K E V I N + J O N A T H A N I N T H E M E D I A
From time to time we get asked to chime in the Sunday San Francisco Chronicle’s real estate Ask-a-Realtor column “Sound Off.” This week’s question asked about how much value parking and proximity to public transit adds to homes.
Appearing in the San Francisco Chronicle’s “Sound Off” real estate column as published on Jan 21, 2018, see the online version here.
Question: How Important Is Parking, Access to Public Transportation?
A: For a city that supposedly favors mass transit, San Francisco buyer behavior still shows that having parking impacts a property’s value equally for condominiums and single-family houses. In 2017, condominiums with parking sold for about $350,000 more than those without (an average of $1.3 million vs. $900,000), while houses with parking sold for $400,000 more than those without ($1.78 million vs. $1.38 million) per MLS data.
But for folks who are willing to lead a car-less life proximity to mass transit will impact property values significantly. These buyers are looking for an “urban” experience that relies on mass transit, Uber or foot power to get to work, entertainment and food — throw in an area close to a farmer’s market and you’re golden.
And while you’d expect younger, entry-level, Millennial buyers to value proximity as an amenity (as we see among our own buyer pool), we also see the same willingness to spend more for proximity from Baby Boomer buyers who sell their empty nests to flock to the city.