PDA

View Full Version : Real Estate questions



SPetty
03-22-2006, 10:02 AM
I'm not particularly interested in buying, but I was looking at our local MLS and discovered a neighborhood that has some condos/townhouses that seem to be selling for less than I'd think they would.

I've never thought of it as a "bad" part of town, and at the risk of sounding racist, I don't think it's a particularly "ethnic" part of town either, although I could be wrong about that. (Please "call me" on this if it is an inappropriate thing to say...)

How can I learn why the prices are so low? How can I learn the demographics of the area? How can I learn the crime rate in the area compared to surrounding areas? How can I get "comps" for those properties? Is there a way to learn the historical selling prices of these units over the past years?

Deeman3
03-22-2006, 10:25 AM
Spetty,

You can have a real estate agent give you similar sales in the area just by requesting it. The crime stats are available on the internet but a call to the local sherriff's office might be more accurate, just ask a deputy who works that couonty to give you a comparison of it and other communities in the county.

I've seen some real drops in real estate in certain areas but others are unexplainably still building and selling in record numbers. Have big businesses shut down in the area? Look at local businesses, are they run down or is there new construction going on in the near area? Are schools particularily bad in the immediate community? How far from Dallas? or other metro area?

I don't think your question is racist as ethnic mix is something tangible to consider in market value. Most normal mixed communities are o.k. but some could be a bad investment of the minority population has exploded recently.

Deeman

dg-in-centralpa
03-22-2006, 11:12 AM
I don't think your question is racist as ethnic mix is something tangible to consider in market value. Most normal mixed communities are o.k. but some could be a bad investment of the minority population has exploded recently.

Deeman <hr /></blockquote>

Everything you've said is accurate with the exception of an "ethnic" mix. An ethical real estate agent will not be able to tell you the ethnic make up of a neighborhood because we have a license and this would open us up to a discrimination lawsuit, labeling a certain area as being more of a certain group than others. As a real estate agent, I can't tell a person what is the bad area of town, even though I wouldn't go there at night. Before I got my license, no problem, now....

Duane

Deeman3
03-22-2006, 12:08 PM
<blockquote><font class="small">Quote dg-in-centralpa:</font><hr>
I don't think your question is racist as ethnic mix is something tangible to consider in market value. Most normal mixed communities are o.k. but some could be a bad investment of the minority population has exploded recently.

Deeman <hr /></blockquote>

Everything you've said is accurate with the exception of an "ethnic" mix. An ethical real estate agent will not be able to tell you the ethnic make up of a neighborhood because we have a license and this would open us up to a discrimination lawsuit, labeling a certain area as being more of a certain group than others. As a real estate agent, I can't tell a person what is the bad area of town, even though I wouldn't go there at night. Before I got my license, no problem, now....

Duane <hr /></blockquote>


<font color="blue"> Duane,

If I said she shoulds ask the real estate person about the enthnic make-up of the neighborhood, I certainly didn't mean that. I was thinking she would know that already or maybe get that info from the internet. I know real estate people are not allowed to mention this, even though I have had them do so. </font color>

Deeman

moblsv
03-22-2006, 01:13 PM
I own a rental in a neighborhood that sounds much like you describe. The neighbors are generally good, the schools are decent, there is a park at the end of the block. Everything sounds and looks to be better than I would expect by the house values. Well, when I try to rent the place I end up finding that the rent is also down due to the surrounding values and I seem to attract a steady stream of horrible renters. If you decide to buy for the purpose of renting I would highly recommend being very selective of who you rent to. I am now trying to sell the place and it is sitting vacant because it has turned out to be literally cheaper to leave it vacant than to rent to the types of people I've had in there in the past.

I often check utahhomes.com to see what is going on in the local markets. I'm sure there are other sites like this for your area. Since it Coldwell Banker they may have a link to your area from there.

SPetty
03-22-2006, 03:08 PM
Hey dg_in_centralpa,

I thought it was you I was remembering was a real estate agent hereabouts. Your answer on the ethnicity question was what I expected. Thanks for that.

So do you happen to have any insight into the other questions? Is there a way to find out what's been going on with the property values over the past, say, ten years? Is there a way to find out the ethnic mix of the neighborhood, or maybe just drive through on a Saturday afternoon? Crime rate? Market values?

I guess what I'm mostly trying to determine is if it's a "bad" part of town and getting badder... Or if it went downhill before and maybe is on the rise now? I believe real estate agents know that information, but I don't know if they can or will tell me that information.

Any ideas? Thanks!

dg-in-centralpa
03-22-2006, 03:30 PM
I'll send you a PM later this evening.

DG