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."
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