Sunday, July 14, 2013

Real Estate is all about...Location within "Location"

Ask anyone remotely familiar with real estate values and they will tell you that location is key.  What some buyers (but few sellers) fail to realize is that even within location "location" is important.

For example, take a home in a very desirable neighborhood that borders a busy street.  Or, what about a home that backs to an interstate highway (although there is a sound wall nearby).

Or perhaps the condo unit that has a nice view of the dumpsters behind the supermarket on the other side of the six foot wall separating the condo complex from the shopping center next door.  Or the ocean front condo complex where the unit nearest the busy highway while others have direct views of the surf.

Each of the above represents a location within a location in the Brevard County, Florida real estate market. 

What does this mean to sellers?  For example, take three homes on the same street in similar condition and construction but one sits on the corner lot at the entry to the subdivision.  All other things being equal this location is less desirable.

And "less desirable" means less valuable.

Buyers need to understand less desirable now (read this as cheaper) will equate to less desirable to next buyer.

But then it is better to buy a less desirable home in a very desirable neighborhood than the largest  home in a less desirable neighborhood.