Why do homes in one neighborhood get more $$ per square foot over another in the same city?
First impressions are important. You’ve heard of curb appeal? This applies to communities too. The entrance sets the tone for the expectation of the homes inside. Walls, gates, signs, and landscaping needs to be fresh, operational, and maintained. Is there a guard, card system, are cars backed up to get in, is the landscaping attractive and healthy, is paint peeling? Curb appeal is often determined at first glance.
Amenities add value. Is there a gate, guard, tennis, a pool, or clubhouse? The amenities need to be kept as usable and welcoming. The residents should be good to have their families use the amenities. It should all be well kept and inviting.
The homes in the community contribute to the value. If homes are unkempt or look abandoned, people will come in looking for “deals” and “steals”. It will bring thoughts of desperation and low ball offers. Conversely, a community of well-kept homes commands higher values and greater demand. Clean, neat and maintained is what most buyers look for. A clean, neat, maintained property shows pride of ownership. A property that is not maintained, causes people to imagine the worst as to what they will find upon closer inspection.
Recent selling prices are the main determining factor of community prices. Pricing homes higher, waiting for better offers, not “dumping” homes, affects us all. We may not look at what we leave behind when we sell a home, but it does affect your bottom line as well as your neighbors.
Lastly, the community culture affects value. As a Real Estate agent, I have been told by clients they do not want to live in a community with conflict. Most people want a “neighborhood”. It does affect home values when the community has block parties, community events, works together on community or philanthropic projects. Improve the culture in the community. Examples are the public meeting in the park, the get-together that introduced neighbors, communication through the HOA website. This adds to community enjoyment and increases value so support of these events improves your bottom line.