Is it ok to own a Condo next to an upcoming elementary school. The school district is great one and new elementary school is proposed for taking care of overcrowding at elementary school level. School parking will be across the road from the condo community.
School construction is yet to begin and actual operation is 1-2 years away. How will the proximity impact the price in future - negatively or positively?
Well, depending on how close the school is it could be more noisy for you at your condo and of course there will be more traffic from parents dropping off and picking up their kids.
The condo itself is inside the community, and not on the side street facing the school so noise is not an issue. Just wondering whether it will impact the condo prices in the community adversely or not.
In worse case if we rent it later does proximity to elementary school favors higher rent?
Since this condo, it is fine. If it is SFH, owners may not like other parents parking the car at side and blocking their driveway.
On any case, after 5 to 10 years, With growing urbanized community, future residents like to have home near by schools.
Is condo new development too or old? Might want to check to see how reserves are. Hate to get a rude awakening when some major fix is needed to the building…
I saw a listing for a 8-plex in Stockton across the street from an elementary school. Agent wrote it has very low vacancy rate because it’s close to school. I think there is truth in that. Parents dropping off and picking up kids is a major time sink. If it’s literally across the street it’s a major selling point. Plus studies have shown kids walking to school tend to perform better.
Thought is already happening. Singles and MNKs prefer SF and downtowns of suburbs. Family with K-12 prefers near schools especially elementary.
Thank you folks. Appreciate your inputs and suggestions.
Condo community has strong reserves. Its old >25 Years.
My take is that the quality of elementary, middle, and high school will affect the condo price and rent.
Typical proximity to elementary school (whether 5 min walk vs 10 min walk vs driving) really does not matter. Most elementary schools are quite small that furthest walk should be < 15 minutes.
In other words, folks will pay more for better school. But they won’t pay more so they can walk 5 or 10 minutes less to school.
However, housing right next to school is a negative to me, both for traffic and noise.
We didn’t talk about it, but is the monthly HOA decent and only covers expenses/amenities that you feel are warranted?
Condo next to school seems a personal call to me. I’d assume some discount for the noise and traffic for sure.
Urbanization has it limits. My guess is 20 years from now, as uber/lift and driverless cars become more of a reality, the hills will regain the glory they had in the 90s. The hills haven’t seen nearly the appreciation of the flats. Walkability is nice but so is a view and some privacy. The pendulum could swing back.
I doubt it.
Monthly HOA is actually pretty high. in 400s. But thats a norm for the city.
Ok, and are you cool with what it goes toward (say, water or anything else you actually use)? I just have a problem with paying for something that I NEVER or hardly use, say a community hall room.
I have to be cool. No other choice unless i decide to change the city. But it does include a lot of things including common facilities such as pool and nice fitness center. I can save $75 dollars just on that.
I believe it. Fashion trend comes and goes.
That’s obeying the No,1, 2, and 3 rules in real estate: Location, location, location.