If you've watched the news the last couple of days you've certainly heard of the tenant using his condo as a meth lab and basically blowing up his unit. If not, check out the link HERE
I can't help but feel for current owners of this building as this is bringing terrible press to a building which otherwise is quite popular amongst landlords and tenants.
The stigma that this will give to the building will last a while... how long, I think that's anyone's guess and depending on the type of mainstream coverage this continues to receive.
What is a stigmatized property? It is basically any property that potential buyers and or tenants may not want because of a particular known reason (not referring to physical attributes of the homes). We typically see this with murders/suicides that occur in homes, crimes (grow ops), haunted houses and the list can go on...
This is a definite grey area as not all stigmatized properties are crystal clear. Sure you have the high profile murders and the known marijuana grow ops that are evident but what about the lil old man that passed away in his home of natural causes? Would that be considered a stigmatized property? What if the owners previously ran a brothel and are now listing their home? Is that a stigmatized property?
Realtors MUST disclose any sort of stigma associated with a home to prospective buyers/tenants.
As for 85 East Liberty St.... I would say without a shadow of a doubt that any realtor showing or selling a unit in that building needs to disclose that there was a meth lab blow up on the 6th floor. Same goes for landlords. Anyone arguing with this (I would presume every condo owner in that building would) needs to ask themselves this:
Would I buy or rent a unit in a building or on a floor where a meth lab was known to be in operation and BLEW up? The answer is no.
Here's the exception.... MONEY! There are currently 11 units for sale in that building and 7 for lease (as per mls) I would be shocked if any of them sell in the next little while...but I will tell you what will ease many people's minds... lower prices. Is it not always the case? Grow ops sell. Haunted houses sell. This unit will sell. They may not sell at the same price of other comparable homes but if the price is right, a buyer will snatch them up.
It's unfortunate for the unit owners of 85 East Liberty but their stock took a bit of a nosedive the last couple days and as bad as it is, there lies the silver lining in that it could of potentially have had a much different and tragic outcome.