Recently, I have read a few articles concerning real estate values near Denver's light rail stations. On the 29th, there was an article in the Denver Post titled "Light-rail can turn into money train" which was picked up by our friends at the Overhead Wire and at Denver Real Estate and Relocation. Each of the articles had things to add to the common theme of property values doing well near light rail stations.
From the Post article we see that "Homes near light-rail stations along the southeast line, which opened in November 2006, have increased by an average of nearly 4 percent over the past two years, according to an analysis by Your Castle Real Estate. But the rest of the Denver market declined an average of 7.5 percent." Further along in the article, we get more specifics of homes closer to the stations and their stellar performance. "Homes less than a half-mile from a station increased an average of 17.6 percent, while those 1 1/2 to 2 miles away increased just 0.1 percent on average. Another interesting quote from the article was; ""In other markets with rail lines, single-family home values have increased anywhere from 2 percent in San Diego to 32 percent in St. Louis, according to data gathered by the Regional Transit District."
As the market turns, and it will, I believe you will see a large shift here in Arizona to walkable neighborhoods and convenient locations. Yep, we will continue the "sprawl" that has defined our state for so long but I truly believe there will be many different types of people that will embrace life near our light rail systems. These will include; more students, young families, retired people, urban professionals and others. Location, location, location has always been associated with sound real estate decisions, the future will more than likely prove that to be true in our little "neck of the woods."
It will fun to watch the values of properties along our light rail line within a few blocks of the stations. Stick around, I have a feeling we might be able to show you what is closest to each of the stops in the near future… 🙂