Tuesday, April 5, 2011
The New York times ran a story on Sunday about a "psychologically impacted" home in Windsor Terrace, Brooklyn. Four months ago, the owner was stabbed to death by her son. The article asks whether, "[i]n a city with a relative shortage of good housing, [does] the fact that someone has recently died in a home barely elicits a shrug from buyers"?
According to James Larson and Joseph Coleman, the answer is probably, "Yes." Laresen and Coleman, business professors at Wright State, conducted a study of 100 psycologicall impacted homes - places that had been the site of a murder, suicide or illness. They found that such properties take 50 percent longer to sell than comparable homes and bring in an average of 2.4 percent less. All good facts for the next time I teach Stambovsky.