Greg,

It depends on what the green space is zoned for. If designated green space (owned by the HOA, or other entity that will hold it as green space in perpetuity, then yes, it adds value. Then it depends on what type of space it is. If it’s a relatively solid forest with some depth to it, or is a large field with trees that limit visibility beyond the green space, it’s valuable. If it’s more of just “space”, but you can see beyond it, it depends on what you “see” beyond it.

But more typically, the green space in outlying areas is just undeveloped land, then it depends on what it’s currently being used for, and what the likely potential future uses are. I have a brokerage client (I am also an appraiser) that bought in Liberty Hill in the Cierra Springs neighborhood. They have an Eastern rear exposure (highly desirable) and back up to a longhorn ranch. They are on a 1-acre tract and highly value the ranch land behind them, but know that it could someday be sold for other similar SFR homes. The value to them was on the order of $20K.

Helpful?

Jeffrey