Change last week, will have an adverse affect on property values.

We just heard that Optima Biltmore Towers (OBT) management made a major policy change last week that we believe will have an adverse affect on property values there.

Real estate agent lock boxes are no longer allowed on the property!  This means that agents looking to show OBT to prospective buyers or renters will have to make appointments with the various listing agents to do so.  Can you imagine trying to coordinate a client's schedule with three or four or more Realtor' schedules?  This policy will discourage agents from showing the building.

It is true that some other high rise buildings prohibit lock boxes.  However, those buildings have doormen or other on-site personnel who make it easy to show the property.  OBT is one of the only buildings, perhaps the only building,  in the valley which doesn't have a doorman or on-site personnel but outlaws lock boxes.  In contrast, some buildings have actually spent money to make it easier for agents to show their condos.  For example the Home Owner Associations at Third Avenue Lofts and Biltmore Square installed metal bars in central locations so that all Realtor lock boxes can be hung in one, easy to find and secure area.  Doing so eliminated the "clutter" of lock boxes being hung in random places around the property and it makes it super easy for an agent to show multiple properties.  I can tell you from personal experience that before Biltmore Square installed the bars I HATED showing the community and rarely did.  Now that the HOA installed the lock box bar it is super easy to show properties there.  It seems to me that Third Avenue Lofts and Biltmore Square are encouraging agents to show their condos.  In light of the current economic mess that sure seems like the right attitude to me.  Optima Biltmore, how 'bout making it easier to show condos there, NOT harder!

I understand and appreciate the value of security.  Great security is one of the reasons that I live in a high rise.  But there are better solutions that banning lock boxes.  This is a big mistake and believe me this policy will hurt property values in the building.  If Realtors find it very difficult to show a building then guess what?  They won't show it.  If people stop showing the building then values will go down.  If you are an owner of a condo at Optima Biltmore Towers then I strongly encourage you to contact your management company and insist that they come up with a better solution.