I’ve been
thinking a lot about our codes lately. Mostly about visual blight issues. And as
I’m sure we all have our own personal code pet peeves, I thought to see how
this may relate to our property values.
Using online
service Zillow as an illustration, I looked up my homes value compared to the
rest of zip code area 33161. Now, this may not be, and probably is not an exact
science, but it does provide some noteworthy data. According to their Zestimate
(clever play on words in my opinion),
my property value dropped $4,126 over the last 30 days - but was 155% higher
in value than the surrounding 33161 zip code areas.
My next
thought was… why such a big difference? And how do our codes possibly affect this? To
this end I reached out to blog member and resident professional realtor Brad
Piper with Keller Williams. Please find below our discussion
pertaining to property maintenance and property values.
MH: Brad, first I want to thank you for sharing both
your time and expertise in helping our readers better understand the
relationship between property maintenance and property values. Question, based
on your prospective new buyers, what are you hearing about Biscayne Park in
general?
BP: My pleasure Milton and thank you for creating
this informative blog. My buyers have
expressed that Biscayne Park has a unique “sense of community” that they
haven’t found in other areas. Even
though we have seen prices increasing in our area, buyers are still seeing value
for their money here in Biscayne Park. They
love seeing families strolling in the park, dog walkers, joggers, and the
community interacting as a whole.
MH: Can you explain for us how Zillow works and how it
arrives at its valuations?
BP: Zillow is strictly based on data collected
from closed sales in your area, and is meant to give a general estimate of
value. Homes and communities are
uniquely different, and those differences can have an affect on your property
value. An appraisor will be your best
source for an accurate estimate of property value, and will also take into
consideration the condition of the home, and the characteristics of the
location.
MH: Brad, can you provide some common property
maintenance issues that potentially reduce our property values?
BP:
Dirty exterior, faded chipped paint, overgrown yards, roofs and fences in need
of repair, are just a few examples. Keeping in mind that the maintenance of your
home’s exterior can impact your neighbor’s curb appeal, and collectively, it
can have a negative impact on the entire community.
MH: And while on the subject, can you mention some property
maintenance and curb appeal tips that could possibly increase our property
values?
BP: General
landscaping and updating of roof, windows, shutters as needed. Consistent maintenance and improvements tend
to help support property values, and reflects on the entire neighborhood. Programs such as www.ygrene.com could be a great resource for
homeowners on a budget, who need to make repairs to their homes.
MH: Good to know Brad. Another question, I noticed that Zillow
listed my homes value approx. 11% higher than other BP properties. It’s not
specific as to the other properties and I was curious as if this is due to
location. Have you an explanation for this?
BP:
That’s a great question and I would assume it’s due to the sales in your
immediate area. In a marketplace where
there is a wide price range of home values, we see the most discrepancies in their
pricing. Zillow’s accuracy has always been in
question, and can sometimes be misleading for home owners.
MH: Lastly, is there anything else that you would like to
share with us regarding the relationship between property maintenance and
property values?
BP:
We are all in this together, so your
lack of exterior maintenance could affect your neighbor’s property value. Even though we may not be ready to sell
today, life events can change that scenario quickly, and being prepared could
increase your sales price making the transition, much more pleasant.
Well, that’s
all useful information. Thank you again for taking the time to discuss this
with our readers. There was one point that really struck home with me from
Brad’s comments. “We are all in this together” is so true and vital for
fostering a good sense of community.
Last month I
had the opportunity to spend some time with our code officer driving through
the Village during one of his inspections. This helped me to gain a better
understanding of some of our issues and areas where we can improve with our
overall property maintenance. I can tell you that I have already seen positive results
based on that time spent together. It may not always happen as quickly as we
like, but I can attest first hand that code improvements are indeed
happening.
If any members
or readers would like to comment on any specific code issues that are on their
minds, and would like to see addressed in a future post, please feel free to do
so in the comment section below. As Brad says “we are all in this together.”
Milton
Hunter- The Biscayne Parker