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November 9, 2020

Yes, Neighbors Can Affect Property Values

In a city as dense as San Francisco, it’s important for buyers and sellers to consider the “neighbor factor.”

My clients visited an open house recently that I recommended they see, with a heads up that the property next door was a bit of an issue. The single-family home they saw was well appointed, renovated, and on a lovely block. They loved the floor plan and overall space. The garden was cute and private. They basically liked everything about it—except for the hoarder house next door whose yard looked like the dump. They decided to pass.

I remember previewing a property in the Mission a few years ago and seeing an ATM machine strewn on the ground in the yard next door—among other things. And there was also the time I checked out a property in Noe Valley adjacent to a large apartment building—and was treated to the vision of a naked man wandering around inside his unit. Another time, I was previewing a condo in the Lake neighborhood where the next-door owners had several bee hives. It turned out that one of my clients was allergic to bee stings, so that condo was not going to be an option.

Be cognizant of the surrounding properties when you’re either selling a home or buying one. They may affect the price you’ll get for your home—or what you’ll pay for one.

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