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Old 06-14-2009, 08:43 PM
 
Location: Midtown Raleigh
1,074 posts, read 3,245,408 times
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In a neighborhood with a lot of young children and toddlers, do you think it would be a positive or negative for the Board to install a high-end play set and a picnic area? We sought the advice of a couple of realtors on this and are interested in hearing more. Do these additional amenities help or hurt property values for the neighborhood? Do your clients see these things as an advantage when shopping for a home? We have a pool, but no other amenities. Your advice and expertise is greatly appreciated.
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Old 06-14-2009, 09:34 PM
 
Location: Raleigh, NC
12,475 posts, read 32,230,653 times
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Depends on who you are marketing to.

Empty nesters don't really want a playground but perhaps parents do?

I'm trying not to violate Fair Housing by speaking of children!!!

Vicki
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Old 06-15-2009, 05:20 AM
 
Location: Cary, NC
43,266 posts, read 77,043,330 times
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Should have a positive influence on values.
Not like a rocketship, just a positive rather than a negative.

These amenities are certainly desirable, but people definitely consider HOA dues and the value received.
Can you install this stuff without an increase in dues?
I would think the playground and picnic facility would be inexpensive for a whole neighborhood to fund. What about liability insurance costs?
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Old 06-15-2009, 05:42 AM
 
15,714 posts, read 21,063,317 times
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Quote:
Originally Posted by cry884 View Post
Do your clients see these things as an advantage when shopping for a home? We have a pool, but no other amenities.
I'm not a realtor so I can't address property values and such, but as a buyer with 4 children I can tell you that having those amenities would not influence us to buy in that neighborhood but it could be a detraction.

I can tell you that even WITH 4 children, I would never purchase a home if the playground/picnic area was close enough that I could hear the noise from that area. That would definitely be a detractor for me.

Our neighborhood has a playground area but because we are in a large subdivision, it is pretty far away (2 miles). We NEVER use this area for that reason. If I have to put the kids in the car and drive we just go to a larger playground.

The pool is a MUST for us though and having better amenities at the pool would be something we would be interested in (a concession stand, more tables and umbrellas, nicer bathrooms...etc).

Just wanted to add my 2 cents
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Old 06-15-2009, 06:31 AM
 
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Playground may require increased insurance premiums for the association.
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Old 06-15-2009, 07:23 AM
 
Location: Raleigh, NC
12,475 posts, read 32,230,653 times
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The OP already stated that there is a pool. Would the playground add to the insurance/liability for the n'hood?

Vicki
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Old 06-15-2009, 07:28 AM
 
Location: Cary, NC
43,266 posts, read 77,043,330 times
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Quote:
Originally Posted by VickiR View Post
The OP already stated that there is a pool. Would the playground add to the insurance/liability for the n'hood?

Vicki
Right.
Good question. And I am sure the HOA board knows to consider it.
How could a playground carry higher liability than a pool?
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Old 06-15-2009, 11:38 AM
 
214 posts, read 695,002 times
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Im not a lawyer, but I don't believe our HOAhas liability insurance as apparently because its an LLC the worst that can happen is that the HOA is sued and loses the reserve funds.

As for me, a playground is a plus - its not as noisy as a pool and it is a good place for kids and parents to get out of the house and meet their neighbors. Its also where our neighborhood hosts halloween and block parties, so people without kids use it as well.
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Old 06-15-2009, 11:44 AM
 
9,196 posts, read 24,927,777 times
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Quote:
Originally Posted by emanresu2 View Post
Im not a lawyer, but I don't believe our HOAhas liability insurance as apparently because its an LLC the worst that can happen is that the HOA is sued and loses the reserve funds.
Seems like a judgment creditor could seek to go after assets beyond just the cash reserves - i.e., any real property (common areas) the HOA owns. And it could leave the HOA in such a miserable state that issues of maintenance, etc. become problematic (leading to an increase in HOA assessments).
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Old 06-15-2009, 12:10 PM
 
Location: Wake Forest
2,834 posts, read 12,030,382 times
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Before I had kids I lived in a neighborhood with a playground that was within walking distance to my house. It was great during the day, lots of little ones out there playing with their parents. The downside was on the weekends in the evenings, and the middle school/high school aged kids would congregate in the playground, run all around on the play equipment, were very loud, etc. That is something I always think about when I see a playground in a neighborhood!!!

Leigh
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