Archives for April 2015

The Case of the Luxury Home Looky-Loos By Joe Szabo, Scottsdale Real Estate Team

April 30, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team

There’s a reason multi-million-dollar homes for sale don’t often host open houses: Most folks can’t afford them.

That doesn’t stop some people from trying to have a look anyway.

Take this Malibu home listed by Katie Bentzen and Sarah Kosasky, both founding partners of Partners Trust Malibu. With an $18.95 million price tag, a view of the pier shot by famed surfer Laird Hamilton, and an address just down the street from Matthew Perry’s old digs, the property is ripe for snooping.

Bentzen has shown the home to a couple of people who might not be real buyers, she says. She tries to vet them by dealing mostly with agents and checking online for people who are visiting town and don’t have an agent — but some get past her.

Looky-loos are an occupational hazard in the real estate business, and luxury listings attract a special breed.

Bentzen tells a doozy about the son of a famous Italian designer who showed interest in a house on the beach. On his second visit, he brought his girlfriend, and they discussed how to decorate the place — then went for an hour-long walk on the beach.

She couldn’t lock up, because his car was parked on the gated driveway.

“It got dark and everything,” Bentzen remembers. “I had a baby at the time who was home with a babysitter, and I was so mad.”

Then there was the guy who brought along his “girlfriend” on his second and third visits — but they were two different women.

“What can you say?” Bentzen says. “You’re always walking a tightrope, and you don’t want to make him mad — what if he really does buy it?”

In that case, he didn’t.

It’s frustrating when people who seemed interested don’t follow up to at least let her know what happened, Bentzen says. “It takes an hour and a half, at least, for a showing in a house this size.”

But she also understands.

“Malibu is intriguing for people,” she says. “When they hear that address, they think glamorous, rich movie stars. I think that’s why we get more of the nutty ones.”

Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, [email protected] or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

8 DIY Ways to Redo Your Bathroom By Joe Szabo, Scottsdale Real Estate Team

April 27, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team

The bathroom is probably the best room in the house for a mini-makeover. When you realize how dramatically, quickly and inexpensively you can completely update the space without an actual renovation, you’ll wonder why you’ve waited so long.

Before you dive in, take a minute to consider what you’re going for in terms of style. Your bathroom should be a peaceful, relaxing space. Are you more soothed by rich, dramatic tones and style, or are you going for a more simple and serene spa-like space? Once you know what you want, take a look at these simple tips for getting the bathroom upgrade you’ve been dreaming of.

Paint

This is obviously the place to start, since doing it yourself results in such fast and dramatic change. For the simple and serene look, choose soft and soothing tones to give you a greater sense of space and light. If you’re looking for a rich, dark hideaway, choose warm saturated tones to strike the right mood.

Hardware

Now choose drawer pulls that keep the style makeover moving forward. They’re available in all styles and at all price points, and this is another big change you can make on your own. Typically, a nickel or stainless finish goes best with the spa look, while oil-rubbed bronze tones will add the richness you’re looking for in a sophisticated atmosphere.

Storage

Because our bathrooms are also spaces that our guests may see, keeping them clutter free is essential. Organization is also important for keeping stress on the other side of the bathroom door.

A quick and functional fix here are simple storage cubbies. Stash toiletries, makeup and other beauty and grooming equipment in small caddies that you can pop out and put away easily.

Lighting

Good grooming requires good light, but when you’re just looking to slip into the tub and relax, you want something softer. Start your lighting makeover with a simple dimmer switch.

Replacing the vanity lighting fixture is easier than you think, too. To keep the job a simple and quick one, simply choose vanity lighting that covers the same space the original fixture did. You can maximize your options, though, if you tackle the lighting when you do the painting.

To take it up one more notch, consider a dramatic piece of statement lighting such as a chandelier or pendant that adds a sense of style.

Shower, sink and tub faucets

Now we’re moving into the updates that really make the space feel new. Look for sink fixtures that offer a little more height over the bowl and length extending into the bowl for the most functional effect.

Then, upgrade to a new showerhead that makes your morning feel anything but routine. A handheld showerhead that ties into the shower arm and can extend from the wall via a hose is another indulgent and functional option.

Mirror and medicine cabinet

Most standard medicine cabinets are not much to look at, and there are now plenty of options that will your replace your current cabinet. A simple beveled mirror version with a plastic wipe-able interior can update a rusted metal version.

