In my experience with Buyers, they love corner lots (in neighborhoods not on busy streets). Corner lots in San Jose neighborhoods often have a larger lot size.

Mon May 12 2008, 13:49

There are fewer buyers for corner lots. But, one factor alone does not determine value. If it is a small neighborhood street with low traffic volume, it could be desireable to enough that it attracts enough potential buyers so that the value is not impacted. There are trade-offs in any property. The corner lot is one of them. If the proeprty on the corner lot has substantial other postiive attributes, any adverse impact of the corner may be minimal.

There are some buyers who will always avoid corner lots. There are also buyers who will avoid busy streets, as well as certain style homes, or houses that are too close to a park, school, etc. Evaluate the strengths and weaknesses of the property in total.

Sun May 11 2008, 05:31

Dear Jo:

The value of the corner lot depends on supply and demand for the area. In my area, a corner lot near the ocean is not discounted and carries a premium price. Other residential neighborhoods in my area have very desirable corner lots for sale that are not discounted. Sometimes corner lots are larger and with a quite street environment, a corner location may not be a problem. If necessary, an architect and landscaper can deal with issues of visual privacy and noise with foliage and fencing. But, a corner lot must be special or attractive in some way or it will not be chosen by a buyer unless discounted.

Recently I saw a show ion TV about an architect who bought a lot in downtown La Jolla at a busy intersection that had been the site of a gas station. It had an odd shape and nobody wanted it. He built a cool house for himself there with a swimming pool and he also located his office below ground there and gave part of it a glass ceiling. He used walls for privacy and to shut out the street noise. This may not be something that would be allowed in your neighborhood, but neither do you have to be near the ocean or featured on TV to have a desirable corner lot. If the lot is in a desirable area and there are few available, it is special based on supply and demand alone.

By the way, I bet that the La Jolla architect got a relatively low price on his corner lot.

Richard Kadesch
Owner and Broker-in-Charge
Go Gated Realty ®
Hilton Head Island, South Carolina
Rich@gogated.com
http://blog.gogated.com

Sun May 11 2008, 05:20

Your right Sylvia,


There is no absolutes ... but using your personal property as "the" example is weaker than pond water, so move on.

.. and yes, buyers will look at red Jags, but few buy one ... maybe thats the reason why dealers order less than 2% a year.


: ^)

Sun May 11 2008, 03:13

Hi Tman:

The only thing I disagree with you is the 'Absolute' statement of "Corner lots are like red Jaguars, everyone likes them but nobody really buys one ... ".

I still stand by my statement of some corner lots are much more desirable than the others, all depend on the area and location of the property.

And CLUE report, although can be extremely useful to find out about the history of a house / area, but might not be as useful as comparisons for others if you are talking about an area where there is virtually no crime / claims for the whole area. You have to know the specific area, corner and house.

To be honest, my answer for Jo in some way, is risky because i don't know the area and specific corner he is interested in; but he asked for a general opinion about a 'small' neighborhood street; not a busy neighborhood.

Such is real estate - there is almost no absolutes, you really have to know the area you are talking about. :-)

Sylvia

Sat May 10 2008, 08:32

Your comps for the last 5 or 6 years will be your stats if it's a established neighborhood ... your CLUE reports will also be your stats, because corner homes have a larger percentage of break-ins..

No kids no crime no accidents, no worry .. but like CJ mentioned, it's all relevant ..

But as a whole, or the new buyers are the exact clones of the seller, buyers will shy away ... just like they shy away from red Jags.

Your situation is indigenous to your particular area Sylvia, so it becomes a no counter.

: ^)

Sat May 10 2008, 03:44

Jo,

It is my experience that buyers tend to shy away from corner lots if there are other choices. Many times they have larger front yards but the back yard is very shallow. Sylvia points out the issue of a busy corner for some lots and of course the advantage of having a bit of room from your side neighbors. The best answer is probably - "It depends" on the exact lot and location. A corner lot in a good neighborhood will sell over a regular lot in a not so good neighborhood. It's all relevant.

CJ

Wed May 7 2008, 07:38

Hi Jo:

I am going to disagree with Tman here.

If you are talking about coner lot in a nice small neighborhood, then it adds value to be on a corner lot. As a matter of fact, we often see comments on listings advertise that fact. The reason is privacy and you usually get a larger lot. We live on a corner lot and we love that because we only have neighbor on one side, My kids are both in Jazz band, they can practice without worrying about next door neighbors (and they are great musicians and wonderful kids - proud mom speaking here).

