b'There are other good places in the world to raise horses, said Tom Biederman, whose Biederman Real Estate is among the leading dealers in this rare commodity. But no other locale quite compares to the Bluegrass with its incomparable collection of bloodstock. As long as we have the best stallions, were going Anne M. eberhArdt Anne M. eberhArdt glint StudioSto have the best mares, and as long as we have the best mares, well have the best owners, Biederman said.All of those bests provide stability to the market. Just as the top horses almost always command top price at ThoroughbredRealtors Tom Bie-auctions, Bluegrass land, where those topderman, far left, and horses are often conceived and raised, tendsZach Davis note that to maintain its value. Consider that thein addition to having North American Thoroughbred foal crop fellsuperior land qualities by more than a third between 1996 and 2015and bloodstock, Central (35,366 compared to 22,936, according toKentucky offers other Anne M. eberhArdtThe Jockey Club figures), but the number ofattractive amenities.foals born in Kentucky barely budged (8,441 to 8,214), and, of course, the percentage of the foal crop born in Kentucky soared, from 23.9 percent in 1996 to 35.8 percent in 2015.Horse farms have long been a way for people who have made money in other areas to offset some of their tax liability, but the new federal tax law signed into law at the end of 2017 enhanced that appeal. The new tax law allows owners to take depreciation faster than in the past, providing a more rapid return on their investments in horses, farms and other related property. As tax attorneys and a CPA note in an article in this publi-cation, the law should benefit the horse in-dustry tremendously, and with it, the equine real estate market.Central Kentucky has maintained its position as the horse capital of the world, and that means people who want to raise horses still want to be here.That hasnt changed but a lot about the equine real estate market has. Before the KirK SchleA PhotogrAPhy/SchleA ViSuAl ArtSrecession of 2008-10, Davis said, money flowedwe all saw ittoo freely. Now, buyers are more pennywise, and their accountants want to see a profit-and-loss statement for the past 10 years before they look at a farm. They are very aware that a horse farm is not a cheap thing to maintain or operate: fences need to be painted, boards replaced, he said.10914_RealEstate_use.indd 109 3/20/19 4:37 PM'