Location IS Everything?

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March 09, 2010

Location ... Location... Location

By Daniel Eaton

So says the real estate executive. What do you think? At what point does where you live become more important than 'what you live in'?

Sources tell me that famed music legend, Mariah Carey is soon to acquire the penthouse in the Old Commerce Exchange Bank building which is condo redevelopment project called Franklin Towers in New York City for a mere $9 million.

Oh, did I say 9 Million? That's 9 with six zeros behind it? Whether you Mariah Carey or John Q. Public it appears that location is indeed everything. Well if I purchase this for some 9 million, I certainly will be able to double my money in the next few years. After all this is Central Park West.

If it were me, I would rather take my 9 million and opt for something a little warmer such as a pink house on Star Island in Miami Beach. I hear Gloria Estafan is a great neighbor.

Well then, what IS the issue? I suppose it is supply and demand. There are not too many condos' that over look Central Park, as there is a limited supply of property on Star Island. What we have to learn is that the unique location are indeed important and that there people ready will and able to spend their money on your priced. Ok. Dan, how can I apply this crude analogy to my situation in hometown U.S.A.? There is a difference between properties. Do your homework. Why did I buy where I did? Location. The homes in my area where built in the late 1920's. I am nostalgic. I prefer the tall ceilings and cove moldings. The home, a walk to the train, simply has charm. Some have said it looks like a Sears Roebuck house. Well it very well may be. Will I be able to get a premium price for this property? Not if the buyers realize the LOUD neighbors next door whose 4th of July festivities have escalated from bottle rockets to bottle bombs at 1:00 in the morning. You see there is an upside and a downside. You have to do your homework. Literally. Is your prospective neighborhood fashionable? I have yet to determine why, but home on a golf course demand a much higher price than ones that are not. I suppose you need some logical excuse for glass breakage insurance. Then again you will not have neighbors behind you sending smoke signals at 1:00 in the morning.

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