the soil on the east side is really intense! The USDA soil map says it’s “Atsion sand.”

2008:

2010:

2021:

[skip99]

Eh, the market is pretty weird right now and can’t compare Howell with Lebanon (technically that other listing you shared is Clinton zoning wise). Howell is a stone’s throw from the shore and pretty heavily populated - at least compared to Lebanon/Clinton. A new apartment building is going in where a dilapidated grocery store was in Clinton, and let’s just say the Facebook community is in an uproar and already complaining about traffic. Don’t even get them started on the new Dunkin went in near the exit off the highway because they already had one on the other side of town

There are a few nice small farmettes quite close to Howell in Colts Neck I drool over - priced in the 3-4 mill range. The listing in the original post I could see moving (eventually) for in the high 900s despite it’s really rough appearance. There’s not much on the market so I’m not surprised they are asking for a bigger number.

Not a realtor, but keep a close eye on the market in case I ever get completely overwhelmed with mud season here and exit the state

[Texarkana]

@Libby2563

For whatever it’s worth, here are old satellite views (I already had Google Earth open for something else).

1995 (earliest view in which everything isn’t just a blur):

2002:

The color of the soil on the east side is really intense! The USDA soil map says it’s “Atsion sand.”

2008:

2010:

2021:

Well I guess that answers that! But that discolored ground is interesting.

[erinmeri]

@ToN_Farm

As for NYC providing clients, it is 50 miles away. This area is not imo considered a horse mecca at all.

As I prepare to get in my car and drive 50 miles to Hunterdon County from NYC, I would contest the notion that 50 miles is too far to provide clients.

Anywhere within 50 miles of NYC is absolutely within range for people living and/or working in NYC. Over half my barn lives in the 5 boroughs, several more live just over the border in NJ (Jersey City/Hoboken and nearish suburbs).

Now, 6 acres and no indoor would be a deterrent for me, as would the relatively non-horsey area. But not the distance.

[S1969]

@ToN_Farm

Is being close to NYC a perk for a horse person? It wouldn’t be for me. I guess if one of the family worked there it might be. This location is also relatively close to Philadelphia.

I don’t know that it is a perk, it’s just a fact. Real estate within two hours of NYC is a world of its own. Some people commute that distance into the city by train every day.

But if you are a horsey kid in NJ and your parents are teachers or middle level management or something in that area, this is probably the kind of barn you would ride at. Not super high end, but probably runs a nice little program. It’s not necessary drawing clients from Manhattan but it’s not comparable to Kansas.

[Scribbler]

@S1969

@ToN_Farm

Is being close to NYC a perk for a horse person? It wouldn’t be for me. I guess if one of the family worked there it might be. This location is also relatively close to Philadelphia.

I don’t know that it is a perk, it’s just a fact. Real estate within two hours of NYC is a world of its own. Some people commute that distance into the city by train every day.

But if you are a horsey kid in NJ and your parents are teachers or middle level management or something in that area, this is probably the kind of barn you would ride at. Not super high end, but probably runs a nice little program. It’s not necessary drawing clients from Manhattan but it’s not comparable to Kansas.

I live in the suburbs as does my horse, but I commute 45 miles to work in the exurbs. It takes me about 40 minutes on a good day including 7 minutes to the freeway through stop lights etc. It’s not an insane commute.

BTW I found the farm website. It looks like a happy well ordered beginner and junior barn. No mention of an imminent move.

[pony_baloney]

It actually is a horsey area. Howell isn’t far from Farmingdale, Freehold, Lakewood, Colts Neck. And there’s a great reservoir nearby for trail riding. It’s much more developed than years ago, but plenty of barns to pick from. It’s also very different than Hunterdon County. I imagine more wealthy horsepeople from NYC choosing Hunterdon over that part of Monmouth.

It’s always sad to see a stable for sale when there’s a chance it will be redeveloped. Even those that are turn-key and in great shape are on the market for a long time.

[erinmeri]

@pony_baloney

It actually is a horsey area. Howell isn’t far from Farmingdale, Freehold, Lakewood, Colts Neck. And there’s a great reservoir nearby for trail riding. It’s much more developed than years ago, but plenty of barns to pick from. It’s also very different than Hunterdon County. I imagine more wealthy horsepeople from NYC choosing Hunterdon over that part of Monmouth.

It’s always sad to see a stable for sale when there’s a chance it will be redeveloped. Even those that are turn-key and in great shape are on the market for a long time.

I didn’t realize that, despite living here for over 20 years. Interesting. Are facilities with that many horses per acre common in that area?

[pony_baloney]

I don’t know the zoning laws and haven’t been in that area for many years. But I do remember many places not having much grass, so I imagine most of them have muddy paddocks no matter how many horses are on them. The fancier, pricier barns are in Colts Neck (Beacon Hill/Stacia Madden is there) with more open space and greener pastures. Howell was always slightly more run down. But I spent many happy years riding there and in Freehold; these places were up to an hour away from my home at that time.