Big Park Means Higher Real Estate Values

A big park is great for summer picnics, playing in a fountain or lounging near a glistening lake, but it’s also a plus for nearby homeowners. Statistics show that real estate values are higher near parks, green belts and open spaces.

The National Association of Homebuyers’ price estimator shows that close proximity to parks and recreation facilities can increase home values by 6 percent to 11 percent. Homes near parks also maintain higher property values because zoning normally protects those areas from unwanted construction near the parks.

A home within walking distance to a park is especially desirable, and having an especially large park like the one in Fountain Valley is no exception.

Fountain Valley’s Mile Square Regional Park is even more special than most because of its size and recreation opportunities provided. The park has three regulation golf courses, three soccer fields, three baseball and softball diamonds, an archery range, a nature area, two fishing lakes, concession-operated bike and paddle boat operations, roads for biking, picnic areas, scores of shade trees, a gazebo and a kids’ water fountain.

Parks are one of a number of factors why Fountain Valley’s median sales price stands at $569,000 according to eVantage Real Estate, compared to $420,240 for all of Orange County, according to DepartmentofNumbers.com. Close proximity to the beach and major freeways also make Fountain Valley homes more valuable.

Looking at homes for sale last weekend, it appears that homes within a two-mile radius of Mile Square Regional Park do benefit from higher price tags. They include a four-bedroom home with two baths at 16666 Bushard St.

It is less than a mile from the park and the asking price as listed on Redfin.com  is $599,000. A home with five bedrooms and 2.75 baths at 9588 Gardenia Ave. lists on Redfin at the same price. The Gardenia Avenue residence is also within a mile of Mile Square Park.

A third home, with four bedrooms and two baths, is up for sale at 16061 Redwood St. for $612,000 according to Movato.com. It is located just south of Edinger Avenue and within a mile of the park.

A home located south of the park at 17674 San Diego Circle has four bedrooms, and 2 1/2 baths and has an asking price of $699,985, according to Movato.com. It is within a mile of the southern edge of Mile Square Park.

A survey conducted by the National Association of Realtors found that 64 percent of prospective homebuyers rated finding a home near a park or playground as a very or somewhat important feature, and 19 percent of buyers considered paying more for a home near a park or playground.

So for sellers, having a home near a park can mean greater demand and potentially higher equity. For buyers, it can be an important investment in the future.

Whatever the case, parks are a plus for the real estate market. And Fountain Valley has the advantage of a huge park full of recreational opportunities.

Not only that, but it’s a fun and refreshing place to be in the summertime.