Home Selling in 07020>Question Details

Robyn, Other/Just Looking in Edgewater, NJ

Does a pet friendly condominium increase or decrease the value of the bldg. and why?

Asked by Robyn, Edgewater, NJ Wed Dec 17, 2008

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I believe the more options buyers have the more appealing it is. From my experience, if pets are allowed it is easier to sell, therefore = more value.
0 votes Thank Flag Link Sat Dec 10, 2011
Most HOA have pet restrictions specifications. HOWEVER it opens the families to either rent or purchase many have either cat or dog.

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0 votes Thank Flag Link Sun Dec 26, 2010
The responses make ffor a very interesting read - I'm inclined to say that anything that increases the potential buyer pool is a positive factor for value - and allowing pets increases that pool. But Gregory Bain's stats suggest otherwise for his slice of the market. I think we are all right - there are many factors, and they impact value in varying degrees depending on the preferences of the potential buyers. Certainly, a loud pet next door is a negative, but that can be true of loud neighbors in general. I think it is a little harsh to consider pet owners like yesterday's smokers.

As you consider options, spend time in the communities and the particular unit(s) you are considering - so that you your senses can - hear, smell.... - evaluate the property thoroughly.

Good luck,
Jeanne Feenick
Unwavering Commitment to Service
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0 votes Thank Flag Link Sun Dec 26, 2010
In my experience, majority of buyers recently have asked if they are able to have a pet in the building. Even if they do not have pets right now, there are plenty of people who would like to have one in the future. A pet friendly building gives more options and is easier to re-sell in the future. Because of this most of the new construction on the waterfront (Edgewater, West New York, Weehawken etc) is all pet friendly.
cheers,
Michael Trefel
Trefel and Associates - Your New Jersey Real Estate Specialist Team
Re/Max Villa Realtors
932 River Road, Edgewater NJ 07020
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0 votes Thank Flag Link Wed Dec 22, 2010
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.
Web Reference: http://Ask4Greg.com
0 votes Thank Flag Link Thu Dec 18, 2008
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...
0 votes Thank Flag Link Thu Dec 18, 2008
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.
Web Reference: http://Ask4Greg.com
0 votes Thank Flag Link Thu Dec 18, 2008
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.
0 votes Thank Flag Link Thu Dec 18, 2008
As long as the unit is well kept, and the pet owners responsible, it should have no effect.
0 votes Thank Flag Link Thu Dec 18, 2008
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
0 votes Thank Flag Link Wed Dec 17, 2008
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.
0 votes Thank Flag Link Wed Dec 17, 2008
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
0 votes Thank Flag Link Wed Dec 17, 2008
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