Two years after the opening of the Southeast Line of RTD’s Light-rail home values are higher than those that are not close to the line.
Reported today in the Denver Post by Margaret Jackson,
The closer a home is to the station, the more its value increases, according to the Your Castle analysis. 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. The data varied widely among stations, however.
Seeing stronger values along the Light Rail line is not unique to Denver. Other markets have experienced the same appreciation, ranging anywhere from a mere 2% in San Diego to a whopping 32% in St. Louis.
Considering all the benefits of living along the line it makes sense to change from relying completely on personal transportation. The Light Rail offers convenience of relaxing to and from work, provides a very green alternative and fits well into the lives of so many who enjoy using public transportation.
RTD also partners with various governmental groups to offer discounted rides to frequent users. In south metro Denver, programs like TripToWork.com provide 50% discounts to those working in the southeast Urban Corridor.
Urban Centers along the line are affectionately referred to as TOD’s (Transit Oriented Developments). If you haven’t heard this term before, remember what it stands for, because you will be hearing more about TOD’s in and around the Denver Metro Area.
About the Author
Kristal Kraft
Kristal has been helping buyers and sellers in Colorado since 1984. She enjoys sharing her knowledge of the Metro Denver Real Estate market via blogging and in person while driving around the beautiful Rocky Mountain town of Denver! For fun, Kristal enjoys shooting things with a Canon. Visit Denver Photo Blog
Kristal Kraft
2 Comments
Good to see the light rail having a positive impact on Denver. Our light rail, in Phoenix, will open in December ’08. There’s some additional activity already: rents are up if not home sales.
Phoenix Light Rail opens tomorrow with a huge party. I’m not seeing rents rise along the rail yet but I am seeing interest in living along it. Eventually when the inventory gets absorbed I expect to see rental and sale prices go up.
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