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#1
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Habitat Homes and Property Values
Chas wrote: Looking at a nice new community on which to build a 2000 sq ft ranch in a development of about 200 homes ranging in price from 230,000 to 390,000. Across from the soon to be second entrance, grading and sewer/water pipe activity has commenced along some soon to be paved dirt and gravel roads. I recently learned that our local (Charlotte, NC) Habitat for Humanity has purchased land on which to place homes. I am curious as what effect (if any) this would have on home values in the immediate area. There are two higher end developments 1/2 and a full mile up the road and three other communities of new homes in the 135,000 to the 200,000 range within the same stretch. Made a call to habitat after starting this note and learned that 50 lots have been bought and there are about 150 more, all of which are vacant (no homes). This development was started in the late 50's to early 60's with no follow through except dirt roads cut and lot surveys. Looked at our local GIS system online and saw where the habitat homes will fall directly next to and between my hope to be community and another with several homes in the 400,000 - 500,000 dollar range. I have no personal objections to a few structures going up. I would probably volunteer to help out a couple of weekends, but if the eventual numbers are in the 100 to 200 range then that would cause me to pause. Educated opinions from appraisers or other homeowners with similar experiences will be greatly appreciated. thanks in advance for any and all responses................ Your instincts are right, low class homes bring down the value of higher class homes. |
#2
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Habitat Homes and Property Values
Looking at a nice new community on which to build a 2000 sq ft ranch in a
development of about 200 homes ranging in price from 230,000 to 390,000. Across from the soon to be second entrance, grading and sewer/water pipe activity has commenced along some soon to be paved dirt and gravel roads. I recently learned that our local (Charlotte, NC) Habitat for Humanity has purchased land on which to place homes. I am curious as what effect (if any) this would have on home values in the immediate area. There are two higher end developments 1/2 and a full mile up the road and three other communities of new homes in the 135,000 to the 200,000 range within the same stretch. Made a call to habitat after starting this note and learned that 50 lots have been bought and there are about 150 more, all of which are vacant (no homes). This development was started in the late 50's to early 60's with no follow through except dirt roads cut and lot surveys. Looked at our local GIS system online and saw where the habitat homes will fall directly next to and between my hope to be community and another with several homes in the 400,000 - 500,000 dollar range. I have no personal objections to a few structures going up. I would probably volunteer to help out a couple of weekends, but if the eventual numbers are in the 100 to 200 range then that would cause me to pause. Educated opinions from appraisers or other homeowners with similar experiences will be greatly appreciated. thanks in advance for any and all responses................ |
#3
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Habitat Homes and Property Values
Chas wrote:
I recently learned that our local (Charlotte, NC) Habitat for Humanity has purchased land on which to place homes. I am curious as what effect (if any) this would have on home values in the immediate area. If H-F-H builds out of concrete sandwich (3-D Panel, Tridipanel, or other encapsulated insulation system), the new "frugal" homes will be more durable, low maintenance, and a higher quality than the pre-existing homes. That may definitely hurt your resale value, when the po' folk live in better houses. H-F-H built some homes that Hurricane Andrew couldn't bust up, while $,$$$,$$$ luxury homes were turned into toothpicks. From http://www.penasco.com/newhom.html " Former U.S. President Jimmy Carter is using Tridipanels to build homes in the Habitat for Humanity program. 14 houses were built in a week, using it. " Tridipanel buildings survived Hurricane Andrew in Florida ... " From http://www.threedee.co.nz/real.html " One group of new houses that came through the storm virtually unscathed was built in 1991 by Habitat for Humanity, the international volunteer organization whose best-known house builder is former president Jimmy Carter. The habitat dwellings were all constructed using a new process involving prefabricated polystyrene and wire panels sprayed with concrete. All 14 houses built in Liberty City in North Miami were structurally intact. And so was the house of Irma Cordero of Homestead, the site of the worst destruction." Here's an article about H-F-H using their own process for making sandwich walls (thus saving on buying premade panels) : http://concreteproducts.com/ar/concr...habitat_homes/ " Project officials note that concrete homes are 66 percent quieter than comparable wood frame units and can save owners up to 44 percent on energy bills ? two benefits that make concrete homes a solid investment for any family." |
#4
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Habitat Homes and Property Values
If H-F-H builds out of concrete sandwich (3-D Panel, Tridipanel, or other
encapsulated insulation system), the new "frugal" homes will be more durable, low maintenance, and a higher quality than the pre-existing homes. That may definitely hurt your resale value, when the po' folk live in better houses. Hey Jet! We have ben talking via email. This is John Im actually going to a H_F_H meeting here locally to not only see if I qualify for one.... but also if I can get involved in building somehow |
#5
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Habitat Homes and Property Values
"jetgraphics" wrote in message ... " Project officials note that concrete homes are 66 percent quieter than comparable wood frame units and can save owners up to 44 percent on energy bills ? two benefits that make concrete homes a solid investment for any family." What's more, they're bullet proof! |
#6
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Habitat Homes and Property Values
On Wed, 24 Mar 2004 20:17:36 -0800, someone wrote:
... Educated opinions from appraisers... Appraisers usually get paid for their opinions of value. After all, they are liable for them, if you act on their advice and then it turns out to be wrong because they didn't do their homework before giving their opinion, they would be liable.... -v. |
#7
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Habitat Homes and Property Values
jetgraphics wrote in message ...
