Street Names

What’s in a name?  Ever wonder if the homes on “avenues” are typically more expensive than the homes on “streets”? Using the database of homes for sale on Trulia their analysts analyzed the median price per square foot for different types of address suffixes. In this analysis, the questions were run against the names of recently sold homes. Here’s what they found:
Top 3 Priciest Address Suffixes

1. ”Boulevard” owners can head straight to the bank.

2. “Place” residents are more likely to turn a profit.

3. “Road” homeowners are living richer.

As it turns out, homes on a street whose suffix was “boulevard” are the most expensive coming in at ($117 per square foot) while the cheapest are those with the name “street” ($86 per square foot) – that’s a 36% price difference! Although saying you live on “Whatchamacallit Road” may not sound that fancy, at $109 per square foot, homes located there are actually the third most expensive of any suffix type. In fact, the median home on a “road” is respectively 8% and 9% more expensive than those located on seemingly more upscale-sounding “court” and “circle.”

Why is “boulevard” the most expensive address suffix? Well, while the word does have a sophisticated French origin, it actually might have more to do with the mix of the homes located there. Approximately, 37% of homes on “boulevards” are in multi-unit buildings, such as apartments and condos. In contrast, these types of homes make up no more than 16% of homes on every other address suffix. A greater concentration of multi-unit buildings could drive up costs, as they are often located in denser, urban areas where space is at a premium.

“Boulevard” may be the most expensive suffix but with only a 2% share of total listings, it’s certainly not the most prevalent one. In contrast, 22% of listings are located on a “drive.” That’s even more popular than “street” (19%), “road” (16%), and “avenue” (15%).

The snowbirds are returning, and this time they are bringing furniture.  That’s the good news.  Moving vans—remember them?—are moving through our neighborhoods as we speak and bringing year ‘rounders back into town.  I am pleased to see new restaurants opening, advertising in the newspapers picking up and the phone at the real estate office is ringing.

Dane Hahn is a real estate professional practicing in Englewood and Sarasota.  You can reach him at dane.hahn@gmail.com or by phone at 941-681-0312.  Or see him on the web at www.danesellsflorida.com.