Do you own a home on a Park or Green Space? Well, you’re in luck because your home is highly desired by buyers.
Most buyers looking for a home in the Greater Boulder Area ask for a home that backs up to a Park or Green Space. But, since only about 20% of the homes in the area back up to a Park or Green Space, there aren’t enough homes to meet the demand.
Surprisingly, homes on a Park or Green Space don’t sell for a premium. But, I intend to change that. Hi, I’m Chris Curry with EXP Realty.
I think Parkfront Homes are similar to Waterfront Homes. They are a premium property that should sell for a premium price. I recently moved to Colorado from Florida.
I lived 10 minutes away from the beach and am familiar with the real estate market there. Properties on the beach sell for two to three times more than homes a quarter mile away.
Basic Supply and Demand.
If there is more demand for something, it should sell for a premium price. There is more demand for a home on the beach than a home a quarter mile away. That’s why they sell for more money.
We’ve talked to buyers and seen substantially more demand for homes on a Park or Green Space. But, so far, they haven’t been selling for a premium. I intend to change that.
Sales Stats show Higher Demand for Park Homes.
Homes on a Park or Green Space sell twice as fast as their counterparts. We did a study of 89 similar properties and discovered the following:
The Homes that were adjacent to a Park or Green Space sold in a Median of 4.5 Days.
The Homes that were NOT adjacent to a Park or Green Space sold in a Median of 10 Days.
I’m not a data scientist - but if a home sells twice as fast - there is probably twice as much buyer demand for that type of house.
And, let’s face it. Most people would prefer to live next to a Park or Green Space. Which means a Park Home is worth more money. But, they aren’t selling for more money!
It’s crazy. If they are more desirable, then why aren’t they selling for more money!? Here’s why. Most people aren’t marketing them properly. They’re not telling buyers about the Park or Green Space.
They’re not showing them how amazing it will be to live right next to an Green Space. Instead, they’re using the same generic marketing to sell the house and underselling the Park or Green Space. I think that’s wrong.
And I intend to change that. But, it will take time. Anyways… let’s talk about why home buyers love Park Homes!
Here are a few of the reasons why most buyers want a Park Home:
#1. It’s much easier to “Get Outdoors” when you live next to a Park or Open Space! I know this from personal experience. When you’re cooped up in an office all day, you want to get outside and enjoy nature.
I take a walk in the park near my home just about every single day. Ok. Maybe not every day. But, 4-5 times a week. And just about every day during the Summer.
We live in the most active state in America and therefore many buyers want to live on a Park or Open Space.
#2. Many homes on a Park or Open Space homes have great views of the outdoors.
This is almost like “corner office” for houses. Everyone fights for the corner office - oftentimes because it has a better view.
But, I think this is more than just a pretty view. I think the nearby amenities are why Park Homes are more desirable.
#3. Privacy. Many homes that are next to an Open Space have privacy because there aren’t as many neighbors cramped in beside you.
Obviously, this depends on the setting. If you live next to Open Space - and not many people walk there - you’ll have plenty of privacy. But, if you live next to a busy park, you won’t have as much privacy.
#4. Kids love living on a park. It’s easy for them to get outdoors. And, if the park has features like a Playground or Skate Park, there is plenty for them to do.
#5. You get the benefits of a huge yard without the upkeep! I grew up on 16 acres in the country. Life was great - except for the mowing! My parents had 10 kids and lots of mouths to feed.
So, we didn’t always have the best mower! For many years, we used a Walk-Behind Mower to mow about 6-7 acres. Mom always wanted us to mow more and more of the yard. She kept adding more mowing sections and we even mowed walking paths thru the rest of the property.
(If she could have her wish, her yard would look like a Golf Course.) So, what did that mean for me? Because I got the benefit of free room and board, I also got to volunteer to mow the yard. (I didn’t actually volunteer. More like my parents “volunteered” me.)
It took about 5-6 hours each week to mow everything. (We lived in Florida and the grass grew super fast!)
This gave me plenty of time to think. Other people think about the meaning of life. I thought about the meaning of “Mowing.” I mean, why do we do it? Why is it needed? Did God really put us on earth to spend hours every week mowing?
I won’t tell you all my thoughts. But, I don’t see the point in mowing 5-6 acres every week. Which is why I think homes on a Park or Open Space are even better.
Many homes back up to hundreds of acres of Open Space. So, you can get that huge yard without the upkeep or expense. Not a bad bargain for a kid who doesn’t like mowing!
Anyways… those are some of the reasons that people love to live on a park or open space. If you have any you’d like to add, then just let me know.
And, while we’re at it, I have an offer for you. If you’re thinking of selling your Parkfront Home, then I may have a buyer for it. Just contact me with the details on your home and I’ll let my buyers know about it.
Thanks for reading.
Park Home Specialist
Leader of the Park Home Source Team at EXP Realty