LandVest : Pleasant Valley Farm, Goshen NY

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The owner of this large equestrian facility, a physician from New York City, was retiring from thoroughbred breeding. He had been marketing the property informally for some time without result. The owner felt the property was much more valuable than any previous sale in the area just over an hour from New York City. Orange County had long been home to dairy farms and trotting horse facilities, was being developed with moderate value homes and occasional significant recreational horse facilities. There was a limited, but growing demand for second homes for New Yorkers, though the area lacked the patina of Duchess and Westchester Counties on the other side of the Hudson River.

The problem was that Pleasant Valley Farm was now too valuable to be sold as a single horse breeding facility given the appreciation in property values in the area. Yet it was in the wrong location and was not in the mint condition to be sold as a single trophy horse farm. Extensive residential subdivision was not an attractive solution given that a developer would likely take a very long time to close, and the financial return might be lower than desired because of the difficulty of locating suitable soils and the loss of the owner's investment in the equestrian facilities. The owner and his advisors approached LandVest with a challenge we have frequently met - how do you sell a property worth more than the local market will bear?

LandVest developed a disposition plan and valuation for the property, which preserved the open character of the property and ensured that the significant investment in horse facilities could be realized. We developed a plan that provided for the division of the main horse property into two nearly 100 acre horse farms, each with their own barns and turnout areas. One incorporated the antique farmhouse and broodmare barns; the other farm had a major indoor arena and several choices for siting a new home. The LandVest plan also provided for three house lots to be sold along a wooded ridge at the edge of the property, and another lot tucked along the entry drive to the farms. Working with an experienced local agent to show the property, LandVest mounted an extensive sales campaign for the two horse farms, targeting affluent buyers in New York City and nationally. Simultaneously, we supervised the approval process for the subdivision plan coordinating with local engineers.

The horse farm with the antique farmhouse was sold to New York City residents looking for a major country property. The equestrian center, predictably, took longer to sell, but was sold to a professional horseman from the area. The house lots were sold quickly to a ready market for new homes. The realized value was at the high end of LandVest's appraised value range.