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  #1  
Old 09-28-2011, 11:27 PM
Spindrift Spindrift is offline
 
Join Date: Jun 2006
Location: Portland, OR
Posts: 298
Default Airpark living -- what's it worth to you

My wife and I are considering buying a house on one of the many airparks in our area. Having read most of the posts that come up in an "airpark" search, I'm curious what those of you living on an airpark consider the added value to be compared to a comparable house elsewhere. I realize different parts of the country value things differently, but, as pilots, what is living with your plane worth?

Given the current real estate market, putting a price on a home with few comps available is tough. As previous posts have pointed out, banks don't assign any value to the runway proximity, and I've heard that some don't even give much value to a hanger beyond its 'outbuilding' status. Other than saving on hanger rent, its hard to quantify, especially given the trade-off of a 20 minute commute for a 45+ minute commute from any of airparks around here.

Any input that would aid our decision is appreciated.
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RV7A QB kit -- sold and now flying in S. Africa
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  #2  
Old 09-28-2011, 11:46 PM
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Ironflight Ironflight is offline
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Location: Dayton, NV
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Default

Hey, if banks can do credit card commercials with the word "priceless" in it, then you should be able to as well.....

I think the only tangible worth you could show would be the difference in not paying hangar rent, then add up the commuting costs and the value of your time lost to commuting. And the price of a hangar is not insignificant - don't forget that a big hangar door can cost a lot!

Of course, I am not a Real Estate professional....
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  #3  
Old 09-28-2011, 11:49 PM
float208 float208 is offline
 
Join Date: Mar 2005
Location: Chandler, Arizona
Posts: 188
Default Airpark Living

I live at an Airpark, and I couldn't imagine trading it for the world. Aside from living with my aircraft, and around Aviation, I have never known a better group of neighbors with common interests as I do here.
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  #4  
Old 09-29-2011, 12:00 AM
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hydroguy2 hydroguy2 is offline
 
Join Date: Sep 2006
Location: Townsend, Montana
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it's a lifestyle....kind of like owning an airplane. It may not pencil out but it may.

We haven't built our get away on our runway lot yet. But hope to start one of these days. But I do spend a lot of time at 8U8 hangarhome sitting while the owner is out of town. I wish I could sell my home and move there tomorrow!

here's a view of the hangar portion. On the leftside is a wonderful 2 floor home, to the right is a workshop and also a 3car garage....what's not to like
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  #5  
Old 09-29-2011, 03:13 AM
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JordanGrant JordanGrant is offline
 
Join Date: Feb 2006
Location: Virginia
Posts: 324
Default What's it worth?

Like most other things in aviation, you can rarely justify living on an airpark in purely financial terms. It's going to cost you money for that lifestyle - and that's what you're buying. What that lifestyle is worth is a very personal thing. For some of us, it's worth more than the cost, for others it's just not. I've lived on our airpark for almost 3 years, and having the space to protect and work on my RV-6, as well as the freedom to go flying at a moment's notice, has made it worth it. In a lot of ways, it sort of "justifies" building and owning an airplane since we get more use out of it than we probably would otherwise.

In practical terms, you can count on rolling that $200+/month that you "would" have spent on hangar rent into the cost of buying/building a hangar on your own property, not to mention the shared costs of maintaining the runway itself. That piece is about a wash.

Since much of the above is a wash, and the market is small, I would basically not attach any kind of premium to a home due to the location being on an airpark. Compare it to any other home with similar amenities and space, and that's about what its worth and what you should pay.

(disclosure: I'm not a real estate professional, but I am trying to sell an airpark property myself due to a military move)
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  #6  
Old 09-29-2011, 03:30 AM
RV10Man RV10Man is offline
 
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Location: Oklahoma City, OK
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I wouldn't trade it for anything.

Marshall Alexander
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  #7  
Old 09-29-2011, 03:46 AM
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RV7Guy RV7Guy is offline
 
Join Date: Jan 2005
Location: Chandler, AZ
Posts: 2,904
Default Exactly!!!!

Quote:
Originally Posted by JordanGrant View Post
Like most other things in aviation, you can rarely justify living on an airpark in purely financial terms. It's going to cost you money for that lifestyle - and that's what you're buying. What that lifestyle is worth is a very personal thing. For some of us, it's worth more than the cost, for others it's just not. I've lived on our airpark for almost 3 years, and having the space to protect and work on my RV-6, as well as the freedom to go flying at a moment's notice, has made it worth it. In a lot of ways, it sort of "justifies" building and owning an airplane since we get more use out of it than we probably would otherwise.
Jordan has hit the nail on the head. Float208 as well. I'm his neighbor. One of the reasons to live in an airpark is the people. There is a commonality of interest regardless of the socio/economic differences. (Trust me, in our airpark there is a HUGE economic spread)

In most cases if you need 3 people to help you with something, you'll get 6. You need a specialized tool, someone has it.

For the spouses, women in most cases whether they fly or not, (please don't Title 9 me, it is simply a fact,) they have as much going on as the "boys."

When I visited the Homecoming at Independence Oregon, I loved that place. I could spend Summers there!!!!! I've been to lots of airparks. Their "sense of Community," is the best I've ever seen. Plus LOTS of Experimental activity.

I've regretted a few decisions in aviation. Buying an airpark home definitely is NOT one of them!!!!
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  #8  
Old 09-29-2011, 05:46 AM
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Phil Thompson Phil Thompson is offline
 
Join Date: Jun 2006
Location: 3R9 Lakeway Tx on the runway
Posts: 3
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Bill, I can tell you from experience that there is no better life for a pilot. The best part is living with like minded individuals and being around aviation 24X7. My wife and I live on 3R9 (Lakeway Airpark) just west of Austin Texas and it is a true jewel. We are inside a beautiful neighborhood surrounded by nice homes and golf courses and right next to Lake Travis (just off end of 34) . Doug has been her to visit so he can add comments if he wishes. On valuation the appraisial used the same as a golf course lot to justify our value. This seemed reasonable and worked for us. The real fun is simply opening the hangar after work to fly for 30 min and to use the golf cart to cruise the open hangars and steal each others beer. A better group of people to live with would be hard to find. Go for it!
Best , Phil
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  #9  
Old 09-29-2011, 05:46 AM
rvaitor87 rvaitor87 is offline
 
Join Date: Jun 2006
Location: Bartow, Florida
Posts: 204
Default Like Paul said.........

its priceless!!!!! When you compare the fact that it took over 2 hours just to fly 1, going to the airport, preflight, fly, gas, logs, etc.... now to fly 1 hour takes,,,,,,,, 1hour! Hanger is 30' from house. You need to justifly flying time vs. $$$. If you fly alot, and travel time is long, then it is a good deal. If you are one of those who flys once a year, not a good deal. And the people, the BEST! you all have something in common! My wife is from England, she had never heard of an airpark, until we visited one on a Sunday, now we live in one, and she can't imagine living anywhere else! Is it right for you? visit a few and talk to the people, they love to talk about thier home and planes! Hope this helps
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  #10  
Old 09-29-2011, 08:09 AM
Gary Bricker Gary Bricker is offline
 
Join Date: Jun 2005
Posts: 371
Thumbs up Taxes in airpark

Our county tax man says our taxes should be more because we live in Pecan Plantation Air Park. Check your county taxes and see if that is the case in yor area. Like others have said it is the people that make the difference.
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