Will Your Home Value Be Affected With Increased Plane Noise?
The following table summarizes the 9,347 homes in the Redfin database for Point Loma distributing them by concept (i.e. condo/coop, single-family and townhomes) and by location north or south of Narragansett.
As this exhibit demonstrates from an aggregate perspective there is 35 percent premium associated with the detached housing stock south of Narragansett, but those homes are also 28 percent larger than homes north of Narragansett thus yielding a 6 percent differential in price per square foot or value ratio. Generally, we note in real estate analysis smaller homes tend to generate a higher value ratio than larger homes but with the larger homes south of Narragansett generating a higher value ratio some market factor is in play, most likely the negative of homes north of Narragansett being more impacted by the departure flight path or homes south of Narragansett generating a premium for not being as impacted by the flight path.
While the above provides analysis based on being north or south of Narragansett, I generated the data based upon the census tract shown below and thus can get more granular if needed. Furthermore, this preliminary look just looks at aggregate values with no time line thus homes sold back 30 or 40 or more years ago are not currently differentiated from those sold during the height of the market in the mid-2000’s or those sold over the past few years, but that analysis is possible if needed.
Thank you to Russ Valone at www.marketpointe.com for compiling this data.