Too Much Security can bring down the Value of Your Condo Townhouse!
A few weeks ago we pubished a blog on increasing the value of your condo or townhome through added security. But is there such thing as too much security?
People like to be safe. They like to see the visible signs of security: fences, barriers, cameras, and the like.
A large condominium project may employ security guards at the entrance to the driveway, and again just inside the main door. Entry is permitted only by electronic access key.
That’s fine for highrises, but what about the upscale condominium townhouse complexes with less than 150 units?
In this case, too much security might even be detrimental. One complex retained a security firm which drove its “look alike police vehicle” through the interior roads in the evening.
Here’s the problem: two oversize security officers and two oversize Dobermans.
Rather than cutting down on crime, there had been little to none, this complex actually sustained its first thefts. The teenage thieves thought that there must be something worth stealing with all that security.
Also, the values did not increase. Typically, 4 or 5 units sell each year in relatively short order. But now, some of the buyers were frightened off. Whether it was the Dobermans, or the excess evidence of security, who knows! But, with so much security, there must be a problem. And, with such a problem, no one wanted to buy. So, the values all came down.
Going over the top with Dobermans might give the impression that this is a housing project managed by the City.
Brian Madigan LL.B., Broker www.iSourceRealEstate.com