But another simple fix if you don’t want to replace the whole cabinet is to build a simple picture-style frame right over your basic wall mirror. Just choose the frame according to the style you’re going for, and make sure the surface is moisture resistant.

Towel warmer

Even if you don’t have the most spacious bathroom, this is an amenity worthy of serious consideration. In case you think you just can’t spare the space, you’ll be glad to hear that they also come ready to plug-in or hard wire and hang on the wall.

The final touches

New towels and a fresh bathmat can change the appearance of your bath space with little effort. Pick a monochromatic color scheme to dry off in style, or go all white for the spa-like aesthetic.

For a little added detail, consider monogramming your towels with your initials or “His,” “Hers” and “Guest.” This added touch will make all your efforts well worth the time and consideration of your bathroom update.

The Real Estate Obsession Grows … to IMAX Proportions By Joe Szabo, Scottsdale Real Estate Team

April 23, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team

What would you do with a spare room? In the past half-century, the answer to this question has dramatically changed the role of home in our lives.

“In 1970, the word ‘telecommuting’ had not been invented, workout rooms consisted of a tricked-out piece of elastic tied to your doorknob, and it was unheard of to have anything in your house akin to a movie theater,” write Zillow CEO Spencer Rascoff and Chief Economist Stan Humphries in “Zillow Talk: The New Rules of Real Estate.”

Fast forward to today and not only have we brought a host of commercial activities into our homes — there seems to be no limit.

Sky’s the limit

Le Palais Royal, the most expensive home for sale in Florida, is the first private residence to have an IMAX® movie theater.

“[The owner] wanted the best of the best,” said listing agent William P.D. Pierce of Coldwell Banker Miami Beach. “IMAX said they don’t do private home theaters, but two years later they signed an agreement.”

The screen alone is 27 feet wide and 18 feet tall. It uses two projectors that weigh 6 tons, creating a first-class 3-D viewing experience for up to 18 guests. Best part: The theater shows movies as they’re playing in public theaters.

“What is live today is live in the palace,” Pierce said. “I certainly see this as a new trend. People crave technology and demand more luxury inside their personal residence.”

A $14.3 million home for sale in Tarpon Springs is also breaking new ground with a 3,000-square-foot indoor “village,” housing a movie theater, bookstore, cigar room, music room and ice-cream shop — all under one roof.

“The owner wanted one room as his pet project,” said listing agent Robyn Gunn of Sotheby’s International Realty. “He has children and wanted to have the ultimate family home where there would be no need to go anywhere else.”

Reality check

According to Paul Emrath, vice president of Survey and Housing Policy Research for the National Association of Home Builders, the desire for “specialty rooms” has increased among U.S. home buyers surveyed in the past decade. Buyers wanting media rooms, for example, has jumped from 30 percent in 2004 to 40 percent in 2012.

“If 40 percent of your buyers want something, that’s an awful lot of buyers out there,” he said. “Even if just 10 percent of people want something, it will be a niche.”

Emrath notes, however, that it’s unclear when this niche will become mainstream. While 40 percent want a media room, less than 10 percent say it’s essential in their next home.

Gordon Stephenson, real estate broker and owner of Seattle brokerage Real Property Associates, isn’t surprised by this.

“When you start your home search, you say sure it would be nice to have all these things,” he explained. “But as reality sets in, you realize each of those amenities is going to add to X amount to the cost. You realize it’s not worth that extra money or that you’d rather spend it on a better location perhaps.”

Even for those who can afford extra amenities, Stephenson isn’t sure the long-term payoff is worth it. He’s seen scores of homes built in the ’70s with saunas, for example, that are rarely used.

“Invariably, the sauna is covered in dust and Christmas decorations,” he said. “It hasn’t been used since the Nixon administration.”

When dreams meet reality

Regardless of whether people end up using their spare rooms, the fact that they’re dreaming about them is significant.

“Homes are now much more than the places we lay our heads at night,” write Rascoff and Humphries in their new book. “And they aren’t just ‘where the heart is’ anymore, either. Homes are the object our heart’s desire.”

People fantasize about super-sizing their houses, watch dozens of home-related TV shows and snoop on Zillow to see how much their neighbor’s home is worth. All of these things, Rascoff and Humphries note, didn’t exist 50 years ago.

