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.
One last point I forgot to mention is that when you sell your place, you or your agent will have the opportunity to place "for sale" signs on 2 streets and that people do also tend to drive slower at or near street corners which will enhance the probability that your signs will be noticed.
Good luck with it.
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.
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!
Keller Williams Realty
San Jose, Ca
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.
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.
Would love to see any real DATA on this. Most of the comments below are opinions, based on some factors.
My personal opinion is that, for new homes in California, ALL things being equal (house model, size, upgrades, agent quality, yard size) interior units are going to sell faster and at higher prices at resale.
Many buyers, esp. in California new home neighborhoods, have kids. In addition, lots sizes are ridiculously tiny in California. And corner lots are really not all that much bigger, if at all, than interior ones.
So, if you have a corner lot in Nebraska, you probably have a lot of buffer between your house and the street (front and side yard). In California, your house is usually sitting almost on top of the street. Interior units have houses on either side to buffer street noise and counteract this. Corner units, even in the quietest of neighborhoods, are still going to get car noise and have child safety concerns (IMO).
But would love to see actual data that normalizes for lot size, etc.
There are pros and cons to corner lots that leave it up to personal preference as far as appeal. Many people don't like the higher street visibility resulting from a street in front of the home as welll as one on the side. On the other hand, generally the lot size is larger which also has appeal.
A corner lot location is NOT a huge negative feature causing buyers to run in the other direction. It's an issue we would hope you did not lose sleep over.....
The "Eckler Team"
Generally corner lots in residential subdivisions are larger so the tax bill generally is larger. Look closely for a Fire Hydrant on the property to reduce tax bill. Resale buyers will be looking for hte same thing, so if you buy smart you'll be able to sell smart too!
Hope this helps!
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.
Owner and Broker-in-Charge
Go Gated Realty Â®
Hilton Head Island, South Carolina
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.
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. :-)
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.
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.
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.
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.
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.
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
Generally speaking, the only time a corner lot has a lower resale value is when it is against a busy street. But, like Dan mentioned below, they can also be more desirable if they are within the quiet neighborhood.