At Home: Seniors Competing for Walkability, Home Prices Eclipse 2016 High & Bigger Home or Bigger Yard?
Michelle Cavaliere | August 20, 2017 | 9:57 am
- Walkable Areas Are Getting More Competition [Realtor Mag]
- Home Prices Jump 6.2 Percent in Second Quarter; Eclipse 2016 High [NAR]
- The Millennial Home Buying Effect: Four Trends Transforming the Way We Live [WP]
- This Is What the Perfect House Looks Like, According to Pinterest [Popsugar]
- Across Atlanta, 10 Solid Options for Starter Homes Right Now [Curbed]
- What Do Buyers Want More – A Bigger House or a Bigger Yard? [Inman]
Brought to you by Michelle Cavaliere – Keller Williams Realty Intown Atlanta. Find us on Facebook!
Infographic courtesy of the National Association of Realtors®.
Hi Michelle –
Thank you for the link “what do buyers want more – a bigger house or a bigger yard.”
Thought about the link when viewing the new construction on Northern Avenue. The homes are spacious but don’t seem to have much of a yard (although easily walkable to downtown). With this in mind, is approx. $320 per sq. ft. normal for new construction in Decatur or on the higher end due to an amenity such as an elevator (and other amenities)? Also, how does lot size/acreage factor into price, or is it more a situation of the quality of the lot? Thanks.
You’re welcome Marty!
Looking at new construction sales over the past year, this is not the norm for Decatur. In the case of single family homes, only 6 out of 44 sales (with square footage data listed in FMLS) sold for over $300/sq. ft. and the median price/sq. ft. was $264.64. For townhouses and condos there was only 1 sale out of 22 greater than $300/sq. ft. with a median price/sq. ft. of $205.06. According to the website, the new construction townhouses on Northern will have high end finishes, fixtures, and appliances as well as elevators, which likely account for the higher price/sq. ft.
Looking at the sales data, there’s not as strong a link between lot size and cost/sq. ft. Obviously a larger lot with “breathing room from neighbors”, as the article mentions, commands some premium. However I can think of many locations both in and directly adjacent to Decatur where larger lots are on busy roads, near railroad tracks, in a flood zone, etc. and would not necessarily command a very high cost/sq. ft. So in my opinion, here in Decatur quality and location of the lot outweigh size when discussing price/sq. ft.
” location of the lot outweigh size when discussing price/sq. ft.”
Doesn’t seem to apply to the townhouses on E Howard that are 50 feet from the railroad.
I think it definitely applies. Those townhouses are valued at $230/ft. One block north into the neighborhood and townhouses are valued at $280/ft.
D’oh. EAST Howard. Now I get it. Definitely right on the tracks but also a killer location, walkability-wise. Not sure which aspect of conventional wisdom should prevail.
Michelle,
May I turn your Sunday info post into a slight FFAFish info request?
My wife and I have owned our Decatur home for about 26 years. We are planning to retire in 3-4 years. Our house is clearly a part of our financial wherewithal in planning for that phase of our lives. Our house was built in 1947 and even though we have put in improvements, based upon activity in our neighborhood, it’s a tear down. How do we evaluate its worth as part of our overall asset base to help us plan for our retirement needs. As a tear down, is the value somewhat fixed? Who is the best person to help value it as a appreciable or depreciable asset over the next 3-4 years? As we don’t want to sell now, are there agents willing, able, and qualified to offer advise?
Thanks
Thanks for your question Glenn! I would be happy to help with valuation of your home and address the likelihood of its appreciation/depreciation over the next few years. Since this is somewhat situation specific, it’s probably best to chat directly. I’ll shoot you an email so we can begin a more detailed conversation.
Thank you for taking the time to provide the data and your perspective; very informative.
Press on GenX’ers. All three negative stats are in our section.