Neighborhood comparison between two opposites
This week I’m comparing two neighborhoods that are rarely (if ever) compared to draw attention to some of the intangible differences.
Clayton – This area has one of the lowest average prices (2014) in Central Denver and the highest average appreciation rate over the past 5 years.
Country Club – A neighborhood with one of the highest average prices (2014) and lowest average appreciation rate over the past 5 years.
Below is a side by side comparison of these two areas so we can notice the similarities and differences and help understand how much location matters.
Aside from the actual size of the homes (which is a valid factor) the attributes of these areas are surprisingly very similar.
• Country Club had higher average seller concessions
• Country Club took almost twice as long to sell
• Average lot sizes between the two areas are within 500 sq ft of each other
• Average year built is 1 year different
With all these factors, the price per finished sq ft of Country Club was almost double that of Clayton.
I feel the variables that have the biggest impact on price are the ones that can’t be reported in a spreadsheet: walk-ability, character of homes, prestige, etc.
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