The value of any home is based on the amount the property would sell for if it went to market. Besides factors such as current inventory, square footage, condition, and number of bedroom and bathrooms, here are 10 factors that contribute to adding value to homes in San Pedro.
1. Living near a park – We have some of the best parks of Los Angeles in San Pedro. From the duck pond at Averill, the basketball courts with ocean views at Angeles Gate, and the White Point Nature Preserve on Paseo Del Mar. Living in close proximity to a park adds about 8-20% of value over homes further away.
2. Trees – Mature trees on your block add value, while mature trees on your property add even more. In addition to their beauty, trees provide shade, and a place for wildlife to rest. Our jacaranda trees are heading toward an endangered variety, and while people have a love/hate relationship with them, each tree can add thousands of dollars of value to a property.
3. Outdoor living space – Whether it’s a deck, an outdoor kitchen, a covered patio, or just a big grassy yard –outdoor living is valued, and buyers are willing to pay more to have it. Investments in outside space usually have a 1:1 return when selling.
4. Surf breaks – Being close enough to walk to Royal Palms or other surf breaks in town adds $106,000 in value, according to surfonomics experts at the Monterey Institute of International Study.
5. Accessory dwelling unit (ADU) –Having a second fully-contained unit on the property adds 25 – 34% in value. California recently passed two bills allowing property zoned as single family to add an ADU. Turning a garage into a living structure is now allowed, as well as building a new structure. ADUs can be used as a rental, a guest home, or home office. Check with the city to see what they might allow on any particular lot.
6. Character Homes – San Pedro is full of old Spanish, Tudor, craftsman, and mid-century modern homes. The key to maintaining the highest value is to keep the style cohesive when updating. If you have a mid-century modern home, don’t add a Mediterranean-style kitchen. On the flipside, don’t go super modern in a Spanish or Tudor. Buyers find the charm of character homes highly desirable, but only when the design is consistent.
7. Walkability – The measure of how friendly an area is to walking, including the presence or absence and quality of footpaths, sidewalks, or other pedestrian rights-of-way, traffic and road conditions, and safety, among others. Living close to the Corner Store, Pacific Diner, or a grocery store in town adds value to a property.
8. Schools – Park Western, Point Fer-min, Taper, and White Point all score 8 out of 10 on the great schools scale. Being in the district and being able to walk to one of these schools makes a property more desirable for families with school-age kids.
9. Views – Whether it’s the ocean, the harbor, the mountains, or downtown – San Pedro has some of the most stunning views. Any home with a view is at least 25% more valuable than the same home without a view. We don’t have view restrictions in San Pedro, so an unblockable view is even more valuable.
10. Neighborhood Watch – Point Fermin has an active neighborhood watch, as does South Shores with their cyber watch. Regular meetings, open communication, and neighbors who know each other, all make the area much more desirable to buyers and thus more valuable. Think about starting one if you live in a neighborhood without an active group.