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Where, oh where, have my pipes all gone? Where, oh where, might they be? They are straight or curvy but all have gone. Oh where, oh where, might they be? |
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Of the 10 bank owned St. Paul properties I previewed for an investor today, 3 were completely stripped of their copper. One was so thoroughly stripped that the Romex wiring was gone as well. One of the houses had "recently had a break-in" according to the listing agent. No mention was made of missing copper! For an investor missing copper is an inconvenience and frustration. For the selling company, it devalues the house tremendously and narrows the pool of buyers willing or able to buy the home. Sometimes that can work in an investor's favor as the price will be reduced. The key is to make sure the price is reduced enough to cover the expense of completely replumbing the house!
I just read this week about some recent thefts in our area of Connecticut. With the rise of foreclosure homes, I suspect it is going to become a bigger problem here.
Posted by: Linda Davis | March 23, 2007 at 11:26 AM
Linda, Not only is there a rise in foreclosed houses, but the increase in the copper prices makes the copper found in a penny worth more melted down, than when it is a penny!
Posted by: Bonnie Erickson | March 23, 2007 at 06:12 PM
There was a good article in NYT recently about vacant housing and property crime. It pointed out that in Shaker Hts (Ohio), the city is actively maintaining vacant properties, in many cases installing security equipment to deter theft.
Posted by: Stephen Gross | March 25, 2007 at 05:59 PM
Interesting, Steve. More of my tax dollars chasing criminals!
Posted by: Bonnie Erickson | March 25, 2007 at 07:44 PM
Stealing of copper in vacant homes in Missouri is very popular. There is hardly a day that goes by without a blurb of such in the newspaper. These are not only foreclosures, but vacant for a variety of reasons.
Posted by: Debbie DiFonzo | March 26, 2007 at 01:36 PM