Weighing Three Variables
Homes on busy streets typically fetch a discount.
Is there an equivalent discount for homes located across from a school? (which, in a way, is really just a subset of the “busy street” discount).
I’ve never seen data on this, but I’d guess “yes.”
I’d further speculate that the discount varies depending on the following three factors:
One. School size. Bigger = more traffic/congestion = bigger discount.
Two. Upper or lower school. In Minnesota, at least some 16 year olds start to drive, smoke, litter, and generally call more attention to themselves. You’d guess that being next to a teenager-filled high school would be more disruptive than being next to an elementary school — and therefore warrant a bigger discount.
Three. Setback, setting, aesthetic appeal.
The lower campus of the Blake School in Hopkins is straight out of a postcard: set on a picturesque hill several hundred yards removed from the street.
I doubt very much its neighbors mind that view.
By contrast, I can imagine that a graffiti-covered school, at eye level, steps from the street would require more of a discount.
As with anything in real estate, the identity of the Buyer and their subjective preferences matter.
In that vein, there’s at least one scenario where being across from a school would likely command a premium: a big family with lots of school-age kids.
See also, “Explaining High Turnover on a Busy Street“; “Marketing a Home on a Busy Street”; “You Can’t Change a House’s Location (Can You??)”; and “Garage/Driveway Switcheroo.”