Would you buy a house near a correctional facility? - Page 4 - PeachParts Mercedes-Benz Forum

Kuan · #46 04-11-2010, 09:51 AM

Quote:

Originally Posted by Graplr

I will try and find some neighbors to poll.

Make sure you check visiting hours first.

I went and looked at this online. This is not a lazy person's property! Still I believe there may have been lowball offers on this. It wouldn't hurt for you to ask for $80k off.

aklim · #47 04-11-2010, 10:18 AM

Quote:

Originally Posted by t walgamuth

If it were a 200K house anyplace else would it make sense to buy if it could be had at 20K?

In some ways yes.

I guess its a little like buying in Detroit.

As an investment, sure. If I could buy them at 20K and buy say 10 of them, I might be able to wait it out for say 10 years before they get better.

aklim · #48 04-11-2010, 10:37 AM

Quote:

Originally Posted by Graplr

It is currently priced above the taxable value and has not been reduced since coming onto the market.

I guess I should clarify that the property doesn't actually touch the prison property. There is DNR land inbetween. And like I mentioned there are tons of trees so you can't even see it.

Why would I pay you above taxable value? Especially when there is something as controversial as that prison. Sure, you say there is a buffer but that is hardly a selling point, is it?

TylerH860 · #49 04-11-2010, 11:01 AM

Quote:

Originally Posted by aklim

Why would I pay you above taxable value? Especially when there is something as controversial as that prison. Sure, you say there is a buffer but that is hardly a selling point, is it?

Most houses, at least around here, sell for well above taxable value. Mine is appraised about 20-30% below the real market value.

Skid Row Joe · #50 04-11-2010, 01:21 PM

Quote:

Originally Posted by t walgamuth

If it were a 200K house anyplace else would it make sense to buy if it could be had at 20K?

In some ways yes.

I guess its a little like buying in Detroit.

That's exactly the parallel.

Skid Row Joe · #51 04-11-2010, 01:27 PM

Quote:

Originally Posted by raymr

Value means nothing if they are emptying their dumpsters at 5AM Saturday morning. Big businesses and institutions don't always make the best neighbors and its nearly impossible to change their way of doing business if something disturbs you. Check it out carefully.

Funny you mention this - the slamming emptying of dumpsters located at commercial businesses starts just after 3 a.m. near my home on Mon. and Thurs. mornings. Near is a tad over a 1/4 mile away. Some sage advice there.

#52 04-11-2010, 01:31 PM

My biggest concern wouldn't be the inmates, it would be the employees of the "correctional facility" who live in the area.

cmbdiesel · #53 04-11-2010, 01:35 PM

Quote:

Originally Posted by Skid Row Joe

Funny you mention this - the slamming emptying of dumpsters located at commercial businesses starts just after 3 a.m. near my home on Mon. and Thurs. mornings. Near is a tad over a 1/4 mile away. Some sage advice there.

Wow... constant helicopters... slamming dumpsters... hope you aren't offended if I discount YOUR real estate advice...

PaulC · #54 04-11-2010, 05:28 PM

Quote:

Originally Posted by aklim

Why would I pay you above taxable value?

If the area has not had a tax assessment in a very long time, most real estate would have appreciated well beyond taxable value. I live in a county which last had a comprehensive property tax assessment in 1968. A house in my area would literally have to be on fire to command a sales price under taxable value.

KarTek · #55 04-11-2010, 07:12 PM

I've had a house for about 15 years now, about a half mile from the Fed. facility where Bernie M is currently housed. There are about 5 total facilities near there and I've never had any trouble.

The value of the house has steadily increased over the years and it even bucks the national average by a significant amount.

Graplr · #56 04-11-2010, 09:42 PM

Quote:

Originally Posted by KarTek

I've had a house for about 15 years now, about a half mile from the Fed. facility where Bernie M is currently housed. There are about 5 total facilities near there and I've never had any trouble.

The value of the house has steadily increased over the years and it even bucks the national average by a significant amount.

Thanks for the input. Any other houses in the area that have had problems selling?

Graplr · #57 04-11-2010, 09:44 PM

Quote:

Originally Posted by Kuan

This is not a lazy person's property!

I have been called many things, but lazy is definitely NOT one of them.

Skid Row Joe · #58 04-11-2010, 09:50 PM

Quote:

Originally Posted by KarTek

I've had a house for about 15 years now, about a half mile from the Fed. facility where Bernie M is currently housed. There are about 5 total facilities near there and I've never had any trouble.

The value of the house has steadily increased over the years and it even bucks the national average by a significant amount.

Did you pay far below market value when purchasing your house?

Are you able to identify why your house "has steadily increased over the years and it even bucks the national average by a significant amount?"

What do you consider, "increasing.......by a significant amount?"

Hatterasguy · #59 04-11-2010, 10:15 PM

In my experiance location does matter in real estate, but only in regards to price. The saying in the industry is their is an a** for every seat. We have sold houses across the street from train tracks and industrial buildings. Insted of getting $350k-$360k for them we get $310k-$320k. Its simply a numbers game.

Figuring out how the prison affects the value is hard to do without a lot of experiance in the area. This is where your real estate agent earns their money, they should be able to help you put a number on it.

I'd knock on a few neighbors doors and see what they say.

As for security against break outs, I would recomend an insurance policy:

aklim · #60 04-12-2010, 09:20 AM

Quote:

Originally Posted by TylerH860

Most houses, at least around here, sell for well above taxable value. Mine is appraised about 20-30% below the real market value.

That's interesting. Around here, taxable value is a joke when selling. Realtors have told us that you start below taxable value by just a hair or at least at taxable value if you feel lucky.