Parkland versus Coral Springs


Parkland versus Coral Springs

by Daniel Lindeman

 

 

 

City of Coral Springs                              City of Parkland

 

Coral Springs and Parkland are located in northwest Broward County; they are divided by the Sawgrass Expressway. Driving north into Parkland from Coral Springs you would be hard-pressed to know where each city starts and ends.  Both cities are well maintained and appear identical but when it comes to home prices, Parkland commands a premium.  Why?

Does Parkland have better schools? Better restaurants? Higher quality homes? More parks? Nicer people? Does Parkland roll of the tongue nicer than Coral Springs? Parkland does have a smaller population, around 26,000 people compared the 126,000 in Coral Springs, is this the reason?  I do not know the exact answer, perhaps it’s a mix of all these factors.

How much of a premium does Parkland command?

According to MLS data from the past 12 months the city of Parkland has a median home price of $557,000 while Coral Springs has a median price of $350,000. Based on the median price alone, buyers are willing to spend 59% more to live in Parkland, wow!  However, when you dig a little deeper the median size home in Coral Springs is 2,375 sf and in Parkland its 3,186 sf, with a sale price per sq. ft. of $149 versus $179.  This is a 20% premium over Coral Springs, this is still a high percentage.

Let’s take a real life example. A family is in the market to buy a 2,500 to 3,500 sq. ft. home and is willing to consider both cities.  In this scenario, how much more would it cost to live in Parkland?  I researched 478 recently sold homes in both Coral Springs and Parkland.  The homes had a living area range of 2500 to 3500 sq. ft.  Of these 478 homes, the following variables were considered: City, Age-year built, Living area, Lot Size, Garage, Pool, View, & Closing date.  After factoring these variables, homes located in Parkland sold $57,293 to $70,136 (average $63,715) higher than homes in Coral Springs.  In terms of payments on a mortgage ($63,715), buyers are willing to spend $305 more per month to live in Parkland.

When it comes to prices, Parkland is the Winner. At the end of the day, it’s a personal preference where to live.  Families in Coral Springs are just as happy as those in Parkland.  As a resident of Coral Springs, I have been happy living with my family south of the Sawgrass since 2004.

Questions or comments?

South Florida appraiser

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