Definition Of Corner Lot

[Mister Ed]

The realtors will tell you corner lots are worth more, but I have yet to truly see it.

If I see a justifiable corner vs. non-corner lot adjustment in the positive, then I will make it.

I have seen a few that would beg the question that it would be a negative adjustment.

On that note: I dont want a corner lot because: 1) All the reasons mentioned above, 2) You now have 2 street fronts to keep attractive and I dont want the extra yard work my neighbor (who is on a corner lot) has.

 

[Bobby Bucks]

Ed does Slim Whitman live on a corner lot?

 

[Randy Beigh]

There may have been a time when corner lots were worth more, but that time has passed.

I live on a corner lot and the line about shoveling snow is valid, but there is monetary issues with this, too.

Washington State has local improvement districts where improvements such as sewer, sidewalks, etc can be added to the homeowner debt. On a corner lot, this could be considerably more than an inside lot.

 

[Chris Colston]

I, too live on a corner lot......4 blocks of ocean breezes blowing through the "canyon" of the east-west streets. No snow to shovel, but it seems all of the corner houses received more hurricane damage, the trees on the corner lots received more wind damage, too.

Also, in this area, the corner lots have less USEABLE (utility) area than the interior lots (7,500 sf vs 10,000). I have the largest legally permissble house (2,200 sf) on the smaller lot, no room for a pool, and barely any yard (less mowing). My lot is certainly NOT worth more than the next door (interior) neighbor.

 

[Mister Ed]

Originally posted by Bobby Bucks@Oct 18 2005, 10:08 AM
Ed does Slim Whitman live on a corner lot?

No... he lives in an old country estate on quite a bit of land. Never met him, but I have a pretty good friend who has known him for years... Says he is a great guy who dreams of making it bigger in Country music than he ever really did.

 

[Charlotte Dixon]

Originally posted by Bobby Bucks@Oct 18 2005, 10:08 AM
Ed does Slim Whitman live on a corner lot?

I'll answer that! I don't think he does, Bobby, or did. Little Jimmy Dickens does, though, probably, I think.

 

[Smokey Bear]

One advantage I just thought of - my neighborhood is 2 story Victorians with big attics, mid-highwater. I get a lot more light than my neighbors because I'm on the corner and the next neighbor over is across the street instead of 15 feet away.

 

[Don Miller]

With 3-car garages being so popular, corner lots have made a comeback around here. Nearly the whole front yard is concrete on an interior lot with a 3-car. I don't adjust for them, but I would choose a corner if I were building a new home with a 3-car.

In fact, a few developers are charging more for the wider interior lots that will accomodate the additional width of a 3-car.

 

[Steve Owen]

I suppose its all about the market.

So true.

I've never made an adjustment for a corner lot on a residential property in my market. That doesn't mean that an adjustment would not be appropriate in all markets.

The corner lot thing is one of the most mis-represented real estate myths, IMHO. As some pointed out, there are advantages, especially if you want to store a boat in the back yard or add another detached garage. And... there are disadvantages, litter, traffic, etc. Around here, that adds up to some people prefer them and some people don't, but the market doesn't see much (measurable) difference.

Same thing for a larger than typical lot - mine is bigger and I love it, the next guy might just see it as more to mow. Within my sub-division, I have not been able to measure any market value advantage to the larger lot.

Corner Lot: A lot abutting upon the intersection of two intersecting streets. (Real Estate Appraisal Terminology; AIREA/SREA 1975)

Streets only and not alleys and not courts or anything else. Must be two streets that intersect.

All else is flummery.

That is true. On the other hand, you might just as likely measure a market advantage to alley on each side as being on a true corner lot. Cul's, which (supposedly) used to have a market advantage, actually seem to be a bit out of favor around here.

 

[Couch Potato]

I would say the "Corner Lot" check box is the most meaningless piece of information in a typical residential report. Being on a corner has no effect on value. It is better access, higher noise, lower privacy, more light, larger lot, smaller usable space, etc. that make it worth more or less than interior lots.