Separated by only 18 Mile Creek, property values on similar properties are miles apart. Property values in Lakeview are increasing while the Derby market is under much duress. This post compares the highest property sale in the last seven+ months in the Derby Ryan Homes area to a random property in Lakeview.
Given that these two properties are near each other, the two main factors that affect property value are taxes and schools. Business First ranks Frontier at #15 and Lake Shore (Evans – Brant) at #66.
The biggest factor is taxes. According to Erie County OPRS, on a $150,000 property, the Derby home owner pays $3,990.24 in taxes while the Lakeview home owner pays $ $3,319.01. $671.23 may not sound like much, but that’s $56 a month that could be spent on other items.
Click Here To Read the entire Erie County Real Property Tax Comparison.
As the Derby housing market adjusts to two years of significant increases in town taxes, the value of property in Lakeview will continue to increase while 50% of Derby property values will decrease (based on recent property sales).
To the right are recent property sales for the Ryan Homes areas in Derby. Click on the image to view the full size image. Arms Length Sales range from a low of $76,300 to a high of $158,000.
With town tax increases of 2% to 7% per year possible, (per town accountant estimates) the gap between the two communities will only get wider.
On top of yearly town tax increases, many Evans residents will suffer depreciating property values. (And this post does not even look at water bills!)
Below is the information on the two properties pictured above.
7117 Brandywine – Derby / 4 beds 2 baths 1,600 sqft
SOLD: $158,000 / Sold on 11/11/16 / Zestimate®: $159,751
1587 Sundance Trail – Lakeview / 3 beds 2 baths 1,565 sqft
FOR SALE BY OWNER: $179,900 / Zestimate®: $185,214