A Halloween party was held in a foreclosed house with over 1,000 attendees who each paid $20 for admission. And the best part? It’s all legal. USA Today adds, “Police say the party had been heavily promoted at Georgia State University in Atlanta and at the University of West Georgia in Carrollton. Food and alcohol were being sold inside the six-bedroom mansion. The Halloween party was the latest of several in Sandy Springs in which empty mansions are rented for huge parties that draw complaints from neighbors…The Sandy Springs party planner was charged only with disorderly conduct, a misdemeanor, because he had permission from the property manager to host a party.”
But is it really better for these houses to be venues for college parties? Some may contend that they might as well take advantage of vacancies and earn something from it. The Sandy Spring Halloween venue has been in the market for two years now.
If you ask me, I’d rather have them vacant than let these frat kids spill their booze on the carpet. It’s a big turnoff for potential buyers or renters to come to know that wild parties have been held a couple of times in a house. This does not mean though that your daughter’s unauthorized shindig in your home while you were away on a business trip can lower your house’s value. The point is, there has to be strong enforcement of regulations against this growing trend – or modified in Sandy Springs’ case.
Would you be interested in a house worth millions that has minor damages because of these jamborees or one that has been accumulating dust since there are no potential buyers?
I’d be happier taking off cobwebs than smelling pungent liquor in the living room.
Andy Denton is the COO of www.Realty.com. Realty.com is a real estate search portal, dedicated to connecting home buyers and sellers to trusting real estate services. Follow the Realty.com blog for up to date housing news and trends. And monitor local mortgage rates at RealtyGadget.com.