If you ask Shakespeare’s Juliet she would tell you that there’s not that much to a name and that in fact, ‘That which we call a rose By any other name would smell as sweet.”
But if instead we were speaking about a street name it appears that the ‘right’ or ‘wrong’ name could add or subtract dollars from the value of your house.
In a study that was conducted by Spencer Rascoff and Stan Humphries of Zillow, the two men found the following to be true. Remember though that in this study, as in any study, glaring exceptions to the findings will exist…
- Names of streets are better than numbers. This may generally be true in Anytown, USA but, in Manhattan, would a homeowner prefer to be reselling an apartment located on the corner of 5th Avenue and 75th Street or one that’s located on the Bowery. This example is one of those glaring exceptions that was mentioned above!
- Lanes tend to provide a better value proposition than Streets.
- The final finding is that unusual street names like Aspen Drive will provide more of a value kicker than common names like Main Street.
Are you curious how your street stacks up both nationally and within your own state and county?
Click on this link for the article at the New York Times where you can plug in the name and learn the results.
As an example of the output this is how my street, Orchard Drive, stacked up nationally…
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Michael Haltman, President of Hallmark Abstract Service, New York.
HAS is a provider of title insurance in New York State for residential and commercial real estate transactions.
And, for anyone either buying a property or refinancing, remember that although your attorney will likely recommend a title insurance provider you always have the right to choose your own title company (click here to learn more)!
If you have any questions you can reach Michael by email at mhaltman@hallmarkabstractllc.com.
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