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Permits Anyone?: As Prices Decline, Investors Swoop In

March 30th, 2009 Leave a comment Go to comments

At the airport in San Francisco yesterday while waiting for my flight, I read this in the San Francisco Chronicle:

The Bay Area reached a peak median sales price of $720,000 in spring 2007. In February, the median was $295,000. http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/03/29/MN3K16M9RT.DTL&hw=median+house+values&sn=001&sc=1000

The article went on to discuss how buyers, especially investors are now moving in to purchase these “bargain” properties. Some are doing it to rent them and others are doing it to flip them. I wonder how many of these new buyers are getting the right permits for the work they are doing or properly registering the rentals in those jurisdictions where it’s mandatory? I suspect we’ll be seeing those kinds of issues crop up for a long time.

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  1. Kelly Anbach
    April 2nd, 2009 at 05:49 | #1

    Linda,
    One thing you already know is Hinsdale has a new ordinance:
    Additional fee for work performed without a permit. A fee for work initially performed without a permit in the amount of two hundred fifty dollars ($250.00) or fifty percent (50%) of the applicable permit fee, whichever is greater, shall be imposed in addition to the applicable permit fee.

    Even though it was just approved I have caught 3 people doing work without permits. Hinsdale like many communities accross the United States are going to see people try to do what they can to save on time and money.

    I can see work being done at night more and more to avoid being caught.

    Lets just hope that the ones who don’t get caught by local government have done the work to code.

  2. Mick @Villa Park
    April 9th, 2009 at 15:36 | #2

    I think thas as the economy remains slow this will be seen more as people try to cut costs.We give them 24 hours after catching them to come and get the permit, and then we try to work with them as much as possible before pushing fines or tix.

    Happy Easter To All.

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