Home Buying in 06820>Question Details

Ashish, Home Buyer in Greenwich, CT

I am planning to purchase a Single-Family home in Darien located on the Multi-Family zone street. Would it bring down the Single-Family home value?

Asked by Ashish, Greenwich, CT Thu May 31, 2012

What is the downside of purchasing a single family home in Multi-family zone area?

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Answers

4
Hello again Ashish

One of the most important factors in the value of a home is its location. This is perhaps the most heavily weighted attribute amongst all others. A single family on a multi family street is certainly less desirable than if you were surrounded by other single family homes. Having said that, if you were to purchase this Single Family today, you would also expect to pay less than you otherwise would.

Hope this helps Ashish.

As always, feel free to call me anytime

Best,
Nick Gandhi
Equity Capital Real Estate
(203) 280 3838
0 votes Thank Flag Link Fri Nov 16, 2012
Hello Ashish,
I agree with the other agents' comments and believe that a single-family home surrounded by multi-family dwellings will not have as much value as a single-family property situated within a neighborhood that has all similar types of homes.

I would like to add that you may wish to consider what the re-sale value might hold and how it may be more difficult to sell in the future.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Fri Jun 1, 2012
Greetings Ashish -
Yes, I agree with my colleague Mitch, that true value can only be determined with a complete property analysis. One could trend the available sales data for both the multi-family properties and single family homes in the area to help compare the $/SqFt, lot size, year built, condition, amenities, etc. This analysis would help bring clarity to the question of “value”. Of course there are many other factors to consider when choosing a new home. As a full time, licensed real estate professional who has lived in Darien for nearly 20 years, I would be happy to assist you in your search – no strings attached. Just let me know how I can assist you – cheers.
Stephan von Jena
REALTOR@ - Your #1 Real Estate Source!
William Pitt Sotheby’s International Realty
1057 Post Road
Darien, CT 06820
(m) 203-434-8472
(email) svonjena@wpsir
http://www.stephanvonjena.com

Proudly servicing the Darien, New Canaan and Norwalk/Rowayton market.
0 votes Thank Flag Link Fri Jun 1, 2012
The short answer is yes. But there are, of course, other variables that can affect the value of the house. If the surrounding multi-family properties are already built, it will be easier to assess the impact on the single-family property in question. if not, it is difficult to fully assess future impact, as things like aesthetics and density of the future development are unknown. A real estate professional can help you analyze previous sold properties in the area to determine current value of the home you are considering. I'd be glad to help you, just contact me at mroberts@wpsir.com
0 votes Thank Flag Link Fri Jun 1, 2012
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