“There’s no question that our culture is real estate-obsessed,” they write.

First-Time Home Buyer’s Guide to Choosing a Neighborhood By Joe Szabo, Scottsdale Real Estate Team

April 20, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team

When you’re ready to buy your first home, you’ll probably remember those three important words we always hear about real estate: location, location, location.

While the geographic location is important, it’s also the amenities around the location that make a house a home. Every buyer is different in what they desire, so you need to find a neighborhood with the location and amenities that fit your desires — and, just as importantly, your budget.

Affordability

Location is one factor that will heavily influence the price of a property. You don’t want to shop in locations you can’t afford — even though it might be fun.

The first task in your home purchase process is getting pre-approved by a bank or mortgage lender so you understand the ballpark within which you will be playing ball. Inform your real estate agent about your price range so they can identify the locations where you can afford to purchase.

Neighborhood type

You also need to figure out what works for you when it comes to the type of location you like: urban, suburban, or rural. Many people live in and love high-density areas where retail, restaurants, gyms, and grocery stores are all within a few blocks’ walk. It’s nice to be able to walk to everything — but with that comes lots of cars, people and sometimes noisy neighbors.

Other home buyers prefer quieter suburban developments that are probably going to require driving for one’s commercial and entertainment needs.

Then there are rural folks who want full quiet and no nearby neighbors. Make sure before you shop that you are shopping in the right type of area for you.

School district

Schools also make a big difference for many buyers, and a buyer will certainly pay for the best school district. School quality is one of the top items on a parent’s mind when looking for property. You can search the Internet for school ratings and check with the city or county for more information.

Of course, if you don’t have children, it’s not as big a deal.

What’s next door — or could be

You should also always consider what is next door to the property you buy. Will you be living among lots of single-family houses, or big apartment buildings?

It’s also important to know if there are currently or once were gas stations or chemical plants nearby. Drive around and look, plus check Natural Hazard Reports to see what is or was in the area.

Additionally, be cautious about empty developable lots or empty retail/warehouse properties nearby, as you never know what might end up being built there.

It’s also smart to understand the zoning on your property, as it might let the single family home next door be torn down and developed into a 4-plex rental property. That might or might not be okay with you, but you should be aware if it’s a possibility.

Holdability

One more important item to consider regarding location is your chances of owning the property a long time. If you are not sure you’ll be happy staying a while, you’re better off passing on buying for the time being.

Considering all these issues — as opposed to making a quick purchase decision based on what your heart is telling you — should help you buy a home that is a good fit, will serve you well, and will be a good investment for your future.

5 Reasons to Keep Your Lender in the Loop When You Make an Offer By Joe Szabo, Scottsdale Real Estate Team

April 16, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team

Of the many things that can trip you up when buying a home with mortgage financing, writing offers is one of the most common.

When you’re finally writing a home purchase offer (also called a purchase contract) after a long home search process, it’s easy to forget about your lender in the excitement. However, your lender must be involved because of these five ways purchase contracts impact the lending process.

1. The purchase offer must match loan documents

Names in the “buyer” section of your offer must match the names on the loan application exactly. This small but critical detail can delay or kill a deal.

For example, if your significant other is out of town when you’re writing the offer, your real estate agent may advise you to write it solely under your name. But if your loan application has both names, the lender will require you to add that missing person and have everyone, including the seller, re-sign the contract.

Or worse, if you use an entity like a trust or a business as the buyer, you’ll be forced to change the contract to human buyers that match the loan application. Mortgage loans must be made to humans, and you can transfer to entities post-close if that’s your goal.

2. The lender must approve home inspections you request

Your offer contract will ask you to select which home inspections you want. Appraisal inspections are required by lenders. Optional inspections include contractor, structural, engineering and pest.

Not all lenders will ask to review and approve every optional inspection report, but they study contracts and other property documentation (like listings on Zillow and local MLS sites) to look for red flags that may cause them to request a certain inspection report.

For example, if a public listing noted that a seller had already obtained a pest report and it contained $5,000 worth of repairs, the lender will require that pest report for review, and they’ll also require that the repairs are completed prior to approving and closing your loan, which can create timing issues. Mapping this out with your real estate agent and lender before you submit your offer enables you to execute the rest of the process with ease.

