In a recent blog by Michael Melaniphy (President and CEO, American Public Transportation Association (APTA)) he said: “Average sales prices for residences in close proximity to high-frequency public transit were more stable during the recession”. This is not a guestimate, but backed up by strong data drawn from a nationwide report commissioned by APTA and the American Association of Realtors®.
The five cities upon which the study was based are a representative sample of the types of high-frequency public transit systems throughout the U.S. The five cities were Minneapolis-St. Paul, San Francisco, Chicago, Phoenix and Boston.
“During the last recession, residential property values performed 42 percent better on average if they were located near public transportation with high-frequency service.” ~ APTA and the American Association of Realtors®
Enter Phoenix’s $2.9 million Sustainable Communities grant (2011, from the Department of Housing and Urban Development) for Reinvent PHX — a way to produce sustainability action plans for the five districts along the existing light rail line and establish a new transit-oriented model for urban development along the city’s light rail corridors.
As the nation continues to assign us with the unofficial title “World’s Least Sustainable City”, we’re still a “Bird on Fire” worth writing books about and paying attention to. You may recall that in November last year, I wrote about Phoenix leading the Nation in Innovation and Efficiency.
A year ago, January, Native American Connections built a community for our growing, city-dwelling Native American populations in the mixed-use, mixed-income apartments of the Divine Legacy, just across from the Campbell & Central light rail station.
In my post last September, I mentioned a great story on KJZZ’s Changing America series where the reporter talked about how retirees are moving into downtown areas and urban cores along the Valley Metro light-rail line.
And as The Atlantic noted in a post a couple days ago, it looks like Phoenix’s walkability gamble just might pay off. Light rail homes gives people quicker access to alternate ways to get around town, access to jobs, and lower transportation costs in walkable areas.
All of this is particularly important if you are thinking to list your home. If you bought before about 2004 or between about 2009-2011, you are probably in a really good position to sell.
In the immortal words of one Hannibal Smith, “I love it when a plan comes together.”
If you want to buy or sell the right property near public transit, please give me a call at 602-456-9388 or email me at firstname.lastname@example.org.
[metro image: King Chung Huang]