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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Jmcisaac, Home Buyer, Edgewater, NJ
Thu Mar 24, 2016
It is nice to see that not a single comment or response shows how a finance company views the tangible increase in value of a property due to a pet policy. In fact having worked in the banking industry for over 40 years, there is no definable difference in value in the property value with a pet policy that allows a pet over one that does not have a pet allowed policy.

If someone has a tangible benchmark showing that having a pet policy will increase the value of a property - please show the evidence.

In fact, the opposite is true, ... I am a board member of a 50+ coop, and all we have is increased complaints and litigation and issue complaints related to pets in a community and this has resulted in increased owner problems, increased fees, and litigation, and has complicated the overall stability of a community.

I am open to seeing the evidence ,yet I have inquired to hundreds of banks and brokers - the only response I see no increased valuation of the property, an easier sale for the brokers, and a quick exit for people that are leaving the community - ones that do not intend to live in the community with the issues ... no real value to residents that stay other than the elusive prospect that when time to leave ... I can exit easier so I will define the value of time = money...
0 votes
Ran Biderman, Agent, Edgewater, NJ
Sat Dec 10, 2011
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.
Web Reference:  http://www.bidermangroup.com
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Dec 26, 2010
Most HOA have pet restrictions specifications. HOWEVER it opens the families to either rent or purchase many have either cat or dog.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
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
Web Reference:  http://www.feenick.com
0 votes
Michael Tref…, Agent, Fort Lee, NJ
Wed Dec 22, 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
Mobile: 201.410.6258 | Office: 201.886.2008
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0 votes
Gregory Bain, , Ocean County, NJ
Thu Dec 18, 2008
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
Jane Myong, Agent, River Edge, NJ
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
Gregory Bain, , Ocean County, NJ
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
William Leigh…, , New Jersey
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
Laura Gianno…, Agent, Manahawkin, NJ
Thu Dec 18, 2008
As long as the unit is well kept, and the pet owners responsible, it should have no effect.
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Jane Myong, Agent, River Edge, NJ
Wed Dec 17, 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
Bill Eckler, Agent, Venice, FL
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
Peter J Roge…, Agent, Mahwah, NJ
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
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