Introduction
We will be conducting an analysis that portrays a home and its features and then attempt to “sell” this home after addressing all of these unique characteristics. The home that we will be attempting to sell resides in the Third Ward neighborhood in Eau Claire, WI. Throughout our analysis we will identify a fair-market value for the home as well as an ideal consumer market for this type of home.
In order to come up with these conclusions, the analysis will cover the following:
- The unique features/characteristics of the home
- Address prices of similar houses in the same area
- Compare the home with other similar homes
- How its location in the third ward affects its value
- Potential for growth and how it affects the value of the home
We will be using a series of various websites and databases to obtain data regarding the home we are “selling” as well as other comes in comparison. These sources include but are not limited to: Zillow, City of Eau Claire Property Search, Business Analyst, and Eau Claires Comprehensive Plan of 2015.
446 Mckinley Ave
- 4 Beds
- 1 Full Bath and 1 Half Bath
- Constructed: 1950
- Lot Size: 0.26 Acres
Basic Features
- Fireplace included in living room
- Flooring: Polished Maple Flooring
- Attached 1 Car Garage
- New Shingles (2009)
The listed home sits in a prime spot within the iconic Third Ward Neighborhood between UWEC campus and downtown. This home features many basic features as well as unique features that set it apart from similar homes in the same area.
Unique Features
- Garden shed next to garage
- Deck sits atop of garage with access
- Siding professionally painted in 2011
- Front door is protected by walk-in porch
- Other Renovations
- Spacious 11,325 sqft. lot
- Furnace
- Updated eat-in kitchen
- Tiled bathroom
This house has many unique features and aspects that really make it a modern home despite being built in 1950. With the additions and renovations done to the home this home is a great setting for a small family looking to be planted in a home for a significant amount of time with easy access to schools K-12.
Demographics
The Third Ward is one of Eau Claires most well respected and documented neighborhoods for a multitude of reasons. First, there is a wide range of statistics that tend to mislead individuals ignorant to local geography. The percentage of rentable households is over 60 percent in the Third Ward compared to the city of Eau Claire which sits at 47 percent. (See Figure 1) One may think that the high rental percentage is due to a lack of opportunity in the area which would be wrong. The University of Wisconsin-Eau Claire proudly sits just west of the Third Ward (the university is partially in the third ward) which explains the neighborhoods high occupant turnaround and low-income resident percentage of 49.2.
Figure 1
Source: findthehome.com
Approximately over one third of the Third Ward has has been given a Bachelor's Degree. (See Figure 2) This is a glaring sign that the neighborhood see’s higher education as a premium. Granted, this statistic only takes into account individuals that are 25 and or older which doesn’t qualify the neighborhood as a whole. Although, as discussed previous, most lower income tenants in the Third Ward are students attempting to get their degree. When compared to the rest of the city of Eau Claire, the Third Ward more than doubles in it’s overall percentage of Bachelor’s Degree recipients.
Figure 2
Source: Findthehome.com
The large scale of incomes, home types, and lifestyles make the Third Ward one of Eau Claire’s most diverse neighborhoods. This diversity, especially in an economic sense, gives way to a variety of different businesses that will cater to your every need. There are more fitness centers, cafes, and more places for adults of all ages to enjoy a relaxing night out. The diverse population in the Third Ward paired with the low crime rate within the neighborhood (when compared to Eau Claire as a whole (see figure 3)) makes for a fantastic place to own a home. The map below shows all reported criminal activity within the selected study area since the beginning of 2017. Without question, the safest area in the downtown region is the Third Ward. Out of the 796 reported crimes committed in the City Of Eau Claire between January 1st, 2017 to March 31st, 2017; 13 happened within the Third Ward and none of them were violent crimes. This makes the Third Ward one of the most accessible, versatile, and safe locations within the City of Eau Claire. More on location below
Figure 3
Source: Crimemapping.com and Adobe Illustrator
Location
The Third Ward is tucked into a corner of downtown that has the hill to its back keeping traffic flow through the neighborhood to a minimum.
Figure 4
Source: City of Eau Claire Comprehensive Plan
Although the Third Ward is secluded, it is near many businesses and attractions that make it a great place to live. The Third Ward is conveniently located within walking distance of downtown, UW-Eau Claire, and the water street area. According to findthehome.com, 446 Mckinley is in a more walkable location that 72% of homes in the area.
Figure 5
Source: Findthehome.com
There are many walking and biking trails that are located near the Third Ward. Putnam drive, located on the north eastern side of the third ward, turns into a walking/biking trail that extends around the Third Ward and onto the university's campus. Along with the Putnam trail there is a playground and community garden within the neighborhood. Dremmler garden is located on the north side of the Third Ward in Dremmler Park. There are 12 20’x20’ that can be rented for a season.
This house is located one mile away from an elementary school and two miles away from the local high school. The schools in the area are rated top 30% of schools in the state of wisconsin. This is perfect for a young family looking for a new home.
Suggested Sale Price
$210,000
The asking price for this house was $209,000 and that is comparable to houses in the area. This house sits on a corner lot and is the largest on the block. With 4 beds and 2 baths this house is perfect for a young family looking for a starter home. It is in one of the nicest neighborhoods in downtown Eau Claire. The area this home is located in is comparably safe to the rest of the downtown area while still remaining close to a wide range of amenities for people of all ages. Schools closest to this home are all ranked within the top 30% of all of Wisconsin schools combined.Also with the additions and renovations that have been performed on the home the value has only gone up. With the updated kitchen to the tiling in the bathroom floor this home has really improved its interior appeal and would have no issues selling at this price. Not to mention the prospering housing market would help this home sell in no time.
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