There are a lot of obvious things that will affect the value of a condo. Things like: the number of bedrooms, neighborhood, condition, etc. These are all obvious factors that all buyers will consider. There are some factors you may not have considered that can have an impact on the sale price of your condo.

1. How close you are to public transportation- There has been a steady and fairly large drop in the number of people under the age of 40 who have a driver’s license. When looking for housing they want to be close enough to public transportation to walk or bike to it in less than 15 minutes.  

2. The distance to the nearest trendy grocery store- Tied in with the lack of driver’s licenses is the fact that many younger buyers want to be able to walk to a grocery store. Not just any grocery store however, they want to be close to Trader Joes or Whole Foods. A Zillow study found homes near a new Trader Joes went up in value 10% more than other similar homes.

3. Pet policy- You may think, I own the condo so I can have a dog or cat if I want. Not so fast. Many building has instituted pet policies. A few ban all pets, some limit you to 1 pet and the new trend is to limit the size or breads of a dog. We have seen size limits as low as 15 lbs. Over 50% of U.S. households have a pet. A strict building pet policy can eliminate half of potential buyers.

4. Renter’s policy- Too many renters can make it hard for buyers to get a loan and many buyers will see it as a sign of problems with the building. Too strict rules against renters will scare away some young buyers. Millennials are willing to move and are often transferred to different cities. They do not want to be forced to sell their condo because they are not allowed to rent it. We have seen interested buyers walk away from a condo when they found out they would not be able to rent it if they needed to.

5. Cable company- Condo buildings get their cable from one company and which company is decided by the condo board. You may not care but we have done very few showings to buyers under the age of 40 where they did not ask whether the building has Comcast or RCN. As a side note most are hoping to hear Comcast

Even having a person's name in huge letters on the outside of your building can have an impact on condo values.  

                                         

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Douglas Boehm is a licensed Illinois real estate broker in the Chicago office of City Point Realty.
Douglas Boehm's profile on Zillow.
mailto:doug@citypointrealty.com 

 


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