Introduction
Purchasing a home is decision that requires a lot of
planning and investigation. When considering purchasing a home there are a
variety of complex elements that can negatively or positively influence a final
decision. Personal needs are the first element influencing a decision on buying
a specific home. Personal needs and requirements include anything from budget,
location, size, maintenance and simply overall appeal of a home to specific
individuals. There are also decision factors regarding the neighborhood itself
and how it compares to the surrounding area. Before deciding on a specific
home, it is necessary to understand how that home compares to other homes in
the neighborhood. This is not only important for determining whether or not the
price is reasonable, but also to understand the elements of the surrounding
homes. Understanding these elements is helpful in making inferences about the
demographics of a particular neighborhood. In addition to comparing a specific
home to the other homes in a neighborhood, it is important to understand how
the neighborhood overall compares to the surrounding area. Investigation of the
surrounding area provides deeper insight on the demographics of the area as
well as the opportunities and activities available. Investigation of 415 Summit
Avenue, a home for sale in the 3rd ward of Eau Claire Wisconsin,
concentrates on these elements to establish 415 Summit Avenue as a desirable
home to purchase in the 3rd ward.
Methods
Analysis of homes in the Eau Claire 3rd ward is
necessary in order to understand where 415 Summit Avenue stands compared to the
general average of other homes in this area. To conduct a proper comparison
between 415 Summit and other homes in the 3rd ward it is necessary
to establish specific factors to compare. Square footage, age, bedrooms,
bathrooms, estimated value, and current market of homes are all important
factors for those deciding whether or not to purchase a home. The first step
for successfully comparing these factors among homes in the third ward is to
establish a study area of the third ward encompassing all homes that are to be
evaluated. Using the Wisconsin parcel data map, individual parcels of the
desired 3rd ward homes were selected and exported as a separate
shapefile. The selected shapefile of the 3rd ward includes over 300
parcels that provide data on street address and name of the current owner.
After creating a shapefile of the desired study area, data for the respective
factors was obtained from zillow for each address in the study area of the 3rd
Ward. The data from zillow for each
address including square footage, age, bedrooms, bathrooms, value, and market
price (if currently for sale), was displayed in an excel spreadsheet. The
spread sheet of the data was then joined to the 3rd ward shapefile
allowing for each factor of 3rd ward homes to be mapped by
individual parcels.
To distinguish the Third Ward from the rest of Eau Claire,
one must separate the city into five regions using Business Analyst Online. For
the four big divisions (North, West, South, and Downtown), the areas selected
by census tracts. To get the perfect size for the 3rd Ward, a
smaller area must be used. Therefore, using block group for the area would be
correct. Using these sectors, the user is now able to run standard reports such
as Tapestry Segmentation and Traffic Reports. These same sectors were also used
to run comparison reports on categories such as population over 18+ and
political/ community involvement using Eau Claire County’s total population as
a baseline. Once the data was accessible, download it from ArcGIS Online to
Microsoft Excel. Now in Excel, the user is now able to create aesthetically
pleasing charts that were not available from ESRI directly.
Results
The first map displays the square footage of the individual
homes in the third ward. On average, most homes in the 3rd ward are
between 1,700 and 2,600 square feet. 415 Summit Avenue is 2,965 square feet,
which is significantly larger than the average size of 3rd ward homes.
 |
| Square Footage of 3rd Ward Homes |
 |
| Age of 3rd Ward Homes |
The map displaying the number of bedrooms per home shows an
average amount of bedrooms in the 3rd ward homes to be between 3 and
4. 415 Summit Avenue has 3 bedrooms which is similar to most other homes in the
3rd ward.
 |
| Number of Bedrooms Per Home in 3rd Ward |
The map concerning the number of bathrooms per home shows
most homes having 2 bathrooms. 415 Summit Avenue has 3 bathrooms, one more than
the typically home in the 3rd ward.
 |
| Number of Bathrooms per Home in 3rd Ward |
The map of the estimated values for the homes in the 3rd
ward show that most homes are over $140,000 but under $230,000, thus, a typical
price range for those in the middle to upper middle class. 415 Summit has an
estimated value of around $205,000, falling somewhere in the middle range of 3rd
ward homes.
 |
| Estimated Value of 3rd Ward Homes |
The final map displays the homes in the third ward that are
currently for sale along with the asking price. Out of the 360 parcels, only 11
homes are currently for sale. The median asking price for all these homes is
around $259,000, and the asking price of 415 Summit Avenue is $218,000.
 |
| 3rd Ward Current Market |
The first map that was created of Eau Claire shows the city
divided into five sub regions. These zones would be used to run Business
Analyst reports on. The Third Ward is highlighted in red.
The first chart that was created showed how the population
dynamics of the Third Ward compared with the rest of the city. As the Third
Ward’s total population is smaller than the rest of the other sectors, the data
would be displayed as a percent to normalize it. This chart illustrates how the
Third Ward does not have large population that is composed of young
families. Most of the population in the
neighborhood 415 Summit is located in is over the age 18.
The second chart shows how the Third Ward leans politically
and the neighborhood’s involvement in community affairs. Comparing the sectors
against the whole population of Eau Claire County allowed for analysis to take
into account how prospective home buyers might also consider a city such as
Altoona to live in as it is relatively short commute away from Eau Claire. The
results show Third Ward residents lean far more left than the rest of the city.
They also participate slightly more in local politics.
The final characteristic of the Third Ward that separated it
from the rest of Eau Claire was its traffic count. Being separated from major
roads led the area to have a lower traffic count than the rest of the city. The
lower amount of vehicles, as well as access to trails, made travel options such
as biking and walking more viable. The following maps depict traffic counts for
the five regions.
Third Ward:
North Side:
West Side:
South Side:
Downtown:
415 Summit Avenue is the same or better in all factors
compared to the majority of the homes in the 3rd ward, and has an
asking price lower than the median price of $218,000. Also when comparing 415
Summit Avenue to homes for sale that are similar in each factor, 415 Summit
also has a cheaper asking price. Overall, in regards to these factors, 415
Summit Avenue is the same or better than the average homes in the 3rd
ward with a more affordable price.