Chas wrote: I recently learned that our local (Charlotte, NC) Habitat for Humanity has purchased land on which to place homes. I am curious as what effect (if any) this would have on home values in the immediate area. If H-F-H builds out of concrete sandwich (3-D Panel, Tridipanel, or other encapsulated insulation system), the new "frugal" homes will be more durable, low maintenance, and a higher quality than the pre-existing homes. That may definitely hurt your resale value, when the po' folk live in better houses. I am for the HFH project but if someone thinks that they will build 250,000 dollar houses of any type of construction, think again. They will build basic box houses from the ones I have seen and will not be -big- or -fancy- houses. Far from poverty level but also not something I would want in an upscale neighborhood. Harry K |
#8
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Habitat Homes and Property Values
Harry K wrote:
jetgraphics wrote in message ... Chas wrote: I recently learned that our local (Charlotte, NC) Habitat for Humanity has purchased land on which to place homes. I am curious as what effect (if any) this would have on home values in the immediate area. If H-F-H builds out of concrete sandwich (3-D Panel, Tridipanel, or other encapsulated insulation system), the new "frugal" homes will be more durable, low maintenance, and a higher quality than the pre-existing homes. That may definitely hurt your resale value, when the po' folk live in better houses. I am for the HFH project but if someone thinks that they will build 250,000 dollar houses of any type of construction, think again. They will build basic box houses from the ones I have seen and will not be -big- or -fancy- houses. Far from poverty level but also not something I would want in an upscale neighborhood. Harry K The point is that expensive houses are not built better, or with better materials, or more durable than the frugal concrete sandwich H-F-H homes. I can agree the upscale neighborhoods would dislike being reminded that they bought over priced, under built housing, because it was "stylish" or "marketable" or whatever irrational reason led them to it. |
#9
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Habitat Homes and Property Values
"Harry K" wrote in message om... I am for the HFH project but if someone thinks that they will build 250,000 dollar houses of any type of construction, think again. They will build basic box houses from the ones I have seen and will not be -big- or -fancy- houses. Far from poverty level but also not something I would want in an upscale neighborhood. Well, I guess that maybe depends on the area they are building them in. The one down the street from me is a side by side duplex. It has 3 stories, 4 bedrooms, LR, DR, Kitchen 2 1/2 baths and Family room on each side. It has to be at least 2000 sf on each half. Based on my local area, I'm sure it is appraised at for over $300K (and our appraisals are for 70% of market value). Tracey in CT |
#10
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Habitat Homes and Property Values
Looking at a nice new community on which to build a 2000 sq ft ranch in a
development of about 200 homes ranging in price from 230,000 to 390,000. Across from the soon to be second entrance, grading and sewer/water pipe activity has commenced along some soon to be paved dirt and gravel roads. I recently learned that our local (Charlotte, NC) Habitat for Humanity has purchased land on which to place homes. I am curious as what effect (if any) this would have on home values in the immediate area. There are two higher end developments 1/2 and a full mile up the road and three other communities of new homes in the 135,000 to the 200,000 range within the same stretch. Are there any deed restrictions or square footage requirements in this community? If not, there is nothing to keep anyone from putting anything they want on these lots anyway. If there is, the Habitat folks likely have to comply with the restrictions. Unrestricted property is fine when you have enough of it to keep a good distance from your neighbors, but small unrestricted lots likely won't keep pace with rectricted lots in terms of property values. The one thing that would concern me about that many habitat homes is how much they resell for. If they have less features or square footage they could pull down the average cost per square foot of real estate in your neighborhood. This means when you go to sell you might not get as much per square foot as you could get for the same house you had build up the road in a neighborhood of houses with three car garages and swimming pools. If you are planning on building a house with about the same size and features as the habitat homes, then you will likely benefit from having neighbors that have already shown a commitment to working on their houses. - James B |
#11
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Habitat Homes and Property Values
Since writing this note I have talked to a local realtor very knowledgable
in that area and she informed me that local restrictions will force Habitat to build one house per two lots (the lots are very small). It may have to do with being located within a watershed of a lake that is used as a source of drinking water. I understand Habitat is fighting the restriction but the realtor says they will not get their way. They can build but within the restrictions. Around these parts the typical habitat house is wood stud, roof truss and vinyl siding. Not very pleasing to look at. We do not need concrete houses here. We don't have hurricanes every year. About once a century we may get class 1 winds (80-90 mph). Pictures on a local web site shows home pictorials with unpruned shrubs and tall overgrown grass. A little planning can go a long way with making these homes architecturally pleasing with minimal additional cost. I'm trying to convince an architect friend to work up a design sketch. "Chas" wrote in message ... Looking at a nice new community on which to build a 2000 sq ft ranch in a development of about 200 homes ranging in price from 230,000 to 390,000. Across from the soon to be second entrance, grading and sewer/water pipe activity has commenced along some soon to be paved dirt and gravel roads. I recently learned that our local (Charlotte, NC) Habitat for Humanity has purchased land on which to place homes. I am curious as what effect (if any) this would have on home values in the immediate area. There are two higher end developments 1/2 and a full mile up the road and three other communities of new homes in the 135,000 to the 200,000 range within the same stretch. Made a call to habitat after starting this note and learned that 50 lots have been bought and there are about 150 more, all of which are vacant (no homes). This development was started in the late 50's to early 60's with no follow through except dirt roads cut and lot surveys. Looked at our local GIS system online and saw where the habitat homes will fall directly next to and between my hope to be community and another with several homes in the 400,000 - 500,000 dollar range. I have no personal objections to a few structures going up. I would probably volunteer to help out a couple of weekends, but if the eventual numbers are in the 100 to 200 range then that would cause me to pause. Educated opinions from appraisers or other homeowners with similar experiences will be greatly appreciated. thanks in advance for any and all responses................ |
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