Thanks to everyone who replied! I really needed to hear that “investment of the heart” part. However, I am still thinking…

Wed Mar 19 2008, 12:44

Home Buyer in KC -
Everything said by the other agents is so true. Dig deeply into the sales history of that home while you're appreciating the history you see in its walls. Housing is an investment monetarily but also an investment of the heart. Listen to both and remember that all the doubts you have now in the purchasing process will come up again when you sell. Future buyers will probably have the same questions. With the factors in place that you described it probably won't appreciate like another investment might but your joy of living might overcome that obstacle. This is truly a time you need to find an experienced, knowlegeable REALTOR to help you. You need hard historical and financial facts. Good luck and happiness to you no matter which direction you take.
Trisha Lee, Columbia, MO - NOT a Kansas City agent
REMAX Boone Realty

Mon Mar 10 2008, 16:42

As I'm sure you already know, location is normally more important then any other aspect of a home (as far as resale is concerned). Even if a home has structural problems, those at least can normally be fixed, when a home has a poor location...that normally can not be fixed.
I would say a couple determining factors would be what condition the apartment complex is in and how well it is maintained. Also have your agent estimate how much of a discount are you getting off of the home due to the weaker location (compared to the same type of Hyde Park home, not next to an apartment complex). If you are getting a good enough price for the home then obviously that will help weigh on your decision as well. You do have to understant though, when you go to sell...you will probably need to offer that same type of discount to the next buyers.
Check to see if your Agent can find out what other comparable homes on the street have sold for, especially if he or she can find any other homes that have sold recently on the street that were near the apartment complex. See if that is in line with what you are paying.
Hyde Park has a very large size difference of its homes so it is important to not only look at the sale price of past homes but the price per square foot of those sales as well (for similar homes in that same area and condition). Hyde Park Central has a lot of wonderful homes and normaly an agent should be able to find ample comparables in that subdivision. Good luck with your purchase, I really like the appeal of the Hyde Park area's. If you like Historic homes you should take a drive down the street a bit to Janssen Place(just for fun). I think you would appreciate a drive through that area, those are some of the most magnificent historic homes in KC.

Mon Mar 10 2008, 06:58

Hi N,
Very often we analyze a situation carefully, to succumb to our emotions at the end and do what heart told us to do. Some will say later, that they should stick to results of their analysis and some that thy are very happy that they went with their instinct. Some treat home purchase as invstment and if you do too, please remember the all real estate adage: Location, location, location!!!
Good luck with whatever your decision going to be.

Sun Mar 9 2008, 22:22

OK, I'm a St Louis Realtor, not a KC Realtor, but I can tell you that in general a home next to an apartment complex is harder to resell. The nursing home isn't actually quite as big a deal, since it would have quieter neighbors in a prospective buyer's eyes, but they would be concerned about traffic (staff, visitors, ambulances, etc). However, If it's a very upscale expensive apartment complex and nursing home it's not as much of a negative. For Example in our St Louis area, the Central West End is a very prime area with lots of rehabs going on. It also has some very upscale apartment complexes in the area. Quite often unless someone very carefully looks at the sign, they won't know if it's an apartment complex or a condo unit. I would wonder, if you've got an apartment complex on one side and a nursing home on the other, how busy of a road is it on? A busy road is also a killer, since people are concerned about their children and pets getting hit by cars, by accidents on the road in front of the home (or worse yet ending up in the yard)

In your case, you are going to have to decide how much you love the home. How long do you intend to be there? Is the rest of the neighborhood stable single family homes, or is there a likelihood of more commercial, apartment complexes, etc going in between now and when you resell? People buy homes all the time that are harder to resell because they really love the home and they hope that when they go to sell, someone who loves the home as much as they do will come along.

As an aside, you might want to check ALL the past history of the home being on the market - how often has it gone on the market, how long has it set on the market each time before it sold or was taken off the market, how close to list price did it sell for each time, how close to the comps in the area was it actually listed for each time it went on the market (or did they start lower because of the location). Be an educated consumer. Your Realtor will be able to find out some of the information from the MLS records and the tax records for you, but they will only go back to when the MLS was computerized. (If the home hasn't sold recently there may not be anything in the databases for your Realtor to use to find anything out for you)

Sun Mar 9 2008, 21:54