re: What do you think about this New Mexico property?

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Both properties are overpriced and the bigger tracts out there aren't selling very quickly. The smaller property is almost $5k per acre, with really not great feature other than the year round, trout filled creek runs through the center of it (and year round private water in N.M. is hard to find).

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That's why they are expensive though, you realize that right? That website is solely to find wealthy buyers looking to overpay for recreational properties, if you want to find good prices properties you don't look for listings by websites like that. Seriously.

My recommendation is you are on the wrong state forum for good info. Larger tracts are almost always less per acre unless you have something special or a certain niche property. There's fewer buyers the higher the acreage and more money for one.

You really need some local advice. With $4 mil to spend, you can easily find somewhere out west with a great school zone. Jackson Hole off the top of my head has a great school, you could buy a great house for $2 mil there and a great ranch for $2 mil and have millions of acres of access. I'm sure there are tons more places, not to mention private schools which anyone buying a $4 mil ranch could afford.

Who is going to take care of your horses while you aren't living there? Seems like you have a lot of huge questions to figure out before starting to really look.