Sunday, September 10, 2006

Lemon Aid

Most home owners expect to make a reasonable profit on their original investment. Most of their appreciation potential is dictated by market economics, but many discover to late that other unanticipated factors have turned their property into a 'Lemon."

"Brokers say apartments with tenants living in them, particularly messy tenants, are hard to sell, as are those owned by divorcing couples when one spouse is not in favor of moving and attempts to sabotage everything from showings (like canceling them at the last minute or loitering on the premises) to appraisals (pointing out the apartment’s every fault).

Overly customized apartments (“I’ve seen stuff like bathroom tiles bearing the faces of the owner’s kids,” Mr. Miller said) or overly improved apartments (a glorious renovation in a rundown building) do not fare well...."
Continued from Sunday's NY Times on When Deals Go Sour.

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