Jane, would you be kind enough to take a condo complex with a common entrance that allows pets in the same neighborhood as one that does not allow pets and compare the "appreciation" percent from 2003 to 2005 (you can pick other dates - just not the ones at the height and then the fall of the market, please).

Bottom line is the ones without pets saw a higher (although in most cases marginal) increase in value. So, again, I state that pets decrease the value.

just because a condo is pet friendly, that doesn't mean everyone in the building owns a pet. it just means if you chose to have one, you can. i've had many clients with pet allergies look at properties and none of them have ever excluded a complex, just because it was a pet friendly one.

i currently have clients who have a dog and their top priority is a pet friendly complex.
since you are in edgewater, you know there are couple of well known pet friendly buildings(crown village, independence harbor, etc) those complexes have not decreased in value but made it more appealing to alot of pet owners since a lot of condos in the bergen county area aren't pet friendly...

Pet owners are like the cigarette smokers of yesterday - They don't realize there are negative side effects to their enjoyment. There are allergies and odors that they are oblivious to concerning value and sale ablility. While I own a dog and a cat - they have decreased the value of my home. Any agent who claims otherwise needs to think again about the question. Would you rather show a condominium with or without a pet? Do you think the association is better or worse if it has limits on the number of or even allow to keep in the building? Have you ever lived in a building, floor, next door to, someone who has a barking dog or seven cats?
The quick and short answer to your question is - it decreases the value.

Robyn: There are obviously more criteria in determining price than whether pets are allowed. Location, rental load against live-in owners, condo fees, taxes and amenities (A pool might be a great thing but if the prospective owner isn't interested, they may not like paying fees for others enjoyment) will all have a large bearing on transfer prices.

So, the pet thing will allow a few more people (pet owners) to develop an interest and perhaps an ofsetting few less as well. (Those who do not wish to have pets or be near people who do.)

I doubt that you could truly weigh all these things and come up with a scientific answer and a percentage of value, either up or down for pet ownership as a stand alone criterion.

As long as the unit is well kept, and the pet owners responsible, it should have no effect.

yep, i agree that it really doesn't have anything to do with the value of the condo.
but it would definitely be a plus since it's a criteria that won't restrict the non-pet owners

Robyn,

The complex desirability depends largely on the individuals personal preference. Pet friendly or not, our opinion is that this will have little to no effect on the value of the unit.

There are probably more people that have/would like to have a pet than those who do not like pets so its probably a positive a;thpugh I doubt it really affects price - just makes it a little easier to sell,
Most condos now a days allow pets although may have size restrictions