Would you buy a house near a correctional facility? - Page 3 - PeachParts Mercedes-Benz Forum

Skid Row Joe · #31 04-10-2010, 11:16 PM

Quote:

Originally Posted by Kuan

I think you're uncomfortable with the idea but you just don't know what about it that makes you uncomfortable.

What would make you comfortable living next to a maximum security prison?

Precisely.

A couple weeks ago, the OP found a couple old MBs for sale he was interested in buying - one with unredeemable rust - yet he found the rust worth mentioning at length - why was that?

When there's a 300 lb. gorilla that comes with the room you are buying - why would one attempt to not claim it worth mentioning - after the fact - when they described it in detail when describing the room??

Skid Row Joe · #32 04-10-2010, 11:29 PM

Quote:

Originally Posted by Matt L

I inferred, because you seemed to imply (get your terms straight). That is, I inferred it from what you wrote.

I was asking if this was intentional.

Well, as you've now learned you're wrong - I wrote nothing of the sort.

Matt L · #33 04-10-2010, 11:40 PM

Quote:

Originally Posted by Skid Row Joe

Well, you're wrong - I wrote nothing of the sort.

You wrote what you wrote. I'm not wrong about that. I'm also not wrong in thinking that it would be typical to infer that you think that women are inferior to men.

But I don't expect you to understand.

Skid Row Joe · #34 04-11-2010, 12:01 AM

Quote:

Originally Posted by Matt L

You wrote what you wrote. I'm not wrong about that. I'm also not wrong in thinking that it would be typical to infer that you think that women are inferior to men.

But I don't expect you to understand.

It looks as if you may have reading comprehension issues. I cannot help you with that. Sorry...

t walgamuth · #35 04-11-2010, 06:33 AM

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.

Graplr · #36 04-11-2010, 09:06 AM

Quote:

Originally Posted by Kuan

1) Check and see how many times this home has sold and for what price.
a) Check this against the normal market appreciation for homes in this area

2) Check and compare the time on market vs the average in the area

3) Check the initial price when it first came on the market and see if it has come down much.
a) If the price hasn't come down then the time on market doesn't mean much

Already checked into all of that. House was purchased by current owners in 1967. Prison was not constructed until 1980s.

It is currently priced above the taxable value and has not been reduced since coming onto the market. The wife is still alive and lives in a condo in the nearby town. The husband passed a short while ago.

They originally had about 33 acres and sold 18 of them to be subdivided to a developer in 2002. Those homes are on the south of the property, the prison is the north. There have been 2 "reserves" of 10 acres created. One on the north side of the development and west of the home. Obviously the development sold out and there are probably 10-15 homes living near the prison. None of those are for sale to check and compare.

The time on the market could be mostly because of the price, but I have no way of knowing if others were deterred by the prison. If a potential buyer looked at the property they may not even ever be aware that it is close to a prison.

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.

Graplr · #37 04-11-2010, 09:10 AM

Quote:

Originally Posted by Skid Row Joe

When you know up-front that a property is undesirable - for whatever reasons, why would it even appear on the radar scope? That's my only question.....

And my answer to that is, resale value.

BUT, if I buy it at a discounted price, then I can sell it at a discounted price eliminating the potential issue.

PS- The owner of those 2 benzes I looked at a few weeks ago called me and offered them to me at a large discount. Not quite to where I would pay yet, but I think he will eventually come down. I could use the low mileage rusted one as parts for the high mileage one with NO rust.

Kuan · #38 04-11-2010, 09:17 AM

The house has been on the market for quite awhile. There have been lookers. There may have been offers. The price has not come down.

I would follow the folks who came before you on this one.

Graplr · #39 04-11-2010, 09:21 AM

Quote:

Originally Posted by raslaje

There's nothing wrong with checking things out though. I think your best source of information are the neighbors. I would just slowly cruise around until you saw someone doing some yard work and start a conversation. If the house has it's own water well you can start a conversation by asking if there are any water problems in the area considering that the prison might be using wells too. Neighbors will be able to tell you things you wouldn't even think to ask.

Excellent advice. My wife and I considered trying to ask the neighbors the same questions. When we go back to check it out at different times of the day, I will try and find some neighbors to poll.

Graplr · #40 04-11-2010, 09:22 AM

Quote:

Originally Posted by Kuan

The house has been on the market for quite awhile. There have been lookers. There may have been offers. The price has not come down.

I would follow the folks who came before you on this one.

I don't believe there have been any offers. If we can't get it at the right price, we won't buy it.

Brian Carlton · #41 04-11-2010, 09:40 AM

Quote:

Originally Posted by Graplr

Actually, the more I think about it, the less like buying a rusted MB it is. Eventually the MB rust will overtake it and you will no longer be able to use it, thus losing money. The house, not so much so. It is a solid house.

The only issue I can see (other than fear of breakouts, which neither of us have) is resale value. If I buy it at the right price, resale value won't matter because I will have already paid the right price for it when I bought it. We'll see.

I agree.

The house must be discounted by a certain percentage because of it's location. Presumably, the discount will be the same, in percentage terms, for both the buyer (you) and the seller (you in 20 years).

The only difficulty is quantifying the discount. If you can buy it for 15% below comparables, the correctional facility will be a non-issue.

Those that tell you to run away simply don't want to understand the underlying value of the property.

raymr · #42 04-11-2010, 09:44 AM

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.

Brian Carlton · #43 04-11-2010, 09:44 AM

Quote:

Originally Posted by Graplr

Excellent advice. My wife and I considered trying to ask the neighbors the same questions. When we go back to check it out at different times of the day, I will try and find some neighbors to poll.

Be a little careful with that advice.

We all know people who purchased the biggest POS that they could possibly find as a vehicle.

"How do you like that vehicle?"

"Great........it's a great car..........a few little issues, but a great car"

Nobody will admit that they screwed up.

You've got to discard the responses that state........"great..........."

Graplr · #44 04-11-2010, 09:47 AM

Quote:

Originally Posted by Brian Carlton

Be a little careful with that advice.

We all know people who purchased the biggest POS that they could possibly find as a vehicle.

"How do you like that vehicle?"

"Great........it's a great car..........a few little issues, but a great car"

Nobody will admit that they screwed up.

You've got to discard the responses that state........"great..........."

Yes, that makes sense.