My house is directly across the street from the largest homeless camp in San Jose. How do I calculate how this chaos will affect my home value? There are NO comps because its straight across the street.
I worry the noise, trash, and smell since we bought 12 years ago will reduce our home’s value. My wife says no effect due to the hot market.
When we moved in, we had a lovely forested city park, Coyote Creek, and library. All directly across the street.
But NOW, the softball bleachers have hanging laundry. The library has soup lines, portapotties, and shuffling men. The forest contains a hundred homeless shacks & tents, and big mountains of garbage everywhere.
The question is, how do I estimate the impact on my home price, since the effect is extremely localized and visible from here.
There are no comps for beautiful location is now public-nuisance location.
Opinions?
Howdy!!! I hope your wife is right, but I fear the worst will happen, no takers. Come on, put yourself in a buyer’s shoes and look at your place objectively. Who would want to live there with all that going on right across the street? Now, if there are plans to move these folks out or there is some plan to develop there then I can see change or hope. I suspect if you price it fairly low you will probably get a taker or investor type who will simply rent it out (as opposed to live there him/herself) to try to wait it out.
Hey, if I am wrong, come back and tell me so. I wish the best. Good luck!
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You can start by looking at recent sales of homes nearby to get an idea of the baseline value in your area. Beyond just the numbers, think about how potential buyers might perceive the neighborhood. Consider factors like safety, cleanliness, and overall appeal, especially with the homeless camp’s nearby. It’s also a good idea to chat with a local real estate expert who knows the ins and outs of your neighborhood. They can offer valuable insights and help you make a more informed decision about how the camp might affect your home’s value.