I hate to be the bearer of bad news, so if your home backs to Windermere Parkway and you don’t want the real story, please don’t continue reading. And, if you do, please remember I’m just the messenger.
Everyone intuitively suspects Windermere Parkway has a negative effect on the value and marketability of a home. The numbers say “yes” and the impact is from $15,000 to $80,000 dollars depending on how you slice the numbers. But there is more to be learned from analyzing the details. Over the last three years, 3 homes backing to the parkway have sold in the section of TCF accessed by Hearthway Lane. Those three homes averaged a higher price than the other 25 sold in that section in the same time period. Features and condition of the home can compensate for location. A closer look at the Three Chimneys section tells the same story. Looking at the Carriages there is a huge difference between the average sales price for home on the even numbered side of Horizon Court and others in the Carriages. In part, this is because the homes backing to WP are a bit smaller with two car garages. But also, the road has had a huge impact on the appeal of these homes.
One great piece of news, three years ago the road construction had a huge impact on the amount of time it took to sell homes backing to the parkway. Now, on average, they sell nearly as quickly as the rest of the neighborhood.
So if you back to a major road, how do you determine you homes’ value? Call me! Oh- sorry, that’s a sales pitch…want to do it yourself? Look for sales of very similar homes that also back to the road. If there aren’t any good comparisons, find similar homes and make an adjustment based on the statistics available. Depending on your lot and home characteristics, I’d recommend an adjustment of $25,000, $50,000 or $75,000 dollars. Overall, a good rule of thumb is to expect a home backing to the parkway to sell for at most in the low $400′s. Of the 13 homes that back to the parkway sold in the last three years, only two brought more than $430,000 – and they sold two (plus) years ago. And seriously, talk to a knowledgeable REALTOR®. Even if you’ve done all the best research and analysis, you’ll find a second opinion to be very helpful.
Want the details? Go to: Backing to “The Road” – By the Numbers
