Papa Foxtrot
Pre-takeoff checklist
So the lovely wife and I are driving home from church Sunday and we pass a small airpark along the way. I remark, "I hear there's a house for sale in there..." To my surprise, she says, "Let's have a look." Needing no further encouragement, we're soon walking around a vacant 3,000 sqft home on 3.5 acres with a detached 50' x 50' hangar. While I've dreamed of living on an airpark since I got my license, she really seems to be warming up to the idea.
Being the risk analyst that I am, I'm looking for downsides. All property in the Atlanta area took a hit in '08, although not as bad as some areas of the country. I'm wondering what the outlook is for airpark property. I'm guessing that values will hinge on the health of GA in general. Also, I'm afraid that getting a knowledgable appraiser might be a challenge.
Any gotcha's that I should look for in the HOA organization. This is a small, unpretentious place(<30 homes) with a small common area(clubhouse & pool) and a 3,000 ft turf runway. Homes vary from hangar homes to a max of approx. 3,500 sqft. I'm wondering with a small owner base, if viability of the HOA could become a concern? Any warning signs to look for?
Thanks in advance!
Patrick
Being the risk analyst that I am, I'm looking for downsides. All property in the Atlanta area took a hit in '08, although not as bad as some areas of the country. I'm wondering what the outlook is for airpark property. I'm guessing that values will hinge on the health of GA in general. Also, I'm afraid that getting a knowledgable appraiser might be a challenge.
Any gotcha's that I should look for in the HOA organization. This is a small, unpretentious place(<30 homes) with a small common area(clubhouse & pool) and a 3,000 ft turf runway. Homes vary from hangar homes to a max of approx. 3,500 sqft. I'm wondering with a small owner base, if viability of the HOA could become a concern? Any warning signs to look for?
Thanks in advance!
Patrick