Earlier this week I met with people planning to sell their townhouse. When I looked to see what had been selling in their complex I found only two units like theirs had sold in the last six months…one for $129,000 and one for $170,000…a huge difference!
My first thought was the low priced one must have been a lender-mediated property but it wasn't. It was a relocation property, which did bring down the value…and the higher priced unit did appear to be in excellent condition. But what may have had an even bigger impact is the setting. The higher priced unit was located next to natural wetlands and parklands…so the open view will never go away, simply change with the seasons. This can have a huge impact not only on property value, but also personal value.
Embrace Open Space, a collaborative among Twin Cities organizations concerned about protecting open space in our region, recently did a study of the effect of open space on property values.
They found that in Hennepin County values of homes within 200 feet of a park, natural area or greenway were about $16,300 higher. The study also found that open areas of 50 acres or more lend increased value of 3 to 4.8 percent of homes up to a half-mile away. I know my clients really appreciate green space…and many specifically ask for it.
In Hennepin County about 18 percent of the land is green space, about one-third of that in the Three Rivers Park District. This park and trail system is a wonderful resource for the community…one which we use often! You may have noticed from various posts that French Park is a favorite with our family.
The property I talked about above was in Washington County. I have new listing hitting the market today in Dakota County. This one is close to a 52-acre park with trails, water and green space…something that adds value to many metro area buyers. If you are looking for a fabulous townhome under $150,000 near parks and trails check out www.52Maple.com!
Sharlene Hensrud, RE/MAX Results- Email– HomesMSP.com
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