A colleague asks:
My client who bought the short-sale on Mulholland earlier this year is asking about adding horse space, which he thinks will cost about $150K. I am not sure what he would add (barn, arena, whatever). How much value would this add to his property?
The added value of a barn and arena really depends on where the property is located. In other words, if the property is hard to access with a trailer, not close to trails, or otherwise less desirable for horses, adding the facilities would be a waste of money.
On the other hand, if the property is in an area already popular with equestrians, a ready to go facility has tremendous appeal to the right customer.
The design should be considered: Box stalls with no turnouts would be less universally desirable than a nice breezeway with in-and-out turnouts with the added bonus of a large turnout or pasture; an arena with quality footing, irrigation, and correct drainage, along with the implements to maintain the arena, i.e., motorized equipment with proper harrow and roller, would add at least the cost of construction and probably much more.