Halfway House for Sex Offenders---Does it affect value?

[Elliott]

There was a newstory this morning about a group of
Vancouver, WA neighbors who have asked for a reduction
in their assessed value because there is a halfway house
for sex offenders in their neighborhood.

Aren't you glad you don't have that assignment?

elliott

 

[Mike Garrett RAA]

We have a program in Colorado where the names and addresses of known sex offenders are posted to a website so you can check before buying a house. There has been some grumblings that this has negatively influenced market value in the areas where these people reside. I don't know of any proof that this has actually occurred.

 

[Ben Vukicevich SRA]

Elliott,

There is a perceived affect on value--how you measure it is going to be tough.

Check out this link:

http://www.philly.com/mld/inquirer/4132126.htm

Obviously these people were concerned enough to put up their money to keep a group home out.

Ben

 

[Randy Beigh]

My first statement to the neighbors would be to, put up or shut up. Let them prove there is any loss of value.

Further, it is not in their best interests to publicize such things. Taking out ads and news stories only adds to the problem. Keeping a low profile should be in order.

If I were trying to sell my house in this neighborhood at the present time, I would be very annoyed at my neighbors.

 

[airphoto]

New York's liberals pushed through a condition form necessary to be included with each real estate sale (or an immediate $500 to the purchaser for failing to provide same.) Some are folding the $500 into the ax'ing price, rather than admit to such adverse external influences .. otherwise, to fail to admit to it could leave one open to even greater legal consequences ..

 

[Verne Hebert]

Demand. Demand. Demand.

If the neighborhood is predominately families-this would likely result in a diminution in value.

If the neighborhood is transitioning to a community of pedophiles-values may go up.

Keep tabs on exposure periods of listings; the neighborhood will seek stability.

If you can't measure it, you can't adjust it-----------------unless you sound experiential basis and can sell it.

 

[Mike Garrett RAA]

Verne, Verne, Verne, you been out smoking those salmon again??????

 

[Karl]

I thought it was tell the Truth the Whole Truth unless it affects the value in a negative way.

 

[Jeff Horton]

If you can't measure it, you can't adjust it.

I have pretty much taken that line. On a recent job I was wrestling with a situation where there was no market data to base an adjustment on. Freind of mine asked me a very simple question.

If this house were for sale and there was an identical one that didn't have this problem. Would you pay the same for them?

Of course the answer is no. Made me think hard. There are times that an adjusment is appropriate and there is no data to back you up.

 

[Restrain]

If there was not a stigma, the homeowners wouldn't be raising cain about these facilities, or with probation offices in residential areas, or with sex offenders being in their neighborhood. Where there's smoke, there's fire.

I know I wouldn't want to buy in the immediate proximity of such a facility.

Roger