Would a home located on Castle Street sell for more than a similar home on Cabin Lane? This article from Leigh Kamping-Carder of The Wall Street Journal looks at home prices on architecturally-named streets, to see if the street names have any effect on the selling prices of the homes.
Looking for a real-estate steal? Try shopping on Mansion Drive. Despite its highfalutin name, homes there are a relative bargain.
Spread Sheet looked at home prices on streets with architectural names – bungalow, cabin, castle, cottage, mansion and villa – to see if the street name correlated with the home price.
Homes on Mansion Street (and equivalents, such as Mansion Road, Avenue, Court and Boulevard) were the least expensive, with a median asking price of $110.70 per square foot, according to real-estate website Zillow, which examined listings as of Dec. 1. Homes on Bungalow Street had the highest prices, at $205.08 per square foot.
Cabin Street homes were the largest, with a median size of 1,990 square feet, while Villa Street homes measured a relatively miniscule 1,339 square feet. Cottage Street home listings were the most numerous, at 353.
The most expensive home for sale on a Mansion-named street was a two-bedroom on Mansion Court in Menlo Park, Calif., listed for $1.995 million. “Everyone feels that when you say you have a condo at Mansion Court, that it’s very prestigious,” says listing agent Lyn Jason Cobb.
From a marketing perspective, a mansion moniker could improve the perception of a road with less-expensive homes, while luxury buyers might prefer something less ostentatious, says Miro Copic, a marketing professor at San Diego State University.
“If Mansion Street is really lower-end homes, it helps elevate the perception of that area, but not among the high-end consumers,” he says. “They tend to want to be a little more subtle and a little more low-key.”