3. The lender must be able to perform on your closing timeline

Your purchase contract must state how fast you can close. In low-inventory markets where sellers have the upper hand, buyers who can close fast get the most attention.

You need your lender’s input on closing timing. They’ll tell you how long it will take to appraise the property, review title history, approve the condo project (if applicable), and finish approving you, if they haven’t already. All you have to do is tell your real estate agent to get the timing from your lender.

4. The lender must be able to perform on your due diligence timeline

Another critical point in contract timing is requesting how many days you need for each stage of due diligence, like completing your appraisal, securing your financing, approving seller disclosures, and completing inspections.

These “contingencies” protect you by enabling you to break the contract until you’ve released them. Just like with the closing timeline, sellers respond well to speed, so make sure your real estate agent is discussing timing of each contingency with your lender before you write and present the contract.

5. The lender must approve credits you ask for

Often real estate agents will advise buyers to seek a credit from the seller at closing in lieu of reducing a purchase price. A seller credit enables buyers to negotiate better terms for themselves while also conserving cash because the credit will be used to offset closing costs.

You can ask for credits in the beginning, but often they’re requested after an inspection reveals a minor property issue such as scuffed walls or damaged window screens.

In these cases, your lender will require a contract addendum (signed by the buyer and seller) to show the credits, which the lender must approve before having the appraiser amend the appraisal report to reflect the credit. These tasks can take two to six days for a lender to process, so you must keep the lender in the loop on all credits from the seller, real estate agents, or any other third parties.

Maximizing Your Laundry & Mudroom Spaces By Joe Szabo, Scottsdale Real Estate Team

April 13, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team

Utilitarian spaces like laundry rooms and mudrooms seldom receive the attention they deserve, which is odd when you consider how often they are used. A properly planned utility room can be a complete housekeeping area that simplifies your household chores.

These rooms may even serve multiple purposes. A mudroom may double as a grooming center for the family pets and a storage room for sports gear. An overhead rack in a laundry room can be used for drying flowers as well as clothes, and the sink can be turned into a potting center.

Here’s how to make the most of these hard-working spaces.

Mudroom

Leverage the space. A mudroom is the ideal storage space for shoes, lunch bags, sports equipment, and pet essentials such as food dishes, leashes, blankets and toys. You don’t even need an entire room to reap a mudroom’s benefits. A narrow hall, a partial wall, or even space carved out from between wall studs will do just fine.

Supply smart storage. Instead of letting a mudroom become cluttered, take advantage of its potential. Counters, tables and benches can serve as storage pieces that collect and organize both day-to-day and seasonal items. A built-in cabinet that resembles a set of lockers will allow individual family members to have their own space. Other essentials for the room might include an umbrella stand, boot tray, baskets, and a chalk or message board.

Organize on a budget. Many cost-effective storage solutions are tailored specifically for utility spaces. Home centers and container stores offer a wealth of inexpensive storage ideas, such as wall-mounted racks for boots, shelving for hats, and hooks and baskets for sports gear.

Laundry room

Make it multi-functional. A full-sized laundry room offers flexible options beyond just doing laundry. If there’s space for more than appliances and a sink, add a table or table-height shelf for folding laundry, wrapping gifts, or potting plants. Add extra shelves or cabinets to store supplies. A drying rack over the sink that folds up against the wall makes it easy to hang clothing directly out of the washing machine.

Paint the walls. You may spend a lot of time in this area, so make sure it’s attractive. Paint the room a vibrant color that draws you in, or a soothing color that calms. Wall sayings or murals are a fun way to add interest.

Contain it. Laundry rooms are more functional if organized. Use clear jars or colored pottery for clothespins, sewing items and detergent. Choose various heights to add interest.

Play it up. “Dirty Laundry” never sounded so good as when sung in the utility room. Make sure you have access to music for some background interest. This utilitarian space should be just as interesting as the rest of your home.

March 2015 Paradise Valley Arizona real estate market update

April 13, 2015 Joe Szabo

Happy April! In March the Valley was swarming with visitors and with all of the poor weather conditions around the country more and more people seem to be eyeing the Phoenix area as a possible new home. Let’s take a look at how the Paradise Valley real estate market faired in March. New listings are up 48.4% from February with a total of 95 new listings vs. 64 in February. New contracts and closed sales were both up in March by 24.5% and 79.2% respectively. The median sale is down slightly from $1,304,125 in February to $1,250,000 in March. March closed with some motivating numbers for both buyers and sellers! During these up and down activity months it is more important than ever to consult a real estate professional that knows the Paradise Valley market.

