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Old 04-27-2013, 06:32 PM
 
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Every situation is different. I know some folks who made a killing selling their house across the street from our local hospital parking lot..............

they sold to a Family Practice... which under zoning was allowed.
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Old 04-27-2013, 06:51 PM
 
Location: A land flowing with milk and honey...
3,510 posts, read 3,012,398 times
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Quote:
Originally Posted by 601halfdozen0theother View Post
Well, the house that ticks off every item on my wish list is wonderful - except it is directly across the street from a hospital. Actually, it's directly across from the parking lot next to the hospital.

I'm not sure about this. There definitely is traffic at all hours, but it is very slow moving traffic. It's not what I would call a busy street. And the ambulence entrance is at the back of the hospital.

What else should I be worried about in this situation?
I have read the various replies to your inquiry and you have received some great advice and opinions based on experience. Having lived three houses from a community hospital myself I would only add to check any and all parking signs for specific criteria, which may be posted near your home for on street parking.

The city which I lived in at the time had residential parking only in order to maintain availability of street parking for the residents. Not only were we paying for our city sticker every year but also a fee for a special residential parking permit in that particular neighborhood. If we actually could find parking as one might hope it would have been worth the special permit fee. Nine times out of ten it was not so easy and almost always, nearly impossible.

Best regards, sincerely

HomeIsWhere...

there should be no such thing as permit parking on city streets

Last edited by HomeIsWhere...; 04-27-2013 at 06:53 PM.. Reason: Typo
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Old 04-27-2013, 07:01 PM
 
5,555 posts, read 4,415,417 times
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Wow, thanks for all the responses, everyone! Very helpful.

Turns out it is a "regional" hospital - pretty big. It does have a helipad.

I'm not in a hurry and am exploring a variety of options, so maybe it makes sense to wait on this one. I currently live in another town, so although "camping out" on the property a few times makes excellent sense, I don't think I'll be able to do that.

Anyway, I so appreciate all of your input!
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Old 04-27-2013, 07:10 PM
 
Location: Kailua Kona, HI
3,199 posts, read 10,562,259 times
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No way would I buy that house.
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Old 04-27-2013, 10:37 PM
 
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All I can tell you is that I lived across the street from Jefferson U hospital in Philly for 3 years. The ambulances were not really a problem (we were on the 9th floor).

My suggestion is to camp out in your car in the neighborhood for a few nights and talk to neighbors.

I don't think it's a big deal. Also, helipads are rare, especially if the hospital is not a level 1 trauma center.
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Old 04-28-2013, 06:05 AM
 
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Keep in mind....... The largest population in the USA, the baby boomers, are getting old. Hospitals will be expanding at an alarming rate and will be getting busier every year for the next couple of decades.
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Old 04-28-2013, 09:06 AM
 
Location: Earth
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Also there are going to be more buyers willing to buy near hospitals.
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Old 04-28-2013, 09:30 AM
 
Location: Portland, Oregon
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My grandmother owned a house across from a hospital. A clinic purchased her property just as she was ready to down-size. It funded her retirement. My advise is to check the zoning and consider your goals long term.
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Old 04-28-2013, 09:41 AM
 
Location: Cape Cod
8,489 posts, read 6,266,466 times
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At first thought it could be detterent but then a bonus, if you were injured or sick you wouldn't need to travel far for aide. If the hospital wanted to expand you might have a mini pot of gold there.
I own a real estate company and sometimes I see potentially tough sell properties. There was one that was directly across from a fire station which meant sirens and lights any time of the day or night and when the trucks returned their headlights wold be shining right onto the house as they backed into the bays. A tough sell but you know there is a lid for every pot and that house wasn't on the market long.
I say if you like the house and the price is right then go for it. When it comes to resell I'm sure there will be someone that feels the same way you do.
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Old 04-28-2013, 10:15 AM
 
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I would buy it, expecting the value to increase faster than a comparable home farther from the hospital.

Even if you decided to rent it out several years into the future, you likely could get above market rent due to the location. Same for resale value, IMO. Hospital workers often are well paid and many are on call or work long shifts and need to be close to work. Some have rules for certain on-call employees that specify they live within 15 minutes from work.

Properties near hospitals often get rezoned to allow the home to be converted to a doctor's office. This can double or triple++ the value of the home. You can choose to keep the home residential OR resell later at a large price to someone that will convert to MD office.

The huge investment potential alone make it worth purchasing.
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