What shape is your lot?
While location is the best-known key feature contributing to the value of real estate, lot shape makes a difference, too. Not only does it impact the day-to-day use of a property, lot shape is also one of the factors that determine whether or not you can add extra structures, such as a garage, a shed, playground equipment, etc.
Rocking the rectangle.
The majority of the single family homes I sell are situated on standard, rectangular lots. Most often, depth is longer than width. Occasionally, a lot will be placed at the end of a block and the developer will maximize the use of space by reconfiguring a rectangular lot so that frontage ends up being longer than lot depth. If you like spending time with a snow shovel, buy one of these homes.
Little Known Fact: I enjoy shovelling my sidewalk. Fresh air, exercise, chatting with neighbours…. What’s not to like?
Easy as pie.
Pie lots are also created when a developer wants to maximize the use of leftover space. They sell for a premium because there is room to roam, places for kids to play, parents to BBQ, pets to poop, etc.
If the triangle is wider at the back and narrower in the front, the owner of a pie lot enjoys more privacy from neighbours. If the lot is a reverse pie and the front is wider than the back, then the house is typically set back from the road a little further and street traffic is less of a concern.
The value of pie lots is driven by supply and demand. There are fewer pies and people tend to like them, so value goes up. When you buy a home on a big pie lot, you can rest assured that down the road, when it is time to sell, that big ‘ol pie will bring in the buyers.
I just listed a solid home in a mature neighborhood that sits on a nice pie lot. If you, or somebody you know, would be a good fit for a big lot, check this out: