New community park in rural setting - good or bad for home prices

Investor · Roseburg, OR · Member since 2016 · 48 posts · 11 votes

Hello all,

I'm looking at purchasing a house in rural area (outside of Oregon City - near Portland Oregon) that currently has a great view of a large open community park across the street. The park is currently just big open field that is available to the public. The community is planning to develop this area into a community park with baseball diamonds, a soccer field, play area, etc.

My question is, is this park project going to be good or bad for home prices in an area that is now a very quite, rural area with little people and traffic? This house if for my family so not an investment. I'm also not sure if I want to live directly across the street from a park that will draw in large numbers of people an traffic.

Thanks!

Dustin

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Chris Parrish

Flipper/Rehabber · Bend, OR · Member since 2016 · 209 posts · 87 votes

10y

Hey @Dustin Mellor, great question. I think the answer your looking for depends on the buyer of the property. For example, I would be stoked to purchase a home directly across the street from a nice community park. Mostly because we have to boys who would love to play at the park. It would be incredible to walk across the street to a new park. Even if it attracted lots of traffic, usually they attract people with families, and other community members. But I am sure it would definitely be a turn off to some buyers.

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Rob WittPro Member
Indianola, IA · Member since 2016 · 126 posts · 36 votes
10y
I would say it's a Pro's/Con's perspective. not a lot to do in a field but I think a playground ads value. I may bring in a lot of people, however if the major feature is a baseball diamond I would think that's more on the weekend traffic. If I was you see what happens and use it as another investment property sence you have probably lived there for a few years (I'm guessing).
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Chris Parrish
Flipper/Rehabber · Bend, OR · Member since 2016 · 209 posts · 87 votes
10y
Hey @Dustin Mellor, great question. I think the answer your looking for depends on the buyer of the property. For example, I would be stoked to purchase a home directly across the street from a nice community park. Mostly because we have to boys who would love to play at the park. It would be incredible to walk across the street to a new park. Even if it attracted lots of traffic, usually they attract people with families, and other community members. But I am sure it would definitely be a turn off to some buyers.
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Mike NussPro Member
Real Estate Entrepreneur · Portland, OR · Member since 2014 · 451 posts · 328 votes
10y
@Dustin Mellor the actual city context matters as well. For example, Canby or Molalla, versus Mulino. Is this park a larger part of a community redevelopment project (ie Canby) that will be a piece of overall demand surge in the area. Or is this just a rural field trying to give a few amenities to a rural community.
The context of location will have an affect on if it actually increases demand or not. If this is an overall demand increaser, you should see value come with it. If this is just an outlying project that doesn't create a quantifiable amount of demand, there may not be a value increase.
I side with @Chris Parrish, living across from a park is a desirable amenity for families who would use it. The new park in Cully is a great example of that potential value add (although it's tough to tell if the park increased demand as demand increased anyway because of it's location in Portland).
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Dustin Mellor
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Investor · Roseburg, OR · Member since 2016 · 48 posts · 11 votes
10y
Thank you @Mike Nuss and @Chris Parrish. The park is in Beaver Creek and it a pretty large scale development. I'm not certain what the plans are for development of the community, but I would say this will probably drive up prices and spur more development based on the size of the park. My wife and I are about to have our first child so it may be nice to have this nearby.
Thanks for the advice,
Dustin
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Chris Parrish
Flipper/Rehabber · Bend, OR · Member since 2016 · 209 posts · 87 votes
10y
@Dustin Mellor, congratulations to the new addition to the family! I can almost ensure that by the time your child is a year or two old, you will love being near a park. Best of luck with whatever you decide. Have you guys put an offer in on the place yet? Or are you just looking into it?
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Dustin Mellor
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Investor · Roseburg, OR · Member since 2016 · 48 posts · 11 votes
10y
@Chris Parrish we are seeing it tonight so no offer yet.
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JD MartinBusiness Member
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
10y
Originally posted by @Dustin Mellor:

Thank you @Mike Nuss and @Chris Parrish. The park is in Beaver Creek and it a pretty large scale development. I'm not certain what the plans are for development of the community, but I would say this will probably drive up prices and spur more development based on the size of the park. My wife and I are about to have our first child so it may be nice to have this nearby.
Thanks for the advice,
Dustin
Based on that, if the land/house is cheap enough, it sounds like it could be your home AND an investment. Why not go down to the local planning office or local government and see if you can look at a concept plan or architectural drawings of what is planned? That will give you a better idea on who you can expect and how much traffic it might draw.
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Chris Parrish
Flipper/Rehabber · Bend, OR · Member since 2016 · 209 posts · 87 votes
10y
@Dustin Mellor, best of luck! I hope you guys love the house.
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