Do Neighborhood Parks Close By Influence Property Value? (expensive, broker, exclusive)
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I was curious if people thought that a small neighborhood park in an area with a low crime rate in close proximity to homes influences property values in any way? Pros or cons?
A well-kept park or nature preserve definitely enhances the property values of homes nearby. In fact, the more significant the amenity, the greater the positive influence on values. That even extends to major parks in cities. The Chicago lakeshore and Central City Park in New York are perhaps the best examples of the tremendous positive influence that parks can have.
A couple of months ago, I happened to broker one of the largest recent land transactions in Michigan--land which was purchased for a park. The local officials were initially concerned that they would be losing over $50,000 in local tax revenue (since the park will be tax exempt), but they soon realized that establishment of a signficant public park would raise the desirability of the overall community--and it would especially enhance the value of the homes in the immediate area. Yes, parks are very positive.
Around here, whenever our town thinks about adding a park or bike trail, the oldsters come out in droves to protest all the crime and vandalism that will supposedly come with it.
It's probably because they are used to living next to a horse pasture. But I think it's a million times better than ANOTHER subdivision.
I love where I live, but it is like the NIMBY epicenter.
Depends. I think a house bordering a park is less desirable because of privacy and noise concerns. Also, if the park is sketchy, that's a negative. However, a short walk to a nice park is a huge plus for me.
A park behind your home or next door to your home...that may bring down your pool of buyers because some people wouldn't want the lack of privacy or the noise.
I've had clients that loved living next door to a school and those that wouldn't even consider it. Same with a greenway path. Parks would be in that same group...half will love it and half will not!
It depends upon the park, the behavior of local children, and how well the city maintains the park.
Generally, it is a big plus.
However, one of the local towns put a skate board park into an expensive area and destroyed the value of nearby homes. The skate board park came complete with very loud, very foul language and lots of vandalism and graffiti. Now, you can barely give away a house in that once exclusive high value area.
We lived directly across the street from a park. I loved it because instead of looking out the front windows at more houses, we had a wide open and well maintained space. We also lived just off a large round about, so the closest neighbor on the other side of the street was a good distance away. We sold in one day.
My parents also live across from a park, a huge and very busy park with baseball fields, soccer fields, a water park, trails and a garden popular for wedding pictures. It was an established park long before the houses arrived. I imagine my parents would also sell very quickly if they listed.
I agree with oregonwoodsmoke that it depends what kind of park. Neither of the above has a skate park.
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