Parkland versus Coral Springs
by Daniel Lindeman
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?