Talk Irvine

General => Real Estate => Irvine Real Estate => Topic started by: irvinehomeowner on July 13, 2011, 08:11:33 AM

Title: [IHB] The market value of Irvine home features
Post by: irvinehomeowner on July 13, 2011, 08:11:33 AM
Great data analysis post on the IHB again today:

http://www.irvinehousingblog.com/blog/comments/the-market-value-of-irvine-home-features-by-global-decision-and-ihb/

It measures the premiums based on certain features if added to a home:

(http://www.irvinehousingblog.com/images/uploads/01%202011%2007%20Posts/value_by_property_attribute.png)

Notice which one has the highest percentage value add. That's right... 3-car garages.

Quote from: IHB
A three car garage adds 5.3% to the value of a property, relative to having the baseline 2-car garage.  One can debate the impact of a 3-car garage on the aesthetics of a SFR, but it’s beyond question that the market value of a home is increased with such an attribute.  As an aside, the standard error of that particular measure is just 0.3% -- meaning that it’s very probable that the 5.3% estimate is close to the true incremental value of the 3-car garage.

Too bad TIC doesn't understand that. None of the new homes since the 2010 New Home Collection have had a 3-car garage.
Title: Re: [IHB] The market value of Irvine home features
Post by: davenlei on July 13, 2011, 09:06:04 AM
I love my 3 car garage.  I don't know how I dealt without it before.
Title: Re: [IHB] The market value of Irvine home features
Post by: irvinehomeowner on July 13, 2011, 10:52:09 AM
Even more than the 3 car garage, IHO, it's the 3CW DRIVEWAY .
Considering how much of the new home stock are on motorcourts, next year's Global Decision Hedonistic Data Matrix will have "Driveway" as one of the home feature columns.
Title: Re: [IHB] The market value of Irvine home features
Post by: USCTrojanCPA on July 13, 2011, 10:54:46 AM
Even more than the 3 car garage, IHO, it's the 3CW DRIVEWAY .  Makes for a world of difference when you are washing mommy's new car. ;)

(http://a8.sphotos.ak.fbcdn.net/hphotos-ak-snc6/262082_2244525037703_1385450215_2684373_5611541_n.jpg)


Agreed, a 3-car garage is useless if it doesnt not a have 3-car wide driveway!
Title: Re: [IHB] The market value of Irvine home features
Post by: irvinehomeowner on July 13, 2011, 11:02:24 AM
Agreed, a 3-car garage is useless if it doesnt not a have 3-car wide driveway!
Well... I wouldn't say "useless".

If I had to choose between a 3-car tandem and a 2-car garage... I would take the tandem. You don't get that extra driveway but at least you still have the extra space for storage, workbench, kids bikes, 2nd fridge... or even the KimChi cooler:

(http://images.bestbuy.com/BestBuy_US/images/products/9331/9331467_sb.jpg)

 I have lived in all 3 configurations (2CWG, 3CWG, 3CTG) and as long as there is extra space, it's good (I would even take a 2.5 car garage or an extra long 2-car garage).
Title: Re: [IHB] The market value of Irvine home features
Post by: Soylent Green Is People on July 13, 2011, 11:03:27 AM
Your street looks like my street. 3 cars with NONE of them parked in the garage.  ::) It's not a 3 car garage. It's a triple wide storage area / game room / hoarder cave with angular street level parking.
Title: Re: [IHB] The market value of Irvine home features
Post by: rkp on July 13, 2011, 11:28:09 AM
My in-laws live on a street like that near peters canyon and I hate it.  All you see is garages as the dominant feature of the house.  The front door is basically behind the garage. 

My friends live in Sacramento and they have a 3CWG with driveway but its to the side of the house.  Basically think wider front elevation so you can see the front door and have a nice porch.  Obviously the lots are different and they wont do that in OC as these have to be bigger lots but it looks so much better.

I think the ideal for us is the 2CWG + 1CWG which offers that additional space but doesnt become overbearing.  Couple examples:

http://www.redfin.com/CA/Tustin/1452-Voyager-Dr-92782/home/5957290
http://www.redfin.com/CA/Trabuco-Canyon/16-Prestwick-Ct-92679/home/5020509
Title: Re: [IHB] The market value of Irvine home features
Post by: irvinehomeowner on July 13, 2011, 11:42:03 AM
My in-laws live on a street like that near peters canyon and I hate it.  All you see is garages as the dominant feature of the house.  The front door is basically behind the garage. 

