Value

General Real Estate Investing
1

Would a home that backs up to a trailer park lose it’s value? i found a house in a 300-400k neighborhood and it wont sell at 270k. Cul-de-sac home that backs to a t park.

thx

2

Is there a neighborhood association ? If there is will they let you put up a privacy fence.
Can you make it look like the cream of the crop.
Add in extra holding cost. do the numbers still work?
If you need to tie the monies up for the extra time. is it worth it to you?

Just a few thoughts
Bruce

3

well homes are selling for 300-400k in the neighborhood and the house was listed 330k and dropped down to 270k and i wanted to go maybe 250k. there is about 5 feet of trees/weeds between the properties. I dont think there is an assoc but i would put up a fence anyways. if you are on the deck looking down you can see it. i was going to buy the house for my own and i personally wouldnt mind it but the resale in say 3 years?

4

I’d run some comps on other properties that backed up to this trailer park to see what they sold for. It’s a big objection now and it’s not likely to change in 3 years. If you decide to buy it, make sure you’ve discounted the price enough. $250K may still be too high.

Nancy

5

talked to the owner/seller and he wants 275k. SO i walked away.

6

Generally, if the cul de sac has a burm separating it from the park, it will not affect the value. A burm, however, is not necessarily a wooded area.

Other factors that could affect the value is:

  • Is there direct access through the woods to the T-park?
    If there is, that would affect the value negatively.

  • Is the wooded area unsightly with garbage strewn here and there or is it a clearly defined wooded area that is maintained in some fashion?

  • Your local police can tell you how the T-park has affected the neighborhood. A report I recently read stated that mostT-parks have a lot of drug activity. You might want to check on that as it has a major affect on the resale value and potential of your adjacent property.

  • You might go to the property appraisers website for your county and look up not only yours but other homes on your block. You will be able to get a chain of sales amounts on all of the homes there.
    That can at least give you a history of th ecul de sac.