Home Buying in Westpark>Question Details

Raj, Home Buyer in Westpark, Irvine, CA

what is reasonable premium when buying a house near(walkable) to school and parks?

Asked by Raj, Westpark, Irvine, CA Sun Apr 27, 2008

Based on my research, most houses listed for sale have premium when the house is located near to school and park. What is the reasonable premium to pay?

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11
Raj ... Thanks for this good question whether there is a money premium to be paid for a home that is close to a lake, park or school.

There wouldn't be a specific premium ... in increased monetary value ... for these homes. However, homes that are close to parks and schools are generally more desireable for buyers who would buy the home quicker and perhaps pay more for those amenities.

Whether a home close to a lake is more desirable would be up to the buyers. We experience that people in Irvine like to buy homes and live close to Woodbridge Lake, both north and south areas.

If you have questions about Orange County, CA, homes and properties, and pricing, please let us know. Thanks.
Harrison K. Long, Explore Group Properties, Coldwell Banker Previews.

http://www.ExploreOcHomes.com
0 votes Thank Flag Link Thu Apr 2, 2009
Hello Raj,

The convenience. You will have easy access to school for your children. Home by the park give you access for your children to entertainment not mention the greenery settings will be healthier for you air. Home nearby the school means more family living in the neighborhood. When a neighborhood has lots of children and family living in it has less crime and bad things happen because people will try to protect their families from danger, they won't let bad thing happen in their neighborhood. When a neighborhood has peace and crime free environment, people live there will enjoy the quiet, safe and peaceful environment, they will keep their house up to value because they enjoy life. When the houses are kept up properly the values will go up because of the value of its neighborhood itself. I hope you will find my answer adequate.
0 votes Thank Flag Link Tue Mar 31, 2009
Hmmm how near is near to the school? My best friend lived next to a middle school (across the street) and here are some of issues he experienced:

School Bell (nearly made him crazy);
Noise & Traffic (obviously)
Trucks and School Bus -- It was not uncommon that a school bus blocked his drive way for 30 min (at 8:30am)
Loitering -- Large groups of kids walking very very slowly (also a problem in the mornings)
Illegal Parking -- forget double parking he saw triple parking, blocking the entire street at times.

And the cherry on top -- whenever it rained he would nearly have a heart attack (traffic and general panic level of parents would sky rocket).

So, buying close to a school, I would be asking or a deep ( I mean DEEP!) discount on the house. Premium -- it is laughable.
0 votes Thank Flag Link Tue Mar 31, 2009
Thank You Jill for taking time to answer my question. I appreciate it.
0 votes Thank Flag Link Tue May 6, 2008
Raj,

I've had clients tell me both the positives and negatives of being "near" a school. But OVERALL ~ Yes, it seems that being near an elementary school - close enough to walk - is a real positive, especially in Irvine because of the well planned-out neighborhoods.

To give you an example, in Quail Hill, Alderwood Basics Plus Elementary is close enough to walk to for many of the homes there - and 2 neighborhoods in particular, Linden & Laurel - and I've seen that it does "add" value because so many families flock to the area. "How much" value is difficult to pinpoint.

Now, the high school is not that close at all, and that does not seem to be a concern for people. They normally are accustomed to kids driving to high school or being driven. But I have *specifically* had buyers ask me to be near to an elementary so that their children can walk there!

If you're buying a home, you have to look at what's best for your family's situation. And that 'specific' home and its attributes... traffic, school reputation, etc. I hope that sheds some more light on your question... since there are always so many different things to consider when purchasing a home! Good luck to you!
Web Reference: http://www.TheJillKTeam.com
0 votes Thank Flag Link Tue May 6, 2008
Thank You all for the responses. I have a follow-up question. I think it is convenient to drop-off and pick-up the kids from school if it is walkable to school. My question is , is it negative to buying a house close to school in general or is it added benefit lets say near to elementary school as apposed to high-school?
0 votes Thank Flag Link Mon May 5, 2008
Raj,

As we say in real estate, location, location... right? So it is true that the best locations will almost always fetch a "premium" over those that are not as well-located.

That being said, in IRVINE there are so many parks that are walkable in every neighborhood. That's the master-planned design, whether you live in Turtle Rock or Turtle Rige, Woodbridge or Woodbury, Columbus Grove or Westpark. Today, the number one request of buyers is walking and hiking trails, more so than any other ammenity.

Since some folks do not want to live too close to a school for traffic and noise reasons, it is very difficult to pinpoint *exactly* what is the 'reasonable premium' to pay in actual dollars in this case. If the home is located *on* the park, or within walking distance to an excellent school, say, inside the loop in Woodbridge, it seems the premium can be seen more in terms of 2-4% of the purchase price.

Be careful, though, to look over all of the recent comparables and for sale and pending listings before making this determination!
0 votes Thank Flag Link Sat May 3, 2008
Hello Raj,

It is the convenience for family with children. However, when the house is close to the park , it brings you the benefit of cleaner air with the plants acted as air filter and noise reduction. It also brings you the tranquility of calmness and relaxation. Most of close to school houses are often well kept and better neighborhood that also add value to the location of the property. Especially when the good school system exists there, parents with serious concern about their children's education will try their best to get their kids into that school. The demand will cause the price of the houses there much higher than the other areas. Houses with easy access to freeways and other convenient location in including shopping centers and school will attract more buyers since everybody like convenience and safety. Nice and safe neighborhood often comes with well kept house with good school nearby. It is the general norm.
I hope my answer will be adequate enough for your question.
0 votes Thank Flag Link Thu May 1, 2008
In San Jose, CA buyers do pay a premium to live in areas closer to a park and/or school (walkable- not across the street from). Of course it does depend on the street, the condition of the home, the park etc. In my experience, if all those things are working in the right direction, their is about $50K value attached to that location vs. the same house on a nice street that is NOT walkable to downtown or a nice park.

That value will hold in the future as long as the park is nice and the house is nice. The best part is that it will make the property that much more saleable when the time comes and puts you out in front of the competition.
Best,
Holly Barr
Coldwell Banker
(408) 887-3225
Web Reference: http://www.hollybarr.net
0 votes Thank Flag Link Wed Apr 30, 2008
Hello Raj,

This is an interesting question with an answer that can go either way because it depends on the buyer.

Now if the buyer has a need for the home to be near a park or school, then having the convienence is a positive, so they may be inclined to pay more for a home to have that benefit. So, the buyer will pay more.

On the flip side, if the buyer has little need for a home that is close to a school or park, then the benefit decreases and could be a hinderence due to increased traffic, higher chance of loiteriing, and overall noise, so the buyer will offer less

Most sellers will price their home based off their own feelings on how important the location of the park or school is to the home. That's the reason why you see a higher value near schools and parks.

All in all, the "premium" that you speak of is a neutral point. It will ultimately depend on the buyer(s) that want to purchase the home.

If you need additional insight, give me a call

Kevin Hottmann
Century 21 Jervis & Associates
714-988-1725
0 votes Thank Flag Link Wed Apr 30, 2008
Raj,

There is really no way to put a premium price on homes located near schools or a park. Actually if your located across the street or on the same street as a school it would be somewhat of a negative. Too much traffic and noise.
To answer your question, if this is what you like, then you would personally pay more for it and i'm sure the buyer would agree. If you need any additional assistance you can call me or email me directly at anytime.

Joe Homs
Realty Partners
949-625-4533
Web Reference: http://www.joehoms.com
0 votes Thank Flag Link Mon Apr 28, 2008
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