Urban highways and plentiful surface parking lots, once considered essential, have outlived their promise in many large U.S. cities. Observers see growing interest in dense urban living, with some mobile segments of the population opting out of car-dependent suburbs. Bold cities have been redeveloping the areas opened up by highway removal, and developers are poised to profit from the development of surface parking lots within revitalizing urban cores.
real estate values
How much more is a home worth if it’s near transit?
Is a home near transit really worth more? According to a Redfin study, the answer is, “Yes. And often it’s worth a lot more.” Real estate firm Redfin looked at 14 metro areas and compared homes that were otherwise similar except for their Transit Score. In 13 of the metro areas, the homes with higher Transit Scores were worth more.
How much more is a home worth if it’s near transit?
Is a home near transit really worth more? According to a Redfin study, the answer is, “Yes. And often it’s worth a lot more.” Real estate firm Redfin looked at 14 metro areas and compared homes that were otherwise similar except for their Transit Score. In 13 of the metro areas, the homes with higher Transit Scores were worth more.
Highway and LRT nodes have similar impacts on home values
Both highway exits and light rail transit stations appear to generate similar impacts on single-family home values. These results are in keeping with the researchers’ hypothesis that the negative disamenity effect around transport nodes is relatively small and fades quickly with increasing distance, while the positive accessibility effect is larger and declines more gradually with distance.
Location, location, location: Financing transit with real estate assets
The recent economic recession reduced available funding for every transportation mode. For transit, however, these funding reductions coincided with marked increases in ridership. This has pushed agencies to take a broad look at available funding options. Tapping agency-owned real estate as a revenue generator is one option.
Four minutes less walking to DC Metro worth 30 percent more rent
How much is 1000 feet worth when walking to the office? If you are leasing office space in the Reston-Ballston Metro corridor in Arlington, Virginia, there is up to a 30 percent premium to being that much closer to the station. Many buildings claim to be “steps from Metro,” but exactly how many steps is extremely important.
Growing public interest in walkable communities, but public sector decision-makers still lag behind
Walkscore, the first website to offer easy-to-use walkability ratings for cities, neighborhoods, and individual properties now has some competition. Walkability, a rating system released this month targets private businesses, particularly those in the marketing, social networking, and real estate sectors.
The New Real Estate Mantra: Location Near Public Transportation (APTA, National Association of Realtors & CNT, 2013)
This analysis investigates how well residential properties located in proximity to fixed-guideway transit have maintained their value as compared to residential properties without transit access between 2006 and 2011 in five regions. Across the study regions, the transit shed outperformed the region as a whole by 41.6 percent.