Dear Editor: NE neighborhoods must work to increase property values

May 1, 2013

Recently we tried to refinance our home solely to take advantage of the currently low mortgage interest rates.  As you might assume, the refinancing hinged on our property valuation.  The appraisal was conducted on March 27, 2013. We received the assessment results on Friday, April 5, 2013. Much to our shock, our home on Garfield Avenue in Pendleton Heights which we purchased in 2005 is now worth less than half of what we paid for the home.  We are aware of the difference between an appraisal value and sale price. Likewise, we are aware of the crash in home prices as a result of the collapse of the real estate market.  However, one must admit that this is a significant loss of value no matter the conditions and reasons.  Understandably, this concluded our attempt at refinancing.  This has left us frustrated, disappointed beyond words and angry.  Going forward, my partner and I are looking at every possible scenario.  It must be admitted that walking away from the property is on the table of discussion.

We are reluctant to pursue the path of loan modification for several reasons.  Modification takes time, effort and patience.  Our question to the Northeast neighborhood associations is: Why should we struggle to keep our home in Northeast?  The sad fact is that for all the good that the Northeast neighborhood associations have done, what concrete measures and solutions have the associations taken to attract, increase and keep single family homeowners in Northeast?  What concrete measures have been taken to increase property values in the neighborhood?

Have the neighborhood associations worked to:

• Decrease the amount of Section 8 housing in the neighborhood by actively holding property owners responsible for violations of building codes, zoning standards and parking restrictions?

• Actively discourage and pressure low-income rentals out of the neighborhood by tracking, reporting and holding property owners responsible for building code violations, zoning standards and parking restrictions?

• Actively work with law enforcement to make all multi-unit property owners aware of the crime which their residents generate.

• Actively worked to hold property owners responsible if they continue to rent to individuals who constantly create a crime problem for the neighborhood?

• Pressure the city to amend the zoning restrictions to encourage multi-unit property owners to convert their apartments to condominiums?

• Pressure the city to provide incentives to multi-unit property owners to reduce/reuse/convert their multi-unit properties to condominiums?

• Offer incentives to KCUMB to purchase multi-unit properties for conversion to student housing?

• Actively promote the neighborhood to developers and the business community as a viable location for redevelopment, revitalization and investment?

• Actively work with the city government and the established business community to advertise, promote and advocate the neighborhood as a comfortable, safe and economically feasible for single family home ownership?

• Actively work with all local mortgage institutions to promote, cultivate and foster an atmosphere of collaboration, assistance and redevelopment?

I am aware that the answers to many of these questions are yes.  However, my point here is that when it comes down to brass tacks, until the multi-unit housing is decreased along with the crime, litter and negative visual impact, property values for the neighborhood will not increase, and indeed will continue to decline.  I acknowledge and am grateful for all the wonderful neighborhood trash pick-ups, community gardens and other activities which the Pendleton Heights Neighborhood Association has conducted, which have made Pendleton Heights a better place to live. However, these activities have done little to enhance property values. At its root, increasing property values is what is going to keep and attract people to the neighborhood.  Frankly, it is my opinion that this should be PHNA’s primary reason for existing. The remaining benefits of the neighborhood are just icing on the cake of Pendleton Heights home ownership.

Until PHNA takes a more aggressive role toward increasing property values, there will be little reason for current single family owners to stay in the neighborhood.  Similarly, it will be increasingly difficult to attract this type of owner to the district. It is my sincere hope that PHNA will reevaluate its mission and consider taking solution-based actions to prevent and discourage the presence of low-value, multi-unit housing in the neighborhood.  PHNA must also examine all avenues to reduce the density of these units in the neighborhood.  Until this is achieved, we do not stand a prayer of seeing our property values increase.  As single family owners, we simply do not have the clout to persuade the improvement/conversion of these low-rent properties to be upgraded to condominium style units or to senior living condominiums.  This will only happen when PHNA, the city and law enforcement work together to change the face of the neighborhood.

Respectfully, A Resident of Pendleton Heights

 

 

Comments are closed.

  • Letter to the Editor: Reconsider what is truly littering the Northeast area

    July 21st, 2015
    by

    Dear Editor, I was heartened to read “Bunny’s” statement “Mess makers abound” [July 8, 2015] on the disrespectful, harmful mess that is Fourth of July fireworks (and firearms) use.


    Letter to the editor: Help get a community issue solved

    June 30th, 2015
    by

    Dear editor: Every morning, I walk my dog in Budd Park and pass by the wading pool facility, which was erected several years ago.


    Classified

    June 30th, 2015
    by

    101 Contractors
    & Builders MARK’S REMODELING ROOFING, SIDING, DOORS
    WINDOWS, PLUMBING
    SHEETROCK, ELECTRICAL
    NO JOB TOO SMALL 816-600-2504 102 Heating & Cooling HEATING & COOLING
    FURNACE, A/C
    WATER HEATERS
    REPAIR/INSTALL
    DRAIN OPENING
    816-527-6334 103 Lawn Care


    Where do the candidates stand?

    June 17th, 2015
    by

    Dear editor: I am writing to you about the upcoming Mayoral and City Council election on June 23rd. A lot […]


    Letter to the Editor: Don’t vote against Judge Wilcher

    June 16th, 2015
    by

    Dear Editor: As the municipal elections approach, I noted that Freedom Inc. is busy stirring the pot.


  • Letter to the Editor: Keep up the great reporting

    May 19th, 2015
    by

    Dear Editor, I clicked on a story that sounded interesting and ended up reading quite a few other articles.


    Letter to the Editor: Bunny is misinformed

    April 21st, 2015
    by

    Dear Editor: What’s up with the inaccurate quote of Northeast Kansas City Historic Society’s [NEKCHS] perspective of Thacher in last week’s Northeast News? Please see below and attached for many of


    Letter to the Editor: Not Happy with generalization

    April 21st, 2015
    by

    Dear Editor, It is extremely disappointing and concerning to read another editorial written in The Northeast News, titled “Springtime violent flash mobs,” (published in the April 8 edition) which can be


    Letter to the Editor: Don’t make assumptions

    April 21st, 2015
    by

    Dear Editor, As a journalist, you are aware of the power of public narrative and the power journalists have in shaping it through their writings.


    Letter to the Editor: It’s not the old days anymore

    April 21st, 2015
    by

    Dear Editor: I am writing to inform Bunny that despite her comments to the contrary, the Scarritt Renaissance Neighborhood Association is very clear about its core purpose and mission.


  • Local Weather

  • What’s Happening

    Gayety Theater once took center stage

    Northeast News Built of reinforced concrete and ornamental brick at a cost of $115,000, the Gayety Theater stood on the former site of the A.W. Armour home, one of the

    Neighborhood celebration thanks to the Salvation Army

    Neighborhood Celebration. Last Saturday, the Salvation Army opened their doors to anyone in the community by holding a Neighborhood Celebration.

    retorts illustrated bryan stalder

    retorts illustrated bryan stalder [...]