I don’t know of a better example of “hit or miss” in all of real estate.

People either absolutely adore corner lots, or they find them completely unacceptable.

Here are few arguments for each side…

I remember a corner-lot house at the interesection of Sutherland and Bessborough (I won’t say which corner) where the owner went through the formal process of changing the address from a Sutherland address to a Bessborough address.

Image is everything, right?

Believe it or not, the exact same house in the exact same place with a “Bessborough” title instead of “Sutherland” would fetch more money on the open market.

If ever there was an argument against buyers and sellers being rational in open markets, this would be it.

However, to contradict another principle of market dynamics, when it comes to corner lots, the laws of scarcity do not necessarily apply.

In most open markets, supply and demand dictate that if there is less of a certain type of product, then that product might be worth more (unless that product is dirt-flavored popsicles or something…).

On every block, there are only four corner lots.  So does that mean that they are more popular and thus more expensive?

Personally, I’ve never been a fan.  But that doesn’t mean that other people don’t live for the corner lot!

There are two major reasons, in my estimation, why people love corner lots:

1.  Sunlight.  A house on a corner lot has two exposed sides instead of most houses where only the front is exposed.  And because many corner lots have backyards that are adjacent to a front lawn of the house next door, there are no encumbrances on the back of the house either.  This effectively means that sun beams down on three sides of the house, and many home-owners live for natural sunlight.

One of the most natural thoughts when looking at a condominium unit for the first time is, “How many windows are there?”  People want light, air, sky, and sun.  A condo that backs onto another building is very undesirable, and one with floor-to-ceiling windows and/or south-facing will command a huge premium.

So when it comes to houses, we’re not talking about a couple of windows in the right places; we’re talking about three entire sides of the house having rays of sun beam right through the windows and filling the rooms with natural light.

If this doesn’t seem important to you, then perhaps you are missing a few elements of the “pride of home ownership.”

2.  Exposure.  This might sound similar to the point above, but it represents something entirely different.  Two sides of the house are completely unexposed as opposed to the traditional one.  This effectively makes the home a show piece for the street, and it is far more eye-catching than all the others.

Pride of ownership is inherent whether you have a new pair of shoes, a fancy car, or your largest investment: your home.

It only seems natural that most people would want to show off their home or make it stand out, and a corner lot gets more attention and there is a lot more potential to jazz it up with landscaping, lights, windows, etc.

I’m sure there are more reasons than the two I’ve noted above, but I think those are at the top of the list.

So what do people not like about corner lots?

1.  Lack of Privacy.  This contradicts the points about “exposure” and “sunlight” above, but many home-owners would forego the potential benefits of a corner lot if it meant fewer people walking by their house and looking through their dining room windows.

Backyards on corner lots are essentially side-yards since they front on the street itself, and unless you have an eight-foot cedar fence, chances are people can see what you’re up to, and they can definitely hear.  I’m not suggesting that there is 24/7 tomfoolery going on in the backyard, but just because I don’t practice tai-chi while naked and coated in peanut-butter doesn’t mean that I don’t want the option…

2.  Traffic.  Perhaps the most obvious point, being on a corner lot means twice as much traffic as usual.  And since two sides of the house are exposed and front on the two respective streets, it means there is twice as much noise and the sound undoubtedly carries a lot further.

Some intersections are less busy than others, but many streets represent residential thoroughfares for cars, and the constant racket can be quite bothersome.

Imagine having Thanksgiving dinner in your living room (which fronts onto the street, maybe both), and being distracted by the red, white, black, blue, green, and brown medley of cars driving by.  If it’s past 6PM, you’ll also have head-lights shining through your stained-glass windows.

3.  Layouts.  I find that many corner lots feature the centre-hall-planlayout where the staircase is directly across from the front foyer and the upstairs is split into two.  “Centre Hall” is a very sought-after feature in areas like Rosedale, Moore Park, Forest Hill, etc., and the term itself is marketable.

But when it comes to renovating or changing the layout down the road, your options are somewhat limited.  If you want to look beyond what is traditional, you might not find it.  The kitchen might be cramped and a transition to open-concept could prove difficult.

So what do you think?

Are you interested in the potential flash and pizzazz of a house that sticks out from all the rest?

Do you require huge doses of natural vitamin-D from direct sunlight?

Or do you want to meditate in peace in your own private backyard?

Some of us live in condos and may do so for a long time, so maybe the decision isn’t imminent enough to give it any thought.

But for those buyers that have never really distinguished the corner lots from the pack, its time to investigate whether you’ll be applying the “hit” or “miss” label…