Do split-level and ranch styles negatively impact the resale value in Newton, MA?

Asked by Oak Hill Split Level, Newton, MA Wed May 18, 2011

It strikes me that post-war house styles like ranch, raised ranch and split-level houses cannot demand the same resale price for a similar house of other styles. If the area you live in is dominated by post-war house style, it will lower your house's resale value assuming your house style is also post-war. Is this anecdote or can I back this up with resale facts?

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Michelle Lane, Agent, Newton, MA
Wed May 18, 2011
In New England, generally the order of favorites goes Victorian, Colonial, ....all others. BUT the price of the home when it was purchased already calculated in the style of the home and the flavor of the neighborhood, just as it will when it goes on the market to be sold. So if you paid the appropriate price for it when you bought it and you get the appropriate price when you sell it, you are not taking a loss because of its style, neighborhood, etc.

I believe that you are asking if you have a split-entry in Oak Hill Park will the fact that it is surrounded by ranches make it worth less than a split elsewhere. In Newton, bigger factors that what surrounds your house come into play. I have seen mansions built next to ranches and still command an impressive price. It has more to do with the house, its location (near the T, shops, restaurants, etc), its benefits - garage, basement, etc.
I love Oak Hill Park, the way it is designed makes it a nice, quiet oasis near the city. But values are impacted by the fact that it is not in walking distance to conveniences. So a split-entry in Oak Hill Park likely won't go for as much as one in Chestnut Hill, the Center, or the Highlands, that is in walking distance to the T.
You certainly could back it up with resale facts. I live and sell in Newton, so I know each village has its own price points for each style of house. As mentioned, it can even change within a village depending on how close you are to the center of tie village and other conveniences. When I do a market analysis, I choose only homes that are in the area that makes sense to compare to that house. Most agents would only select Oak Hill Park houses to compare with (as would an appraiser). Only venturing beyond that area if necessary and making adjustments accordingly. If you need this data, just let me know.
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Zelda Kohn, Agent, Pleasanton, CA
Wed May 18, 2011
The short answer is: yes, however there is more to estimating the resale value of a specific house that its style... If one is concerned about a resale value of it, one should explore at least 3 angles:
- does the neighborhood support current value of the house (i.e. how does it compare with a median priced home there)?
- will the specific house require a lot of $ to be sustainable to support the neighborhood pricing X number of years from purchase?
- does the neighborhood have foreclosed/short sale properties (which may drive down the comps and thus impact the resale $)?

I've seen ranches in a "tear down" shape sold in Oak Hill neighborhood for more than, I believe, its worth and new construction homes - for less $$ than it should have. Sometime, a specific street/corner makes the whole difference and sometimes what you do to it. For every home there is a "magic bullet". Get a qualified professional to help you find yours.
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Louis Wolfs…, Agent, Needham, MA
Wed May 18, 2011
You are correct. But is the % appreciation different as when you purchased it, it was probably at a reduce value as well.

Here is a 12 month comparison - Split, raised ranch and multi's for Newton

Single Family Sold Listings: 32 Average List Price: $739,519 Average Sale Price: $708,383 Average Market Time: 57.66

All other style homes last 12 months

Single Family Sold Listings: 465 Average List Price: $994,522 Average Sale Price: $949,409 Average Market Time: 87.68

Many of the splits in the Newton South Area are being torn down to build newer larger Colonial homes.

Louis Wolfson

Representing Greater Boston's finest builders and communities - Brookline, Dover, Needham, Newton, Wellesley and Weston
Web Reference:  http://www.LouisWolfson
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