Would you buy a house near a correctional facility? - Page 5 - PeachParts Mercedes-Benz Forum

Txjake · #61 04-12-2010, 10:05 AM

FWIW, I once owned a house in Indy, about a block from the women's prison, which is in town. I paid a decent price for the house, lived there 3 years and sold for a nice profit. I recently checked the neighborhood, and prices are still going up and the prison is still there. UMMV, but I didn't have a problem with it, and I am not talking about a cheap, beater type house, either.

kerry · #62 04-12-2010, 10:15 AM

If you purchase the house and end up reselling, I would use the following marketing tool. Print out the map of a neighborhood nearby from the sex offender database, showing the residences of convicted sex offenders. Then print out a map of the house with the prison next door and ask 'Where would you prefer your local sex offender live?"

Graplr · #63 04-12-2010, 12:25 PM

Quote:

Originally Posted by kerry

If you purchase the house and end up reselling, I would use the following marketing tool. Print out the map of a neighborhood nearby from the sex offender database, showing the residences of convicted sex offenders. Then print out a map of the house with the prison next door and ask 'Where would you prefer your local sex offender live?"

That is pretty much what my wife said. We would actually be SAFER living near the prison than where we are now.

The only issue I can see is resale value. If I get it at the right price, that issue will become moot.

We are looking at 3 more homes tonight (one in the same general area, but about a mile away from the prison). Tried to do a 2nd showing at this home but they have live-in stagers that have a 1 year old and they turned us down saying it was too late. Their only job is to keep the house show-ready for visits while they live there for free. I'm going to have my realtor talk to their realtor about this issue. I think we requested 8-9pm... not that late.

I decided I will just drive-by to see if there are any wierd lights or anything from the prison at night-time. I already know what the interior looks like and how I feel about it.

cmac2012 · #64 04-12-2010, 01:10 PM

Quote:

Originally Posted by Graplr

I actually think the interstate would be worse because it is loud. I like living away from things so it is quiet (personal preference). The prison does no harm to me while I'm living there. The interstate is loud.

It is not really like those things because it is not an eyesore or a nuisance in any way. A power plant is loud and lets off plumes off water vapor, dumps smell, power lines are eyesores. The prison is not visible, doesn't smell or make any noise. In fact I doubt any visitors would know it was that close unless I told them.

Small bit of trivia, guards at Alcatraz used to live on the island with their families. One lady (on the audio tour) claimed they never locked their doors, their community was so small and intimate they had no need to.

I'd guess the price should be a tad lower because of this but if all else is good, I wouldn't hesitate.

strelnik · #65 04-12-2010, 07:06 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.

Actually Tom, it's NOT like buying in Detroit.

The houses are going for about 5750.00

You can EXPECT to be broken into if you are not at home.

If you are at home, expect a 50-50 chance.

Make sure that you don't kill any gang members who burglarize so you don't have to deal with all of them. Wounding is ok.

That's different from what our friend is looking at in Minnesota

t walgamuth · #66 04-12-2010, 07:13 PM

No. Not that bad of course.

i did say a LITTLE like buying in Detroit.

strelnik · #67 04-12-2010, 07:18 PM

Quote:

Originally Posted by Hatterasguy

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:

Um, I think you mean something a little more like this:

MS Fowler · #68 04-12-2010, 09:04 PM

Quote:

Originally Posted by kerry

If you purchase the house and end up reselling, I would use the following marketing tool. Print out the map of a neighborhood nearby from the sex offender database, showing the residences of convicted sex offenders. Then print out a map of the house with the prison next door and ask 'Where would you prefer your local sex offender live?"

If someone did escape, would they be more likely to hang around the prison, or make tracks AWAY as fast as possible?

Hatterasguy · #69 04-12-2010, 09:20 PM

Detroit is a special case.

I'd want a half a dozen Tiger's as escort before looking at property.

t walgamuth · #70 04-12-2010, 11:07 PM

Are values in Grosse Pointe holding up?

aklim · #71 04-12-2010, 11:48 PM

Quote:

Originally Posted by MS Fowler

If someone did escape, would they be more likely to hang around the prison, or make tracks AWAY as fast as possible?

Benefits to both plans. I could let you assume I am running away but hang around till some heat dies down

barry123400 · #72 04-13-2010, 05:27 AM

There is a silver lining to almost everything. If you were to be imprisoned the wife could save big time on transportation for example.

You could ask some knowledgeable local real estate people about the reduction in value and resale difficulty of a location like that in your area. It may vary regionally. At least the prison is not in plain sight.

aklim · #73 04-13-2010, 07:29 AM

What is the CMA of that area?

Zeus · #74 04-13-2010, 08:43 AM

Graplr -

I at one point researched the effect of promixity of federal prisons on property value and what I found suprised me.

Some of the most expensive real estate in the city was beside the prison. Literally a stone's throw away.

Several studies on the subject found no real correlation between the proximity of the prison and home values. It is much more based on the actual neighbourhood and crime, etc., independent of the prison's geographic location. In other words, if a good neighbourhood happens to be adjacent to a prison, it's still a good neighbourhood. If it is a ghetto, it's a ghetto, etc.

As far as crime rates - again, it's more based on the city as a whole and the neighbourhoods - not due to prison location, etc. When you think about it, a prison has a large security force working within and around it. Beside the city's police force, you have correctional officers, security officers, prison staff, associated doctors and service providers, etc. In other words, plenty of people who could potentially recognize a convict. If convicts were to escape (not as common today with the advances in security technology), the prisoner isn't going to hang around the prison. They will try to leave the city asap. Perhaps some mentally ill prisoners might wander around, but in reality you already have such specimens wandering free in any given city - prison or not.

So I would not let the proximity of a prison influence your decision to purchase a home. I would check the neighbourhood itself - if the prices per size of the home/lot match other similar neighbourhoods that are farther from the prison, there is your answer right there.

A good idea before you purchase would be to chat up some potential neighbours who live there already, preferably some old-timers. Get their perspective.

Good luck!

PaulC · #75 04-13-2010, 10:50 AM

A general comment - I would shy away from buying a personal residence that is located adjacent to a commercial/industrial/institutional zone, as the current use of the commercial property may be converted into something more objectionable during the term of your homeownership. I recall one example in my area where a decent housing development was built adjacent to a large undeveloped area that was zoned commercial. When the residences were constructed, the commercial area was a nice quiet patch of woods. A few years later, the commercial property was converted into a driving range, complete with high-mounted flood lights to allow evening hours. Those homeowners who previously were able to enjoy a nice quiet summer evening on the front porch are now lit up like prisoners trying to sneak out of their barracks at Stalag 17. Yes, they can sell and move away, but the new commercial development has dinged the resale value of their property.