What Happens To Property Values in Neighborhoods Near Sinkhole Activity?

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Old 04-24-2014, 04:43 PM
NoMoSno NoMoSno is offline
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I am hoping the Villages out of kindness will relocate these two families, demolish the homes affected and plant some bushes and plants on the lots.
Don't hold your breath.
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Old 04-24-2014, 05:00 PM
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I am hoping the Villages out of kindness will relocate these two families, demolish the homes affected and plant some bushes and plants on the lots. .
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Don't hold your breath.
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Old 04-24-2014, 06:41 PM
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The question was, would you buy a home that has had a sinkhole such as this one. I would not, because there are so many homes in the Villages to buy, why buy one that has had a significant sinkhole repaired. I am hoping the Villages out of kindness will relocate these two families, demolish the homes affected and plant some bushes and plants on the lots. I don't think the owners will ever be able to sell these homes.
If the home with a sink hole was repaired properly is a home that no longer will have a problem with sink holes. The house now sets on solid rock!
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Old 04-25-2014, 06:36 AM
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Funny....nobody has jumped all over the ramifications of dumping all this fill, concrete, etc. into the aquifer. Could make for some interesting discussion regarding pollution of ground water.
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Old 04-25-2014, 06:58 AM
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We should add sink hole research data to wannabes asking for advise about buying in TV. I would never buy a house in close proximity of a recent sink hole.
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Old 04-25-2014, 06:59 AM
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Funny....nobody has jumped all over the ramifications of dumping all this fill, concrete, etc. into the aquifer. Could make for some interesting discussion regarding pollution of ground water.
Very true. If a sink hole forms, they should allow it to be a pond and remove homes close by.
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Old 04-25-2014, 07:06 AM
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I also just read that anyone living within a mile of a sinkhole will be affected in the pocketbook.**

These unseen caverns and catacombs under the ground are the frightening part as one never knows where a new sinkhole will pop up next. If I lived next door to the recent one, I would not be so complacent. No one can truly see what is going on under the ground on the entire block of homes.

Also, from what I read....the ones in Lake County can occur "abruptly" without warning.

**Meaning not being able to sell their home, or else if they can sell it to a very brave stoic person (and whom would that be?), the price would be rock bottom.....and who can start over again easily when they are old and retired?

p.s.
Were these potential sinkholes revealed to new buyers years ago?
It might be a class action lawsuit. The old saying, "Buyer Beware" comes to mind.
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Old 04-25-2014, 07:14 AM
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Are realtors required to disclose nearby sinkholes to buyers?
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Old 04-25-2014, 07:18 AM
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If the home with a sink hole was repaired properly is a home that no longer will have a problem with sink holes. The house now sets on solid rock!

The house maybe sitting on solid rock, but the area around the solid rock is unstable and still susceptible to ground collapse. No? Just asking.

The hole was filled with concrete, etc and sunk another 6 ft. I realize it was settling however, what's to stop it from sinking further?
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Old 04-25-2014, 07:35 AM
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Originally Posted by In awe of TV View Post
The house maybe sitting on solid rock, but the area around the solid rock is unstable and still susceptible to ground collapse. No? Just asking.

The hole was filled with concrete, etc and sunk another 6 ft. I realize it was settling however, what's to stop it from sinking further?

Good reasoning; we've been wondering the same.
It's great to be eternally optimistic, but foolhardy not to do the research. There is a wealth of info on Florida sinkholes out there.
Also, which counties they are more prevalent and less prevalent......more severe, less severe; more prone to happen etc.

No one has control over Mother Nature's hurricanes, tornados, tsunamis, flooding, etc........but one does have a choice as to where to build or buy their retirement home.

The hurricanes and tornados do not particularly bother me as there will be some warning. Not so for these sinkholes or worse yet, a catastrophic ground collapse. We are definitely not nave to think they will never occur again, repeatedly......especially with climate change and more frequent rains. Florida's climate has definitely changed, along with the rest of the U.S.


http://water.usgs.gov/edu/sinkholes.html

USGS Water-Science School data on sinkholes.
Very educational; keep scrolling downward.


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Old 04-25-2014, 07:42 AM
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Senior. No one knows where a sinkhole will happen so a class action suit is not an answer.


Here is a map showing conditions that can cause sinkholes in the U.S. As you can see Florida is very prone.


The Villages Florida
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Old 04-25-2014, 09:15 AM
John_W John_W is offline
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I am hoping the Villages out of kindness will relocate these two families, demolish the homes affected and plant some bushes and plants on the lots.
Our CYV's were new in 2011. One of the homes on our street was purchased by a snowbird and while they were gone there was a major water leak in the slab. When they returned the M/Br and bath were flooded. They called the warranty department and TV fixed the problem free. They replaced everything in that area, new vanity, new flooring, new drywall, new trim, etc. It was a major repair with sledgehammers into the slab and took three weeks.

After it was fixed the owners put the home on the market with TV Real Estate. It sold quickly and when the new neighbors arrived after closing, another neighbor asked them if they had any concerns about the water leak. The new owners didn't know a thing about it. They got a lawyer and contacted TV and was told they didn't need to inform them because the problem was fixed by the warrantly department.

After a few months, those people listed the home with TV Real Estate and it sold quickly again. When the new neighbors arrived, the same neighbor asked them about the water leak. They responded we were never told. That was a month ago, so now were hoping these folks stay. Third owners in three years.
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Old 04-25-2014, 09:32 AM
jflynn1 jflynn1 is offline
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Originally Posted by elizabeth52 View Post
While many of you who already live in the Villages seem to take the recent reports of sinkholes affecting some homes there in stride, it is a little more than scary to a potential buyer. The deductible for a non-catastrophic event could be catastrophic by itself.

Do you know how having a house with a sinkhole in a neighborhood affects the surrounding property values? Would you buy in a neighborhood that has had a sinkhole?

I think it is scary because there is no warning, so there is no way to prepare. Earthquakes, Hurricanes, Tornadoes, snowstorms, are events that usually come with some warning.

With my luck, I'd be backing my golf cart out of the garage and drop right in! I wonder how long it would take my husband to notice I was gone????



Seriously, this is not a "the sky is falling" post, but it does make me hit the PAUSE button momentarily.
Is a new construction site tested for sinkholes?
In most cases, no. It is generally not required by building codes, and most building contractors do not provide testing on private home sites because of the additional expense.
In some cases public building construction sites in sinkhole areas may be tested and reinforced as needed for safety and liability reasons.
I am buying a new home and I want to know if there is a sinkhole disclosure law
Currently the Florida Statutes (Statute 627.7073 (2)(c)) require that a seller of real property is only obligated to disclose to the buyer that a sinkhole claim was made against the property and that the claim was paid by the insurer; they must also disclose whether the funds paid were used to repair the insured damage.

Statutes may be modified during annual legislative sessions, so it is always prudent to check the most current statutes (see question #13 above). Most real estate sellers disclosure forms used in Florida today include a sinkhole disclosure statement that covers sinkholes and earth movements in general. Sometimes it is overlooked. If it is in question, be sure to ask.
  #44  
Old 04-25-2014, 09:54 AM
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Very true. If a sink hole forms, they should allow it to be a pond and remove homes close by.
Just to clarify ... is this a serious recommendation you just made, or are you engaging in a special type of humor?
  #45  
Old 04-25-2014, 10:24 AM
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Yes, interesting point you make, and note this link with interesting information about past sinkholes, retention ponds and water quality.....

Sinkholes in The Villages Florida - What You Need to Know
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