Gatehouse District, Detail Trends & Analysis, 2012 – June, 2017
Massbury Street, Clagett Crossing Place, Parts of Kent Oaks Way, Beckwith Street, Parts of Tschiffely Square Road, Lake Street, Thrift Street, Holmard Street
❖Gatehouse properties are highly valued in the Kentlands community, growing at a healthy rate for both townhouse and detached homes.
❖Tax assessed value in Gatehouse has risen at a rate lower than other neighborhoods within Kentlands.
Kentlands is a set of districts — neighborhoods — each with some unique characteristics but all knit together to form this distinct community of parks, lakes, retail, arts and new urbanist residential architecture. The Kentlands Real Estate Report is an analysis of the trends in sold properties within these neighborhoods over the period from 2012 through June, 2017.
Gatehouse is the first of Kentlands’ neighborhoods to be established, but it was not finished until the homes on Lake Street were built. Gatehouse is comprised mostly of detached homes, and there are several townhouses as well; of the 59 transactions I analyzed from 2012 through June 2017, 48 were detached homes. Gatehouse is known for its spacious lots, brick sidewalks and proximity to Kentlands’ lakes and walking paths.
It’s not surprising that as prices rise, days on market drops. What is surprising is that Gatehouse detached homes increased in median net sales by 36% between 2012 and June, 2017.
The gap between tax assessed value and net sale means that it took a couple of years before property assessments caught up with market value. The gap has closed significantly, nearer the gap in 2012 and 2013. What does this mean to you?
It means if you list your property, you generally expect to receive a certain market percentage over the tax assessed value when you secure a contract; and if the gap is narrow, or inverted, you net less because you’ve paid the gap in property taxes. You can appeal your assessment if you think it is unfair. But only the market, and your property’s condition, can determine the real value.
The median net sale is the highest in the community. Tax assessed value, however, has risen less than other neighborhoods. That means Gatehouse has managed to keep its property assessments below the rest of the market.
3 Good Things You Can Do To Protect the Value of Your Home
Get Good Advice
❖If you are wondering about the value of your home, or how to increase equity to improve your financial options, or where to get the best unvarnished direction on who to use for home improvement, make sure you invest in the right set of professionals — realtor, attorney, financial advisor, contractor — to clarify your goals and take the next step.
Keep Your Home in Good Operating Condition
❖Clean out the gutters, correct any leaks, check out the roof, get the life span of your HVAC, clean your windows, replace carpet. These things don’t necessarily return dollar-for-dollar on investment, but they make a huge difference when you are getting ready to list.
Get Your Home Looking Good
❖If you are going to remodel, it’s always the kitchen and bath that gain the most attention. Then take a strong look at curb appeal — nice front landscaping, repainted or stained deck, maybe a patio. These are items that tend to make the highest return on investment. Plus, they make for a nicer home!
The Faulkner Team starts with our team leader, Diane Faulkner. “Going the Extra Mile” reflects Diane’s leadership and our team’s entire philosophy —- negotiating price, analyzing market trends, interpreting value….and yes, bringing over artwork, fixing an appliance, letting out the dog —- taking every step and seeing the extra mile ahead to successfully get to settlement.