As times have changed with the increase of the Internet and other technology changes; so has the perception and value of homes near mass transit systems. It used to be considered a hinderance to sell your home if you lived near the light rail systems or trains. Now, the reverse seems to be true.
A study I read recenly from California State Fullerton concluded that light rail transit has enhanced residential property values 2% to 18%. With the greatest increases being in cities with commuter rail systems.
As home prices have declined in the past few years as much as 40% in some metro areas. Homes that were within walking distance of the light rail saw their home values decrease by only 16% over the same period.
Now, if you are right on the light rail or train line your home value remained unchanged versus homes not near light rail. People did not want to be close enough to hear it; but be able to walk to it for their daily commute.
Another misperception with selling your home close to the light rail was that crime increases due to the easy access to public transportation. A study at UCLA found that to be false. It concluded that crime rates were no different in areas where there was a mass transit system than areas where one was not easily accessible. It found that the socio-economic makeup of the area influenced the crime rates; not the transit systems.
In Charlotte the area around the Lynxx line that leads to uptown has seen an increase in home sales since it's inception. As more people are conscious of the environment and the ease of use of public transportation. That coupled with the not having to sit in "rush hour' traffic has made mass transit more enticing. So, looking to sell your home? Near mass trasnsit? You may be able to get more for your home than you intially thought.
Dave diCecco
Realtor/Broker
www.davedicecco.com
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