Corner Lot
A corner lot is a specific type of land parcel that sits at the intersection of two roads, resulting in frontage on two sides. This unique positioning can impact its desirability, usage, and value differently depending on whether the intended use is commercial or residential.
Examples
- Commercial Use: A corner lot located at the intersection of two busy streets can be an attractive location for a retail store, gas station, or a restaurant due to high visibility and easy access from two different directions.
- Residential Use: For residential purposes, a corner lot might offer extra space and greater building options but could also bring challenges such as increased traffic noise and lesser privacy.
Frequently Asked Questions (FAQs)
Q: Are corner lots more expensive?
A: Corner lots can be more expensive due to their increased visibility and accessibility, particularly in commercial zones. However, this isn’t always the case in residential areas where privacy and noise might reduce their appeal.
Q: Do building regulations differ for corner lots?
A: Yes, building regulations can differ for corner lots. Zoning laws may impose additional setback requirements from both streets, which can influence the property’s developable area.
Q: Are there any tax implications for owning a corner lot?
A: The tax assessment for a corner lot can potentially be higher due to its advantageous location, but this depends on the local tax assessor’s approach and the intended use of the lot.
Related Terms with Definitions
- Frontage: The length of land that abuts a street, river, or body of water. For corner lots, this typically encompasses the land facing both intersecting streets.
- Setback: The required distance between a building and the property line. Corner lots may have different setback requirements compared to interior lots.
- Ingress and Egress: Terms used to define access to and exit from a property. Corner lots often have advantageous ingress and egress due to their dual street access.
Online Resources
- Zillow Guide to Buying a Corner Lot: Zillow
- City Zoning Information: Most city planning websites provide specific zoning regulations and how they apply to corner lots.
- Real Estate Investment Guides: Websites like Investopedia offer valuable articles about properties including corner lots.
References
- “Real Estate Investment: Strategies and Risk Management,” John Wiley & Sons, Inc.
- “Urban Land Use Planning,” Philip H. Lewis, Jr.
Suggested Books for Further Studies
- “Real Estate Principles: A Value Approach” by David Ling and Wayne Archer.
- “The Real Estate Investor’s Handbook: The Complete Guide for Diagnostic Testing and Treating Mold in Buildings” by Steven D. Fisher.
- “Commercial Real Estate Investing for Dummies” by Peter Conti and Peter Harris.
Real Estate Basics: Corner Lot Fundamentals Quiz
### What defines a corner lot?
- [ ] A land parcel that is completely surrounded by other parcels.
- [x] A land parcel that is bounded on at least two sides by the intersection of two roads.
- [ ] A land parcel adjacent to a single roadway.
- [ ] A land parcel that has no street access.
> **Explanation:** A corner lot is specifically defined by its positioning at the intersection of two roads, bringing it frontage on at least two sides.
### Why might a corner lot be attractive for commercial use?
- [x] Due to increased visibility and accessibility.
- [ ] Because it's generally quieter.
- [ ] Because it has limited space.
- [ ] Due to higher taxes.
> **Explanation:** Increased visibility and accessibility from two intersecting streets make a corner lot ideal for commercial uses.
### What additional building regulation often applies to corner lots?
- [x] Setback requirements.
- [ ] Height restrictions.
- [ ] Lighting regulations.
- [ ] Landscaping rules.
> **Explanation:** Corner lots typically face specific setback requirements from both intersecting streets, impacting how buildings can be positioned on the property.
### What might be a downside of a corner lot for residential use?
- [ ] Increased interior space.
- [x] Increased traffic noise and lesser privacy.
- [ ] Lower property values.
- [ ] Fewer building options.
> **Explanation:** Corner lots might experience more traffic noise and have less privacy, which can be seen as downsides for residential use.
### How can dual street access benefit a commercial property on a corner lot?
- [x] Enhanced ingress and egress.
- [ ] Lower maintenance costs.
- [ ] Decreased foot traffic.
- [ ] Higher utility expenses.
> **Explanation:** Dual street access means better ingress and egress, making it easier for customers to enter and leave the property.
### Are corner lots generally smaller than other types of lots?
- [ ] Yes, they are about half the size.
- [x] No, they can vary in size just like other lots.
- [ ] Yes, regulations require them to be smaller.
- [ ] Typically yes, but only in rural areas.
> **Explanation:** Corner lots vary in size just like any other type of lot; their defining characteristic is their position at the intersection of two roads.
### Which term refers to the land boundary that faces a street?
- [ ] Setback
- [x] Frontage
- [ ] Egress
- [ ] Ingress
> **Explanation:** Frontage is the length of land that abuts or faces a street. Corner lots have frontage on at least two streets.
### What could increase the tax assessed value of a corner lot?
- [x] Its advantageous location.
- [ ] The number of trees on the property.
- [ ] Proximity to schools.
- [ ] Age of any buildings on the lot.
> **Explanation:** The advantageous location of a corner lot can lead to a higher tax assessed value.
### Why might commercial corner lots have higher value than non-corner lots?
- [ ] Proximity to schools.
- [ ] There are fewer zoning restrictions.
- [x] Higher visibility and more access points.
- [ ] Lower noise levels.
> **Explanation:** Commercial corner lots often have a higher value due to their higher visibility and more access points.
### How do setback requirements impact a corner lot?
- [x] They potentially reduce the developable area.
- [ ] They prevent any construction.
- [ ] They increase the area available for landscaping.
- [ ] They mandate higher fencing.
> **Explanation:** Setback requirements on a corner lot might reduce the developable area due to the need for space from both streets.
