Home Buying in Manhasset>Question Details

Mary, Home Buyer in Manhasset, NY

Hi, I am looking a property that backs Northern Blvd and I am wondering how much does this affect the re sale price of a property. I ve heard that

Asked by Mary, Manhasset, NY Tue May 11, 2010

the same house on the other side of the street would be $100K more just because doesn't back the Blvd. Is that correct?

Help the community by answering this question:


Hi Mary,

While you are right that in general a home that backs onto Northern Blvd would be worth less than one that doesn't back on it, and it will generate less money in your pocket when you go to sell it in the future, there is no fixed dollar amount by which you could calculate such a difference.

On the other hand, the home that backs a main road will usually be purchased for less money as well! This could be your golden opportunity to live in a neighborhood that you want and be able to afford to live there!

To get a general idea of the difference in prices I would suggest that you check out homes that have sold in both locations, keeping in mind that these homes are not identical and were not sold at exactly the same time - so even had they been in the same locations there might have been a difference in selling price.

Please visit http://www.ArlynnPalmer.com where you will find FREE Buyer and Seller Reports, FREE School and Neighborhood Reports, a Monthly Newsletter and other valuable real estate information.

If you would like assistance in trying to figure this out or with any other questions you may have, please don't hesitate to contact me.

Good luck and Regards,

Arlynn B. Palmer, ESQ, SRES, CBR, CMS, CNS
Associate Broker, REALTOR
Coldwell Banker Claire Sobel
Web Reference: http://www.ArlynnPalmer.com
1 vote Thank Flag Link Tue May 11, 2010
Hello Mary
Something you can't change about a house(in this case Northern Blvd) that can be perceived as negative affects the value the market will be willing to pay for this house compared to similar properties without this permanent situation. As Tracy said you will pay less for this house now, and you will sell it for less later. And homes like this typically take longer to sell.

To help you flush out the price differentiation, you should look at comps for the area...for homes that back the Blvd and for those on the same street that don't. There is a difference in price, but it should be calculated with current data for that street/area with homes of similar condition and size.

If the house offers all the features you want at your price point that is something to consider. The condition or overall size might outweigh the Blvd for you. If you don't want to back on the Blvd, at that price point you will have to sacrifice size, condition or both.

It comes down to what your hierarchy of needs at your price point and being realistic that the Blvd isn't going anywhere and will be there when you sell.

Hope this helps! And come back and let us know what you do next...
1 vote Thank Flag Link Tue May 11, 2010
Have your agent review data with you about recently sold similar properties in the immediate area first--as it will help you make your own conclusion--not sure where you heard the $100K number for the properties across the street--but in that number you need to factor in property size, condition, upgrades, etc., again, do look at comps to help you make your own conclusion-- Not sure exactly where this property backs Northern Blvd--as sections of the Blvd are loaded with stores--As far as resale down the road, unfortunately, none of us can answer with certainty--who knows where the market will be down the road.
1 vote Thank Flag Link Tue May 11, 2010
I do not think there is a fix number to affect this fact. But I beleive you would buy cheaper now and resell cheaper later on. I can suggest you to compare this property with other closer location listings in the market. and sold records... if you have other questions you can email me ttsai@laffey.com. I'm more happy to help you. tracy
1 vote Thank Flag Link Tue May 11, 2010
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