Poll: Do Community Centers Effect Home Values?

[Meandering]

Duplicate
.

 

[Meandering]

I voted no.

You can actually do paired sales here between neighborhoods with public roads, same developer, same age, and styles of homes same lot sizes between 1 acre and1.3 acres, with and without a “community building” and a community pool, against the neighboring subdivision that lacks a community building and pool. Annual dues to support the community buildings vary $150-$350. No price premiums in those communities with the pool and community building.
No price difference with the neighboring subdivisions.
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[Restrain]

Talked with a homeowner who HD just recently purchased in a subdivision with a center, said the presence of the center influenced his decision to buy there. However, it appears that it is more of an individual buyer preference.

 

[spittman]

I've rarely had to consider impact of a neighorhood with a community center in it, but I have seen instances where a subdivision is broken up into different phases. Just recently did one where the neighborhood was split on both sides of a rural highway with the community center only on one side. Guess which side everyone wanted to buy their home in?

 

[Michael S]

Thanks for all the replies. I ended up using the results as secondary support after a survey of local brokers. The city was happy with the report and has asked for a more in-depth analysis of a few specific locations, before and after renovations or new construction. It's nice to do something other than the typical lending appraisal for a change. Now I'll probably need to build a regression model to compare individual home sales around these specific locations, before and after they were renovated or built. I suspect there won't be a wealth of sales data since on average there's only a few dozen homes within the radius I was looking at (basically a block around each center and then a second radius 2-3 blocks out).

 

[Lee Lansford]

I have THE answer! !

Ready?

"It depends..."

Got it?

 

[Mike Garrett RAA]

I can prove it has a positive affect based on paired sales of exact model matches in subdivsions that have community centers as opposed to those that don't. That said, I do believe it really depends on the price range of the homes, the nature of the subdivision, AND...what the community center has and does.