Considering a purchasing or selling a property in Paradise Valley? Call Joe and Linda Szabo – The Real Estate Experts!

We hope that you enjoy reading and analyzing the Paradise Valley Luxury Home Report and should you have any questions or comments, please feel free to Contact Joe Szabo at 480.688.2020 or email him directly at [email protected] or [email protected]. You can also visit https://www.AZLuxuryHomes.com or https://scottsdalerealestateteam.com to find out more about Paradise Valley Homes for Sale and Estates for Sale in Paradise Valley and to search the Paradise Valley MLS for Scottsdale Home Listings.

Please note that this Paradise Valley Real Estate Blog is for informational purposes and not intended to take the place of a licensed Paradise Valley Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale and Paradise Valley Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Paradise Valley, The Szabo group delivers experience, knowledge, dedication and proven results.

March 2015 Scottsdale Arizona real estate market update

April 10, 2015 Joe Szabo

Happy April! In March the Valley was swarming with visitors and with all of the poor weather conditions around the country more and more people seem to be eyeing Scottsdale as a possible new home. Let’s take a look at how the Scottsdale real estate market faired in March. New listings are up 11.2% from February with a total of 1,095 new listings vs. 985 in February. New contracts and closed sales were both up in March by 15.4% and 38.7% respectively. The median sale is also up slightly from $365,000 in February to $372,500 in March. March closed with some motivating numbers for both buyers and sellers! During these up and down activity months it is more important than ever to consult a real estate professional that knows the Scottsdale market.

Considering a purchasing or selling a property in Scottsdale? Call Joe and Linda Szabo – The Scottsdale Real Estate Experts!

We hope that you enjoy reading and analyzing the Scottsdale Luxury Home Report and should you have any questions or comments, please feel free to Contact Joe Szabo at 480.688.2020 or email him directly at [email protected]. You can also visit https://scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Are You Paying Too Much Property Tax? By Joe Szabo, Scottsdale Real Estate Team

April 9, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team

When tax time rolls around, many homeowners are surprised at the amount of property tax they owe. If you disagree with the stated value of your property, it’s worth a closer look to see if your bill has increased fairly.

To be sure you’re not paying more than you should, check the following factors.

Basic errors

First, verify that there are no mistakes on your property card — a document that records information such as dimensions, acreage and value. Does the card show that your home has three bedrooms when it only has two? That it sits on 3.0-acre lot when it’s only on .30? That it has a finished basement when, in fact, it doesn’t? That it has two fireplaces when it only has one?

Errors like these can — and do — occur, and they’re actually quite common. But you won’t know about discrepancies if you haven’t seen your home’s card and reviewed it carefully. Get a copy at the town hall, bringing any errors to the immediate attention of the assessor. Adjustments can often be made without the need for a formal appeal.

Comps

After you pull your home’s property card, take a look at a few of your neighbors’ cards — specifically, neighbors who have homes that are similar to yours in terms of age, size, style, condition and location.

How do their assessments line up with yours? Maybe your four-bedroom house with a one-car garage has been assessed at $250,000. Your neighbor also owns a four-bedroom home, but this house has a two-car garage, a nice little shed, and even a swimming pool — and yet it’s valued at $235,000. Make a case, as you likely have one.

Unique conditions

Do you live in a home that’s in deteriorating condition? In a neighborhood that’s undesirable due to strange smells, poor air quality or heavy street traffic? These are the types of factors that could lower your property’s value.

Improvements

Prior to construction, you may have had discussions about how much that new pool or deck was going to cost you in terms of property tax. After all, you needed to know what to expect, and just how much higher the bills were going to be.

But here’s the thing: Maybe those structural improvements never came to fruition or are not yet completed, and yet your bill reflects these assessments as if you’ve been enjoying them. Speak up and save!

Exemptions

Are you taking advantage of special exemptions? Some states offer tax reductions for veterans, the disabled, and senior citizens. Some also provide reductions for historic buildings and special energy-efficient systems. Ask about these — and other incentives for tax reductions — that you may be eligible for. It’s worth a shot.

