Cul-de-Sac Home Values
To assess how much property values increase for properties on a cul-de-sac or near a park or people plaza to show a community that a new people plaza will raise their property values.
Preliminary findings so there is significant data about how living near a park raises property values, but more limited hard data on how living on a cul-de-sac raises property values. Anecdotal evidence for buyer preference of cul-de-sac homes is more prevalent. There is no data available about living near a people plaza. Our early findings are as follows.
LIVING NEAR A PARK
- Living near a park will increase home values by between 8% and 20%.
- The University of Washington found that a property that is adjacent to or fronting a passive park can expect a 20% increase in property values.
- Inner city homes that are located within a quarter mile of a park have an increased value of 10%.
- Even a home near a "cleaned-up vacant lot" see a 17% increase in value.
- Homes located to a longer and larger greenbelt area have a 32% increase in value.
- A study in Philadelphia found that a 10,000-acre park system added $220 million in added value to the surrounding homes.
- New workspaces, shopping malls, flyovers, another infrastructure improvements all contribute to home value appreciation.
LIVING ON A CUL-DE-SAC
- Annmarie Garcia, an agent with Re/Max Accomplished Realty of Franklin Lakes states that cul-de-sacs "are so popular they are often priced higher — but they sell quicker."
- Surveys show that finished houses on cul-de-sacs "sell for up to 10 percent more than a home on a regular street."
- Bob Funabashi, a sales associate with Terrie O'Connor Realtors in Saddle River sold a home in Woodcliff Lake, New Jersey that was on a main road for $915,000, but says it would have sold for $950,000 had it been on a cul-de-sac.
- Another survey showed that "buyers are willing to pay up to 20% more for a home on a cul-de-sac, indicating that their peace and quiet garner top dollar.
- Joanne DeLuca, a Realtor® with BHHS NE Properties in Fairfield, CT states, "Although I think the neighborhood as a whole is a bigger factor, you could certainly get a higher selling price for a home on a cul-de-sac than a busy street."
Proposed next steps:
You need to be the project owner to select a next step.
As the initial research indicates there have been recent formal studies conducted on how living near parks increases property values we suggest one request that delves deeper into this data. Older studies (2016 and older) have limited data on how living on a cul-de-sac increases property values, but recent sources have plenty of qualitative data that could be used to increase community buy-in, so we recommend a second request that provides as much hard data as possible (even if the sources are slightly older) and detailed qualitative data from sources no older than 24 months.
Alternatively, we could provide one request that entirely focuses on how living near parks improved property values, since that hard data is more readily available.