Home Buying in 80203>Question Details

Anon, Other/Just Looking in 80203

Buying house near Section 8 Complex

Asked by Anon, 80203 Sat Aug 31, 2013

Hello,

My husband and I found a place in the West Colfax/Sloan's Lake neighborhood.
I decided after looking at the neighborhood to look at the crime rates, etc. for the area just to have an idea of what the neighborhood looks like.
During my search, I found out that the place is two blocks away from a Section 8 apartment complex.
What I am concerned for besides the crime rate is the resale value of the property being so close to a Section 8 complex. This place is a duplex and the other side of the property has been on the market for 160 days, and I am wondering if that is part of the reason. It seems unusual given the property is two blocks away from the lake in a part of town that is supposed to be really hot right now.
Could someone out there let me know if buying a place close to a Section 8 complex is a thing to be concerned about?

Thank you!

Help the community by answering this question:

Answers

6
Hello, I would definitely talk with your realtor and find out how homes on your street have held their values or appreciated over this past year. That is a strong area for real estate, and you will find section 8 housing throughout many neighborhoods in town. I think checking area crime rates is important whether there is section 8 housing in a neighborhood, or not. I advise all of my clients to keep up with what is going on in their neighborhoods.
You could also try to get more information about the home that has been on the market for so many days, there could be many reasons for that. It may be overpriced, it may have structural issues, any number of problems that are preventing the house from selling.
Good luck, and please feel free to call or email me directly if you need additional help or information.
Amie Morozs
720-495-5705
amorozs@gmail.com
2 votes Thank Flag Link Sat Aug 31, 2013
Amy gave a great answer. I would reiterate what she said about finding out why the other side of the duplex has been on the market so long, especially since it is attached. Perhaps your agent could take you to see it?

BTW - anything that is a concern for you could possibly be a concern for anyone thinking of buying your house when you sell. The key is to make sure you don't over pay, so you can sell for a realistic price when the time comes.
1 vote Thank Flag Link Sat Aug 31, 2013
I would evaluate crime rate before deciding on this. That is a great part of town and a very hot market, so it shouldn't be too big of a deterrent!
0 votes Thank Flag Link Tue Sep 10, 2013
Anon,

I wouldn't think that the Section 8 housing would be that much of a deterrent in that red hot area of town. I would have your Buyer's Agent look into this for you and find out what is the problem with the other side of the duplex. If it is a serious problem, it could affect your side and cause you problems down the road.

Robert McGuire
Broker/Consultant
Your Castle Real Estate
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat Sep 7, 2013
There could very well be some issue with the attached property that's causing it to languish, and it may be relevant to your purchase since, being a duplex, there will be some elements in common. Do they have the same owner? Or did they at some point? Your current agent should be able to research the other property and you should definitely take a look at it. Maybe you can pick it up for a good deal!

It's unlikely that a nearby "Section 8 complex" in itself is a problem. Of course landlords who don't keep up their properties are a drag on surrounding values, but that can be the case with any rental or apartment complex. You might be surprised if it were possible to identify all the tenants in different neighborhoods who rely on Section 8 vouchers - fortunately it's not!
0 votes Thank Flag Link Sun Sep 1, 2013
My first thought about this is no. Reason being, we have a very large (550 units) in Arvada where I have lived for 25 years, and there is a very nice, well established subdivision which borders it.
You are wise to look at the crime rate. As Realtors, we can never discriminate against any neighborhood. We are obligated by fair housing laws. I can say that Sloan's Lake is a highly coveted area now.
Debbie Fickenscher, GRI, CNE, E-Broker
Since 1994
Debbie@bluesagehomes.com
0 votes Thank Flag Link Sun Sep 1, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer