Lifestyle

Luxury home market seeks upgraded parks

Park has not been updated since its establishment
  • Properties near quality parks can see a 20 percent boost in value.
  • Luxury home values have recently declined in The Woodlands.
  • Homes more than 1,000 feet from parks also see a value benefit.

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The Woodlands recently experienced a noticeable dip in luxury home values, with volatility in the oil and gas industries cited as the main reason. According to Deal Sikes & Associates, Houston properties located more than 1,000 feet from a premier city park can receive a positive valuation impact of 5 to 10 percent. Those properties adjacent to quality parks can experience a more than 20 percent boost in value. That's good news for both buyers and sellers. The Woodlands Township board of directors recently settled on a redesign for Northshore Park, a roughly seven-acre facility that has not been updated in 30 years. The redesign will increase parking, rotate a stage, renovate restrooms and provide space for a public boathouse, as the park sits on the shores of Lake Woodlands. Burditt Associates is responsible for drafting the final park plans, which will be submitted to the board in January. The board has already allocated $1.2 million in its 2016 budget for improv...