Land Value Appraisals in Bochum-Weitmar: An Examination
In the heart of Bochum-Weitmar, a timber-framed house at Blumenfeldstraße 114 has hit the market, despite being uninhabitable following a fire last year. The property, which is surrounded by the picturesque Schlosspark and boasts easy access to schools, shops, and transport links, is priced at around 400,000 euros.
The approximately 130-year-old house, now more akin to a set for "Fire and Flame" than a single-family home, was forced to auction in March 2023. The owner, Hans Braselmann, had initially planned a new construction when he acquired the property in 2023 but has since decided that the undertaking is too much for his current age. Both of Braselmann's sons from the same industry have also stepped back.
The sale price may seem steep for a burnt-out building, but several factors contribute to its value. The location, being in a desirable area with excellent infrastructure, schools, shops, and transport links, is one such factor. The plot, approximately 1200 square meters in size, is another. A pre-application for the construction of five residential units on a living area of about 448 square meters, two garages, and four parking spaces has already been submitted.
The value often lies more in the land than the structure. Even if the house is burnt-out and uninhabitable, the size, shape, and zoning of the plot can command a significant price. Buyers might be interested in demolishing the existing structure and rebuilding a new house, or using the property for other development purposes allowed by local planning regulations.
Timber-framed houses can sometimes have historical or architectural significance, adding to the value even if the building needs extensive renovation. The general real estate market in the region also influences prices. In a seller’s market with high demand and low inventory, even damaged properties can fetch high prices.
The proximity to parks, transportation, and other amenities in Bochum can keep land prices elevated. The property is situated between a nature reserve to the rear and Blumenfeldstraße to the front.
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The timber-framed house at Blumenfeldstraße 114, despite being uninhabitable due to a fire, has a potential value in the housing-market, largely due to its prime location in a desirable area with excellent infrastructure, schools, shops, and transport links. Investors might be interested in this property for finance, as the size and zoning of the plot (approximately 1200 square meters) could command a significant price, even if the current building is burnt-out and requires extensive renovation or demolition. The property's historical or architectural significance could also add to its value in the real-estate market.
