Could love-themed addresses help you sell a listing faster? A study from Sharestates, a crowdfunding platform for real estate investors, examined sales data on streets with names including words such as Hart, Diamond, and Valentine in New York City, upstate New York, and Long Island. They looked at the return on investment, after-repair value, median sales prices, and increase in demand.
Researchers found that homes on Hart Street in Brooklyn had the largest equity return on investment with 48.38 percent. They also had the highest median home value, just shy of $1 million. On Diamond Street, also in Brooklyn, demand has surged 300 percent between 2016 and 2017. The street has a 1.67 percent return on investment, but the highest after-repair value at 67.25 percent of the streets studied. The median home values are $990,700. Valentine Avenue in the Bronx saw a 200 percent increase in demand and an after-repair value of 52.67 percent, according to the study. Flower Road in Massapequa Long Island saw a 300 percent increase in demand and a 29.50 percent return on investment.
Love-themed addresses may be in hot demand in New York, but whether the name is truly what drew buyers to the street is in question. Other studies have tried to link street names to home prices in the past. For example, a study in 2012 by Trulia found that street addresses with the words “Boulevard,” “Place,” and “Road” were found to have higher average asking prices than homes with addresses ending in “Avenue,” “Drive,” or “Street.” Also, a study conducted by realtor.com® in 2015 pitted male street names—like the Jacksons, Grants, and Coopers—against female street names—the Pearls, Elizabeths, and Roses—to see which tended to hold the most value. They found that there are more properties on male-named streets than on female-named streets, but female-named streets tended to have higher property values.
Source: “Do Love-Themed Street Names Equal Real Estate Amore?” Metro (Feb. 14, 2018)