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Homes on Busy Streets
Buyers who want more house for their money might want to consider a home on the busy street. Busy streets, often the primary objection for most home buyers, can open the home buying doors in great locations and popular neighborhoods at much lower prices than those elsewhere.
Sellers know that their home on the busy street will take longer to sell and thus, will price accordingly. Many buyers pass on previewing homes on busy streets, so there may be fewer showings. But as I have said before, actually seeing and being inside the home is key to considering the busy street home. Buyers should look at all of their options before a purchase.
A few years ago, I had some first-time home buyers from San Francisco. They wanted to live in one of several close-in eastside neighborhoods and preferred a location within walking distance to a village or coffee shop. After a week of showing homes in the best locations and on insulated streets, nothing seemed quite right to them. Then I asked, “Would you consider a home on a busy street?” They were up for it, and I knew of a few. They bought a home in Laurelhurst on East Burnside and they love the house. Size, style, price and location offered them a lot of house for the money.
The same house on an insulated street, at that time, easily could have cost $100,000 more. While I was at the home during the inspection, I noticed that there was very little street noise inside. It lived like a quiet-street home. “This is nice, and what a great price,” I thought. About a year later, I bought a home a block up the street from them as an investment. I too, love the house, the unique style and neighborhood… it would have cost so much more elsewhere. I even enjoy the energy of the location and the fact that it’s centrally located.
When considering the busy street home, the price will be greatly affected by supply, demand and the condition and appearance of the home itself. The price is generally 25 percent less than a comparable home on a quiet street. Sometimes even less. Closeness to the street is a consideration, and if the street is busy constantly, in cycles or certain times of day. In my experience, busy streets that run north and south tend to be more constantly busy than streets that run east and west. Also, if the home has a good driveway, or a driveway on a side street or alley, that is very helpful.
Homes in a hot neighborhood are always going to attract buyers. Buyers willing to compromise for the busy street can reap the benefit of a preferred school, neighborhood architecture, transportation lines and closeness to great stores and restaurants. Everyone considers the condition of the home and curb appeal, but some even enjoy the idea that a lot of people will see their home and its front garden.
Homes on busy streets offer the in-city experience, like a city condo, with all of the benefits of a freestanding home. Many homes in Portland were built on boulevards and main throughways where architecturally significant homes were built as a display of wealth. Homes on these streets can sometimes offer beautiful territorial views of the adjacent homes and their gardens.
Buyers should survey the area extensively to evaluate noise levels at different times of day. Driving and walking the streets give you a realistic feel, and be sure to consider both the negative and positive aspects. Check for interior noise levels and consider sound reducing measures such as storm windows, insulation and the location of the bedrooms. On the outside, a nice garden and an attractive fence or hedge can establish a formal sense of privacy.
For many home buyers from cities larger than Portland, the busy street isn’t such a big deal. For Portlanders, consider these locations to stretch your home-buying dollar, and discover something new. Being able to patronize local grocery stores, restaurants and shops on foot bring to mind quality of life issues many savvy home buyers find significant today. These types of amenities, which add up to what is such a sensation in the Pearl District (at high prices) are a terrific buy in close-in Portland neighborhoods.
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