However, if you are in a small, crowded, urban neighborhood, and you have cars zooming around the corner, then yes, you may not want a corner lot; but that's usually the exception. .

Also, if all the yard is in the front corner, and there is no backyard left, then that'd be another problem with having a corner lot.

Generally speaking, corner lot adds value; at least in our town.

Sylvia

Sun May 4 2008, 15:33

they usually do 5 to 15% less in a residential area, they also will sit an extra 60/100 days on the market.
~~~~~~~~~~~~~~~~
I'd love to see some of those statistics on this phenomenon (a link perhaps?), to back that up. I'm not disputing the figures, I've just never seen any studies done on this particular issue.

Sun May 4 2008, 14:56

Jo,

Corner lots are like red Jaguars, everyone likes them but nobody really buys one ...

Families with children don't like the proximity to traffic and potential accidents that increases by 25% .. retired folks don't like the lack of safety because of intersections and the ability of strangers walking through their yards .. and nobody likes the increased sound.

They do well in a commercial environment .. they usually do 5 to 15% less in a residential area, they also will sit an extra 60/100 days on the market.


: ^)

Fri Apr 25 2008, 03:20

Corner lots have the same or higher resale value than other lots in the neighborhood. The distance between their lot and the lot across the street gives the lot a bigger feel. If the lot is on the corner of a cul-de-sac, then the traffic to the cul-de-sac will be much less and the value of the lot even greater.

Thu Apr 24 2008, 17:18

BEST ANSWER
Most of my buyers do look for corner lots in quiet areas and I find they can command a higher asking and sales price.

I grew up on a corner lot and live on a corner lot now. I have lived on non-corner lots and would most likely never live on a non-corner lot.

Yes, there is an issue with children on corner lots; however, in quiet neighborhoods, this should not be much of an issue.

Thu Apr 24 2008, 17:18

Many clients have told me they prefer a corner lot. You have easier access and sometimes the lot seems bigger than those that have houses on each side.

Thu Apr 24 2008, 17:03

I've lived on a corner lot and loved it for easier access into our back yard, like for a boat or gardening equipment.

You will have greater set backs on the side and front so your usability of your lot is focused on the front instead of the back. Sometimes your insurance may be higher when it is on the corner. When I purchased it I was told corner lots had a higher "break-in" percentage. We never had a problem. What we did have was the neighborhood walkers who cut accross our lawn until we put up a picket fence. It also made TPing a lot more fun for our kids friends as they had two places to hide, or so they thought (we caught them on the side).

And keep in mind often the home owner is responsible for the side walks and maybe trees so that may add a little more maintenance responsibility

Thu Apr 24 2008, 16:59

Hi Jo,
You have gotten some pretty good information. I would have no problem living on a corner lot in a quiet neighborhood. This is a matter of preference, the only time I really see it as a big negative is when a home is located on a busy corner. In general those people who buy corner lots are folks looking for additional space to utilize.
I wish you the best in finding that right home!

Charles Coachman
Keller Williams Realty
San Jose, Ca
ccoachman@kwsv.com

Thu Apr 24 2008, 11:59

Hi Jo,

I have yet to see any data that shows that corner lot properties are either better valued or less valued than neighborhing properties that are not on a corner. I have met people who look only at corner lots and some people who do not like corner lots and I also have met many people who just don't care. I owned a corner lot property once and can tell you that I was absolutely thrilled with it. It felt like our lot was way bigger because of the openess on the side of the corner. It also offered a lot more potential for great landscaping. I also enjoyed the fact that when making a stop, people would roll down their car windows and say hello to me when I was working in my yard, which rarely happened when I lived on a non-corner lot. The only negative was the occasional tire screeching and the noise of accelerating vehicles. I would not worry much about that if you are in a quiet neighborhood.

Michel

P.S. In your bargaining, you can always bid lower and use the argument that your low bid is due to your perception that you might have a tougher time to resell.

Thu Apr 24 2008, 09:52

Jo, That depends on what corner the house is. Is it on a busy intersection, or by a school or bus stop? There are many factors that may play a role in it's resale value. How long has the home currently been on the market? If the current owners are having a hard time selling, then you will face the same obstacles. Good luck.

Thu Apr 24 2008, 09:06

I have not seen a lot worth less because it happens to be on a corner. Some people prefer a corner lot because there is no one in front or or on the side of them Garages are frequently located on the side instead of the front fo the house, giving the front door more character. It's all in the eye of the beholder.

Thu Apr 24 2008, 08:16