By now, you’ve likely heard the phrase “location, location, location,” a million times. There’s a reason that phrase exists. The location of any property is key to determining the value of a home. Example number one: a 1,500 square foot home with 3 bedrooms in Staten Island and a 4,000 square foot new construction home with 5 bedrooms in Alabama might both be valued at about $585,000. This is because property values in New York City are some of the highest in the nation simply because you are located in New York City.
The same goes for homes that are located in other desirable areas, such as in walking distance from a beach. According to the National Association of Realtors, property located within 1 mile of a Walmart may result in a 1-2% increase in a home’s value and property located within 2.5 miles of a professional sports stadium can increase it over $2,000. They also found that a home located near a park or a golf course can increase the value of the property up to 20 percent.
That being said, the New York Metropolitan Area sees some of the highest property values in the country. The New York Metro is also home to some of the highest property taxes in the area, with Westchester and Rockland Counties ranking first and second in the entire United States. Bergen and Essex Counties in New Jersey, also in the NY Metropolitan Area, are third and fourth on the list, with Nassau County following at number five.
Of course, each neighborhood has its own perks, which your realtor will discuss when you are looking to sell your home or purchase a new one. If you think a home is way overpriced, just think again about where you are looking.
If you require experienced legal representation for any of your residential and commercial real estate, bankruptcy, or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.