What’s A Big Yard in the City Worth?
How much would you be willing to pay for more yard space–an extra $350,000? Where Capitol Hill and the Arboretum meet in Seattle, two listings next door to one another may help answer that question. The 4 bedroom, 2 bath homes are mostly similar, but for lot size: one boasts a 10,000 sq. ft. lot compared to the 4,000 sq. ft. lot of its neighbor.
Beyond lot size, other differences include a detached garage and more square footage for one. (Based on the listing images though, I’m having a difficult time seeing how one can be so much bigger than the other–basement sq. footage maybe?) Still though, the basics most families are concerned with, the number of bedrooms and bathrooms, match. Otherwise, both homes are recent renovations with high-end upgrades and expansive mountain views. Most folks would be proud to live in either place.
2501 E Ward St is priced at $999,990, down from the original listing of $1,099,990. Its neighbor, 2509 E Ward St, is priced at $649,000, down from the original listing of $719,000. I can’t help but wonder if that extra lot (the listing info calls it 2.5 lots) is worth the money. True, you may be able to subdivide the lot in the future for some extra income; but for day-to-day living is a big yard worth an extra $350,000 to the typical home buyer?
For me, the answer is not so much. I’d take the cheaper home. If I had the budget for the more expensive home, I’d be looking on the other side of 24th Ave.—on Capitol Hill proper. Still though, gotta love those views.
