I get a lot of questions about school districts and property values. Most of the time there is nothing to worry about unless your neighborhood goes from having average/above average schools to getting ones that are worse. A lateral move doesn’t really matter. The best situation is when you have poorer performing schools and get better ones….which is the topic of today’s blog post.
Here are the top 3 winners in my opinion. The biggest changes in the district boundaries were in the Hamburg/40509 area, so these are all out that way:
3. The Home Place/Gleneagles. The cat got out of the bag early on this one. The school district bought land in this area and everybody knew that these 2 neighborhoods would go to the new school. Suddenly it became a more desirable place to buy and prices went up.
2. Greenbrier. Several years ago I would get the same feedback from my buyers after showing houses in this neighborhood. They would say “I love the neighborhood and all the space out here, but I don’t have $100k to renovate this house AND pay for private school.” So, they wouldn’t buy it. Now that “The Brier” is getting the new elementary and new high school, houses are selling and being renovated.
1. Chilesburg. Use to be only the first phase of that neighborhood went to Athens-Chilesburg Elementary (A.C.E.). It never really made any sense since the school was right in the middle of the neighborhood. The neighborhood got the school and prices have really gone up. Use to be if you were in the mid $200k range and wanted that school, Andover Hills was your only option. There use to be a big gap between similar sized houses in these two neighborhoods. Not any more. Chilesburg can pull the same money per sqaure foot as Andover Hills can now. A 2500 square foot 4 bedroom house in Chilesburg use to be about $190-225k several years ago. Practically the same floor plan in Andover Hills was getting $225-245k. Now both are in the $245-255k range.