My neighbor bought a Hyundai. If he parks it on the street, will it bring down property values?

Question

I live on Balboa Island in Newport Beach and it is a very wealthy area. My neighbor bought a Hyundai, a faux luxury model called an Azera. If he parks it on the street, will it bring down my property values?

He really shouldn't park such trash cars on the street, it's a total eyesore.

Answer 1

kmennie has the most sarcastic answer I've ever read and she didn't even hint that she was kidding...if not then she must have been raised in a brothel!
Anyway, I'm surprised anyone in a "wealthy area" parks on the street, you'd think they could afford a garage for their cars.
Considering Hyundai is among the best built cars in the world and 7th most popular brand in America I don't see any issue especially with something as beautiful as the Azera being parked on the street.
If someone were to park a broken down or really old boat/car/truck on the street for a long time it would be an eyesore and cause some loss of market value. That's why most good neighborhoods don't allow those type of vehicles to sit on the street.

Answer 2

Short Answer: No

You homes value is generally defined in two ways. One is through an appraisal of your property. The other is what your home would sell for. Yes, these are usually different.

The appraisal is done by viewing properties in your area that are similar to yours, looking at the sale prices, comparing elements of those homes to your home, and then creating a value. The type of car in the garage or driveway is not a determining factor of value in the appraisal process. Therefore, when you talk about refinancing, or borrowing against your property in some other way, the Hyundai is irrelevant.

The second method, what your home would sell for, is really only something you can estimate until your home actually sells. The reason this is worth talking about is because this is when an individual person's tastes come in to play. Therefore your home after an appraisal my value for $10 Million, but a person who is just head over heals for some unique element of your property, like the way a kitchen and nook are laid out, may pay $10.5 Million. This can even happen in a falling market. The alternate scenario goes in that when you try to sell, people continually find something unique about your property that bothers them, like a strange archway or tile pattern, and you can only sell for $9.5 Million. It is surmizable that a Hyundai in a neighbors driveway could be such a detergent. However, I believe the number of buyers that would be "turned off" by such an image would be very low, and most would just smile (smirk?) about your quirky neighbor.

Answer 3

Your very immature. You are not very smart either. You need to do some research on property values and what determines them because cars parked anywhere doesn't make a difference in your property value. I bet they hate that stupid looking hummer you drive. And by the way Hummers are for those who don't really have money just wants to look like you do...and there is a difference in being rich and being in debt!!! You may look rich on the surface, but come on how much is really left after you and your hubby pay all those big bills for all the things you buy simply to impress people. You are very sad.

Answer 4

This is an excellent question. I just bought a new house (NB: a three-storey brick single-family home on top of a hill with mature trees on the most desirable street in the area) and last week I noticed that one of the neighbours has a rusty pick-up.

Clearly, he didn't get word from the realtor about its being the most desirable street in the area...

(Really, how could he? He probably can't read. Cheap motor vehicles correlate with low literacy levels in every study I've read.)

What does it matter even if it doesn't bring down the property values? Fact is, it looks like ****. I don't want my future children thinking it's normal to live like that, too. His wife probably has small diamonds in her jewellery, too, which is the LAST thing I need my husband to see; I don't want him getting ideas.

Here are some things I've thought of doing:

-- buying him a tasteful auto. I thought about sending him here -- http://www.robbreport.com/ -- and asking him to pick one out. I can afford it just fine; I might as well be buying a dinky car. So, why not?

-- having him killed. Also affordable; also, why not?

-- paying off the city to have his house taken from him via "eminent domain," I mean, with that awful truck, it shouldn't be hard to get it labelled a one-house slum. He can live on the street for all I care, just so long as it's not near me.

-- moving. Just how "wealthy" is Balboa Island, and just how "desirable" is my new street, if this sort of trash goes about unmolested? I'm thinking of suing my estate agent.

Answer 5

Was the lamb that got lost a bad sheep or did it just want to be found? Property values, what does G-D care about property values, even Jesus said " Give unto Caesar what is Caesar's ands Give unto G-D what is HIS." Perhaps Atheists move in to test your faith, not you theirs. I love talking to atheists because each one of them is on a quest, a Spiritual Quest to find the ultimate Truth about the existance of G-D. Mind you there re a lot of people that I wouldn't like to have as neighbours.

Answer 6

Well, if he is obstructing traffic then something needs to be done about it. (Don't care what car model it is) Property values will not be determined by cars parking on the street. A prestigous estate was already zoned by the government plans. You should worry about the economy of the country to determine the value of your property.

Answer 7

What a total uptight snob you are. A Hyundai Azera is actually a nice car. At least it's not a '76 Pinto.

Grow up and get over yourself.

Answer 8

Thank your lucky stars for the improvement to the neighbourhood. That is such a nice looking vehicle in comparison to your ugly Hummer.

Answer 9

gaamalii01 gave the correct answer. A car is a movable/ removable object and is not permently attached to private property therefore have no determaning factor in property value.

Value is based on basic purchase price, area appreciation/ depreciation, home improvements, square footage,added features, local schools, City taxes, and what the other houses sold for.

Answer 10

First off you property values are going down any ways.

http://www.breakingbubble.com/

Live it up now since your expiring date is getting close, I sure you will be in a Hyundai soon.