I used to do a thing a long time ago called “Stump the Stammtisch“, where readers could write in and my (then) panel of experts would share their answers in the comments below (Think Trulia Voices, before Trulia existed). I changed it up to “Ask Us“, and received considerable response to many a question. But then, I got busy with life.
Let’s see if the community out there would like to take a stab at answering this question, and see if I can get the Stammtisch going again. If you’d like to be in the Stammtisch, it’s simple. Just answer the question, link to your website (or remain anonymous) and continue to answer any questions we throw up in the future. Build a track record as an expert, someone that cares to answer questions for complete strangers, and you’re in.
That said, my colleague at Zephyr Real Estate would appreciate any feedback you could provide in the comments below…
If a shooting occurred where the victim died and it was 200m from the subject property would you expect to see, in this current market, a decrease in value, and if so what arbitrary number would you assign to the decrease.
My reply is that it’s going to have some type of an effect on the resale of the property, but “in this current market”, I’d be willing to bet for as many buyers that are out there that would be deeply bothered by such an event, there are just as many that will see this as an opportunity, which, in our assbackwards real estate market, could actually increase the number of potential buyers to a property and actually drive the price up! I would imagine if this is in an area where homicides are common (that would suck) it will effect the price less than if it were in an area that would normally be considered safer (Bayview Hunter’s Point versus Pacific Heights for example.) My arbitrary number on the decrease in value: $0, it would be a wash…it will bother some, and not bother others.
Crime is everywhere, especially in San Francisco.
[Update: Some replies sent inter-office]
Responses from Agents
-My clients and I bid on a house at shotwell and 24th a year and a half ago where three guys had been shot on Friday night, bids due Monday.
It had 17 offers, three all cash, and went $200k over asking (we bid $150k over)
-My first Zephyr sale was under similar circumstances. The house in question was located in the Excelsior, listed for $599K in Escrow for $619K, there was a shooting within a few feet of the house so the first buyers dropped out. My buyers jumped in at the $615K and did not care because they were from England, lived in the Mission and were thrilled to get the house.
-A few years ago we had a listing in the Mission where a guy died on the sidewalk right in front of the house next door after being shot around the corner on 24th St., running down the block and collapsing about six inches from the edge of our clients’ house. This all happened about two or three weeks (something like that) before we came on the market.We disclosed it and everyone who asked pretty much shrugged their shoulders, and said, “Well, it’s the Mission.” I don’t remember how many offers we got but it sold for over asking to a single mom with an elementary-school-age kid.If your listing is in a neighborhood where stuff like this doesn’t usually happen, you will probably get a different answer but if it’s the Mission or equivalent, it might not make a big difference.
-I don’t see that as a big value “decreaser”, depending on the area and especially if the victim and perp knew each other so it wasn’t a random act…..
Good luck to you either way mate!
I nearly made an offer on a place where a shooting occurred in near proximity. I took it as a sign I was looking in the wrong area and moved on. I’d focus less on the death; and more on the environment that would create this as a one-off event versus a just a bad neighborhood where my family might not be safe.