Location
Location, location, location are the three most important features of a property. The location is defined by macro forces caused by geographic, economic, or political reasons. The location is also defined by micro forces specific to the property. These could be due to proximity issues, terrain, obsolescence, insurance claims, or just plain curb appeal.
Neighborhood
The appeal and uniformity of a neighborhood is an important part of defining the quality of the location. An average sized home on an average sized lot will command an average price for each neighborhood. The Cherry Chase neighborhood is very uniform with homes averaging in the $750K range for the smaller homes and closer to $1 million for the larger homes.
School Districts
Cherry Chase Elementary School is regarded as one of the best in Sunnyvale. Homestead High is also considered one of the best high schools in the area. This can increase the price 10 percent over the neighboring areas that do not have top schools. That is why only comparable properties within the Cherry Chase area should be considered when pricing this home.
Geography
Geographic issues can both help and hurt a property. In this case, South Knickerbocker is a flat area without slopes or slides and within easy commute times to most major job centers in the area.
Riparian Right of Way
Proximity to a creek or seasonal stream can have a very desirable affect on most properties, however beware that a riparian right of way exists from the waters edge where development of any kind is often restricted. The width of the right of way is determined by the state, federal, or municipal governing agencies and can extend a no-build zone into a property. Knickerbocker is outside of the riparian right of way for the creek that runs along highway 85 so this has no affect in this property.
Zoning
The Building Department and Planning Department that governs an area may have uncommon restrictions on a property, and often on specific properties within a uniform region. There may also be covenants and restrictions that are in place that may date back decades or even centuries. The zoning for this property is R0, which is good for single family housing.
Highest and Best Use
A three bedroom, one bath home in a neighborhood filled with similar sized homes. An addition or remodel within the limits of the floor area ratio can increase the value of the home to match the highest and best use of the land.
Traffic
A home located on a busy street is often valued at ten to twenty percent less than the properties immediately surrounding it. Homes on corners, intersections, and T streets often suffer the same valuation. The house at 823 S Knickerbocker is on a side street and away from the end of a T intersection at Lynn Avenue, so traffic is not much of an issue at this location.
Lot Shape and Size
A home on a larger lot in a neighborhood can see a ten or fifteen percent increase in value due to the desirability of the lot. The shape of the lot is best to be rectangular instead of square, pie shaped, or an L shape. That is due to the ability to use all of the land for the home and surrounding patios and yards. Square lots tend to have very small backyards. Pie shaped lots tend to have very narrow front yards but spacious backyards, which is good for families but bad for curb appeal. L shaped lots often have a section of yard that is not usable or even visible. The house at 823 S Knickerbocker is on a very nice rectangular lot.
Neighboring Properties
The affect that neighboring properties can have on a particular property depends on the nature of the adjoining properties. For instance, a disheveled house can often have little effect on a property because that is curable. If the adjoining property is a school or municipal building, the value is often affected downward by ten to fifteen percent due to the noise and traffic. In this case, the neighboring properties are in very good shape.
House Size
If the size of a home is below the average size for the neighborhood, the value of the property is often directly proportional to the size. If the size of the home is much larger than the average in the neighborhood, then the value often caps out at a value of only ten percent more than the surrounding homes. That is an example of a home being overbuilt for the neighborhood. In this case, the home at 823 S Knickerbocker is similar in size to the typical property in the neighborhood.
Condition of Property
The condition of the home and the presentation can be the most debilitating obstacle to achieving an optimum sales price for a home. The condition of the house at 823 S Knickerbocker has been upgraded recently by the seller hiring a competent contractor and obtaining permits to improve the condition of the home. The home is in very good shape with newly refinished hardwood floors and a new bathroom. The exterior was painted, the roof overhangs were improved, and the interior was cleaned and painted to give a very good showing.
