There’s plenty of things to consider when shopping for a home. From the proximity to schools, the size of the property, the potential resale value—the list goes on and on. But I encourage buyers (especially those purchasing luxury real estate in Chicago) to consider a few of the most overlooked aspects of buying a home, including:
- The condition of the next door neighbor’s home
- The housing stock on the whole block
- The landscaping of the street the home is on
This third point is driven home by a recent article in the Wall Street Journal. The article reports that something as simple as a tree on the same block as your house can up the value of the home and even affect the amount of time it spends on the market. This means buyers should take a closer look at the maturity of the trees on a particular block.
The WSJ reported that an analysis of real estate transactions found that homes with street trees—those planted between the sidewalk and the street—sold for more than $7,000 more on average when compared to those without street trees.
In addition, those homes with street trees sold 1.7 days more quickly than homes without. Even homeowners who live within 100 feet of street trees saw a bit of a price jump thanks to their botanical proximity. For an entire area, the study cited street trees as giving nearly a $20,000 boost to neighborhood home sales.
The Role of Trees in Chicago Real Estate
A tree-lined street isn’t just coveted for its aesthetics. Especially in the city, trees are at a premium among urban spaces. There’s also the perceived health benefit of cleaner air from a tree-dense street. And other research showed that tree-heavy communities are related to lower energy use and decreased crime.
One of my favorite things about Chicago is that, while it has its fair share of bustling, urban areas, the city is no stranger to trees. You’ll find a number of desirable blocks with lush, leafy trees in Lincoln Park, the Gold Coast and Lakeview, among many others.
If you’re looking for a neighborhood full of gorgeous foliage, give me a call. I’d be happy to take you on a tour of these urban-meets-residential neighborhoods. Contact me at (312) 498-5080 or email me at firstname.lastname@example.org