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The 3 New Rules of Real Estate: Location, Location, Transportation?

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Real Estate Agent with Henderson, Thornton, Broomfield and Westminster 100026886

The 3 New Rules of Real Estate:  Location, Location, Transportation?

Walking downtown

Results of a study conducted by the National Association of Realtors and the National Public Transportation Association has revealed a trend over the past several years.  As most of us are painfully aware, these years have been a fairly depressed time for residential home values in many areas.

 

For those living near public transportation, however the story is a little brighter.  Properties located near high frequency public transportation saw 42% higher performance than those not in a transit area.

 

According to the APTA, this means access to "five times as many jobs per square mile as compared to other areas in a given region."  These areas also mean lower transportation costs and more walk-able neighborhoods.

 

The study looked at 5 regions.  You can read a summary of their findings by going here.

 

The bottom line, however, is that buyers are seeing the value in properties with access to reliable public transporation.  And, clearly, that is an amenity that holds its value regardless of the larger market.

Comments (4)

Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

This is interesting.   Maybe a connection to aging boomers?  Seems that there is a movement back to city lifestyles, from rural choices...don't have to drive?

Mar 28, 2013 03:17 AM
Jennifer Prestwich
Henderson, Thornton, Broomfield and Westminster - Henderson, CO
Madison & Co Properties

Li- I found it interesting, too.  Not entirely sure why, but it does seem that more people want a walkable area, and generally an urban area will be walkable and have good access to public transit.

Mar 28, 2013 03:20 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Jennifer - It hasn't been much of a factor in our small city to date, but we're doing an interesting tansportation corridor project. We're guessing that it will drive some significant high and medium density housing as well as commercial and retail, and are trying to figure out how we can get in front of it.

Mar 28, 2013 04:43 AM
Jennifer Prestwich
Henderson, Thornton, Broomfield and Westminster - Henderson, CO
Madison & Co Properties

It is interesting, Dick, how transportation projects will affect home values.  A few years ago, Lon Welsh did a "heat map" of the values along the lightrail corridor.  It showed increases all along the route!  I hope you do get in front of that project, it will be an extremely valuable asset to the area!

Mar 29, 2013 12:43 AM