Stop and Smell the … Truffles?
Fans of our blog, or anyone who has recently sold a home, can probably pretty easily name a few things that can affect a home appraisal – comparable property values, a water heater in need of replacement, or termite damage would probably make your list. But what about a smell?
On Monday, The New York Times published an article called “After a Smell Moves In, Others Won’t Follow.” Apparently, there’s a luxury condo building in the Far West Side of Manhattan, the base of which houses an upscale truffle company. The owner of the retail condo stacked boxes of truffles from floor to ceiling, and the pungent aroma has completely taken over the lobby. When it comes to truffles, a sprinkling is a delicacy; a roomful is described as “the stench of a refrigerator crammed with rotting carrots and lettuce” combined with “the earthy smell of dirt, half a dozen pairs of teenage boys’ worn-out sneakers and some stinky, stinky cheese.” Not exactly a selling point. And sales are affected – condos in this building remain on the market for 15 weeks longer than the average.
The article goes on to describe a man who sold his apartment over a bakery because he couldn’t stand the smell of onion bagels for another day. Another family purchased an apartment over a spice shop because they loved the scent of curry. And still another building had to lower rents by 20% because of the smell of a nearby restaurant. It’s amazing how scents can affect the value of your property or make or break sales.
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By: Present Value
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