The Most Expensive Streets in America By Joe Szabo, Scottsdale Real Estate Team

April 6, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team

No helicopters, no mega yachts. At first glance, Indian Creek is just a small private island in Biscayne Bay. But South Florida real estate agent Cory Waldman begs to differ.

“It’s a city within a city,” the Coldwell Banker associate said. “They have their own police force. The lot sizes are enormous. It’s top-notch.”

Across the country, luxury real estate agent Kofi Natei Nartey has a similar reaction — but not about Indian Creek.

“Beverly Park is the most exclusive gated community in Los Angeles,” The Agency‘s Sports & Entertainment Division director said. “With guard-gated access only, it attracts some of the highest net worth individuals and celebrities in the world.”

They’re not exaggerating. New data shows Indian Creek Island Road and Beverly Park Circle are the most expensive streets to live on in the U.S.

Indian Creek, known locally as Billionaire Bunker, is home to four of the richest people in America, the Miami Herald reports. Beverly Park Circle is home to Denzel Washington and Eddie Murphy, among other big names.

So what does it cost to live there? Based on Zillow’s analysis of streets with at least 10 homes, here’s a look at the median home value for the top 15:

Rank	Street	State	Median Home Value
1.	Indian Creek Island Rd	FL	$21.48 million
2.	Beverly Park Cir	CA	$16.238 million
3.	Beverly Park Ter	CA	$15.813 million
4.	Lazy Lane Blvd	TX	$15.42 million
5.	Conyers Farm Dr	CT	$13.033 million
6.	Strawberry Park Ct	CO	$12.421 million
7.	Field Point Cir	CT	$12.113 million
8.	Coopers Neck Ln	NY	$11.872 million
9.	Nimes Rd	CA	$11.445 million
10.	Arvida Pkwy	FL	$11.209 million
11.	Cameldale Way	AZ	$10.834 million
12.	Nelsons Walk	FL	$10.496 million
13.	Broad Beach Rd	CA	$10.272 million
14.	Tahiti Beach Island Rd	FL	$10.267 million
15.	Copa De Oro Rd	CA	$10.264 million

Names vs. numbers

Interestingly, all of the priciest streets are names, rather than numbers. In “Zillow Talk: The New Rules of Real Estate,” co-authors Spencer Rascoff and Stan Humphries explore what’s in a street name. By digging into the data, they’ve found a named-street premium exists across the country.

Among the 20 largest metro areas, “we only found three places in the entire nation where named streets don’t have the advantage,” they write. “In Atlanta and New York, named and numbered streets come out roughly equal. Denver is the solitary example of a place where numbered streets are more valuable — probably because homes in its premier neighborhood of Country Club are located on numbered streets.”

What gives named streets a higher price tag? Rascoff and Humphries say in general, the most valuable street names describe something about a home’s location. Indian Creek Island Road is a great example because “island” indicates the homes are near water, and therefore probably worth more than non-waterfront homes in the area.

Suffixes matter

It’s easy to gloss over the letters tacked on at the end of a street name. But as shown above, living on Beverly Park Terrace versus Beverly Park Circle could cost you hundreds of thousands of dollars.

In their analysis, Rascoff and Humphries discovered the most common suffixes — street, boulevard and avenue — tend to be the least valuable. Way and place, meanwhile, make up only 4 percent of street name suffixes nationwide, and their homes’ are typically worth more.

These findings shed light on the myriad factors at play in local real estate markets. Of course, at the end of the day, lot comes down to perception.

“There’s nothing else like [Indian Creek] in South Florida,” Waldman said. “It’s the most prestigious address.”

Archives for April 2015

Paint

Hardware

Storage

Lighting

Shower, sink and tub faucets

Mirror and medicine cabinet

Towel warmer

The final touches

Sky’s the limit

Reality check

When dreams meet reality

Affordability

Neighborhood type

School district

What’s next door — or could be

Holdability

1. The purchase offer must match loan documents

2. The lender must approve home inspections you request

3. The lender must be able to perform on your closing timeline

4. The lender must be able to perform on your due diligence timeline

5. The lender must approve credits you ask for

Mudroom

Laundry room

Basic errors

Comps

Unique conditions

Improvements

Exemptions

Rank

Street

State

Median Home Value

Names vs. numbers

Suffixes matter