My friends live in Sacramento and they have a 3CWG with driveway but its to the side of the house.  Basically think wider front elevation so you can see the front door and have a nice porch.  Obviously the lots are different and they wont do that in OC as these have to be bigger lots but it looks so much better.

I think the ideal for us is the 2CWG + 1CWG which offers that additional space but doesnt become overbearing.  Couple examples:

http://www.redfin.com/CA/Tustin/1452-Voyager-Dr-92782/home/5957290
http://www.redfin.com/CA/Trabuco-Canyon/16-Prestwick-Ct-92679/home/5020509
I think the 2nd example is still a bit over garage-ious.

I think people who haven't lived in a 3CWG and enjoyed the utility of a 3CWD won't understand that the aesthetic becomes a minor issue. I don't drive down my street admiring the classical structure of the homes because tract homes, even with garages in the back, are not works of art. Tract homes are about utility and livability, if you want artsy features, that's what Floral Park and Pasadena are for.
Title: Re: [IHB] The market value of Irvine home features
Post by: rkp on July 13, 2011, 09:30:42 PM
I think you are partially right IHO.  If you look at the tract homes of the 90s and before, they very extremely uniform and I dont think people drove down the street admiring the beauty of it.  My cousin lives in Westpark and her house cant be any more identical to her neighbors! 

But I think in recent times, people want best of both worlds and want affordability of tract homes but with some character and distinction.  I dont think 3CWG necessarily imply a boring street or un-aesthetic features.  Look at Serrano Heights.  Plenty of houses with 3CG (not necessarily wide with the 2+1 at an angle) and the area looks awesome.   I believe they have 4-5 very different plans with a slew of facades.

http://www.redfin.com/CA/Orange/2588-N-Falconer-Way-92867/home/5853749
http://www.redfin.com/CA/Orange/7383-E-Villanueva-Dr-92867/home/5764458

My in-laws have the 3CWG and I lived there for a year and do appreciate the storage space and the ease of parking in front of the house and walking in.  I think that it can just be executed better so its not so freaking garage-ious.
Title: Re: [IHB] The market value of Irvine home features
Post by: irvinehomeowner on July 14, 2011, 12:09:03 AM
I do agree that there are better executions for 3CWG... like you I don't like it when all you see is the garage doors and the front door is some side entry type one.

The problem is trying to do that with a nice porch execution (double front doors, window from the living room) makes a much wider footprint than builders want to give up... it's why they went 2-car and 2-car+tandem in the first place. And given the smaller footprint of the front to make things more affordable (more for the builder than the buyer), it doesn't leave a lot of room for variety of elevations.

In the end, a 3CWG represents something that is at a premium today... a wider and more spacious lot (and internal floorplan). Maybe builders should concentrate on making homes short and wide instead of long and narrow.
Title: Re: [IHB] The market value of Irvine home features
Post by: SoCal on July 14, 2011, 08:27:48 AM
I'd like to add a factor to the Hedonic Model:

The Christmas Tree Window

(http://www.scottishchristmastrees.co.uk/uploads/Real-7-foot-tree%20through-window.JPG)

This usually goes somewhat hand-in-hand with a "non-garage-dominant" elevation but not necessarily because it is distinctly its own thing.

Every house I've looked at, I ask myself on the check list: "Does it have a Christmas tree window?" This window is important anytime but especially during the holidays to show off your tree. It's what gives it extra curb appeal, imo.

Put another bar on the graph. The CTW is worth an extra 2% to me.  :)
Title: Re: [IHB] The market value of Irvine home features
Post by: NoSoup4U on July 14, 2011, 12:00:59 PM
As long as the CTW is bulletproof.  See Turtle Rock shooting/murder.   ;)
Title: Re: [IHB] The market value of Irvine home features
Post by: irvinehomeowner on July 14, 2011, 12:18:52 PM
CTWs are only good in safe neighborhoods... otherwise they turn into Christmas Thief Windows.