The incomprehensible rampage in Newtown, CT shattered the idyllic community and inflicted unimaginable damage to not only the families but to the residents of the community and surrounding areas. Just as Columbine is forever tied to a school shooting, so will be Newtown. Violent crime committed in a home can impact value and marketability, is it the same for an area? Based on the data, no. Based on research, there are far too many variables when considering value trends in an area. Newtown is an extremely well regarded area; economically stable, high locational desirability and by all accounts, an exceptionally desirable area in which to live. This random act of violence could occur anywhere; unfortunately this isn’t unique to Newtown. While forever linked to this despicable massacre, it’s unlikely that home values in Newtown as a whole will be adversely impacted. What about individual homes where high profile murders occur? Nicole Brown Simpson’s condo saw about a 27% drop after almost two years on the market, selling for $590,000. Michael Jackson’s estate has moved from $40M to $30M without sale. The “Heaven’s Gate” mass suicide home was valued at $1.6M and ultimately sold for $668,000 and then demolished. Then there are the ones that find buyers that don’t seem to care. Jeffrey Dahmer killed his first victim with a barbell, dismembered his body and buried it in the woods surrounding his home. A potential buyer didn’t mind; "My first reaction, of course, was 'eww,'" Paul Butler told AOL Real Estate. "But then I went and really thought about it, and it was actually kind of creepy-cool. Besides, the house was perfect. So I went ahead and bought it." He paid $245,000 off a list of $269,000 and now seven years later he’s selling it for $329,000.
Associate Broker & Certified Appraiser
Atlanta Communities
www.hmtatlanta.com
678-428-2876
