Home location

Asked by John, California Sat Oct 16, 2010

If a home is located across the street from a park, does that make it more or less valuable than neighboring properties? I know a home on a court would have a higher value, and one bordering a school less. I have no idea how having a park across the street affects a home's value.

Thanks.

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9
Jeanne Feeni…, Agent, Basking Ridge, NJ
Sun Oct 17, 2010
Hi John, I listed a home in a very desirable neighborhood in my community - it was across from a park, very quiet one in fact, used just occassionally for daytime soccer practice - sort an overflow field for the township. I thought of it as such a benefit, allowing for open views and a playspace right across the street. But I must say that it was not overall viewed as a positive. It surprised me, I got that one wrong. But it certainly reinforces the point that it is in the "eye of the beholder'. For some, it will be a positive, for others a negative.

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Jeanne Feenick
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2 votes
Kevin Olson,…, Agent, Colorado Springs, CO
Sun Oct 17, 2010
Hello John,

This is one of those things that do not necessarily affect the value, but rather the appeal of the home. It may not make the home worth more or less, but it might make it more or less appealing to a buyer. Specific values cannot be placed on this type of thing, unfortunately. Whether or not it is more or less appealing depends on the use of the park.
2 votes
Teri Andrews…, Agent, Auburn, CA
Sun Oct 17, 2010
As others have said it depends on the park and what it is used for. If it is a park used for night games with big bright lights and noise, might have limited appeal to those that like to go to or play in ball games. Soccer games at 8am on weekends, would not be attractive to some buyers that like to sleep in on weekends, plus might impact parking, but someone that likes to play soccer or run with their dogs might find it appealing.

I don't think a real $ value could be placed on it, but it will have an effect one way or the other.

This is one of those questions where there is no one size fits all answer.
2 votes
Jim Walker, Agent, Carmichael, CA
Sun Oct 17, 2010
We have danced around your question artfully... My interpretation from the other answers is that since most people would rather be a short walk away (maybe half a block is about right) instead of immediately in front of or next to the park is that it is not a positive.

...Except in those cases where it is....

I can think of some famous parks where the proximity enhances the value. Mckinley Park, Land Park and Curtis Park in Sacramento. and Golden Gate Park in San Francisco... Certainly having a penthouse on Park Avenue overlooking Central Park in New York City is a big plus.

But you asked about Rocklin.... To get your answer you would have to provide a specific address, supply the name of the park, and analyze the activities that occur there...

Even if it is all good stuff, it comes down to the perceptions of looking buyers. The park in my neighborhood is used as an overflow soccer field less than a half dozen times a year.. If you saw that park on one of those days you would think it was busy... Yet 360 days a year it receives very light use.
1 vote
Mechelle Rea…, Agent, Folsom, CA
Sun Oct 17, 2010
I think if it is undesirable park, it would affect your home value negatively. But in my opinion, even if it is a nice park, I am not sure if it would actually add value. It depends on the buyer. If it is a busy park with lots of play structures for young children, and the buyer is an older couple, they may not want to be near that. Or a park with lots of youth athletics, and the traffic that brings, would again only be of value to a certain amount of buyers.

If you own a home across from the park, and were to put it on the market, you would want to target the buyers that would find that park a desirable feature, then you might find a buyer that would pay a premium for that location.
1 vote
Zmbrennan, , San Jose, CA
Sat Oct 16, 2010
Location, location, location! Is it a desirable walkable park? This is a great selling feature.
Is it a meth-head park. this is a serious downside for sales.
1 vote
Anna M Brocco, Agent, Williston Park, NY
Sun Oct 17, 2010
Keep in mind that much would depend on the type of park, however it's really a matter of personal preference.
0 votes
Jay Emerson, Agent, Fair Oaks, CA
Sat Oct 16, 2010
It depends on the park. I could do without some parks across the street. But compared to the next-door neighbor, it may negligable.
0 votes
Rob Saxe, Agent, Rocklin, CA
Sat Oct 16, 2010
Hi John,
When a home has an unobstructed view of something desirable e.g. a park, seashore, mountains, golf course it is deemed to be more valuable than a lot or home where the view is other homes or something less desirable like an industrial complex, bare unimproved lots, etc.
Quantifying just how much more valuable it would be is difficult. An appraiser would know the approximate value and could figure that into the appraised value.
The best question to ask is what you'd rather see across the street from your new home and what you would consider to be more valuable to you.
In the end, you're going to have to live with the view regardless of what anyone says about it's desirability.
I hope this helps.
Thanks!
Rob Saxe
0 votes
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