Appraiser Walkthrough
On Tuesday I met the appraiser hired by Guardian Savings Bank to establish the market value of the new home, for a walkthrough of the project. It was interesting talking to the appraiser while going through and around the house and getting some insight on how he approaches the task of establishing value for something like a home, which he acknowledged is purchased largely on a personal emotional reaction. That said, he pointed to a few key factors that sell homes in Cincinnati's neighborhoods, relating a couple of them back to Pleasant Ridge. They are...
- Security: Above all else, people will not buy homes in places they don't feel safe.
- Schools: Pleasant Ridge, which has access to state-funded private school vouchers based on past poor performances of neighborhood schools prior to the transformation of Pleasant Ridge Montessori to the thriving school it is today, has made Pleasant Ridge one of the most appealing neighborhoods for families with school aged kids in the city.
- Walkability (a 'Less pricey version of Hyde Park'): With a walkable neighborhood business district, parks, playgrounds and a strong housing stock, Pleasant Ridge has many of the amenities of Hyde Park (widely regarded as the City of Cincinnati's premier residential neighborhood) but at a price point more attainable for most families
All things considered, I'm really interested to see what this home appraises for since it is being compared to something that doesn't exist, which is new home construction in Pleasant Ridge. I'll post another blog entry on the topic when I get the report with the results.
