We’ve known it intuitively and anecdotally for a long time, but here is some great news that proves it: home values next to light rail are stronger.

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 ken@getyourphx.com.

[metro image: King Chung Huang]

The City of Phoenix is now offering a $15,000 loan towards closing costs and down payment to purchase a newly renovated “Move-in Ready” homes through their Neighborhood Stabilization Program.

The Neighborhood Stabilization Program is an effort in response to the number of vacant foreclosures in Phoenix neighborhoods. Housing programs are popping up all over the Southwest in hopes of turning foreclosures into affordable, refurbished homes and enhancing neighborhood curb appeal.

NSP is offering an extensive catalog of renovated properties in established neighborhoods as well as providing guidance through the entire process.

To qualify, home buyers must meet these requirements:

1. Applicants must meet the income guidelines for household Family size. For Example, A family of 4 must have an income at or below $78,600 annually to receive the loan.
2. Candidate should be able to qualify for a 15 or 30 year fixed mortgage
3. Though you don’t have to be a first time home owner, you can’t currently be on title on any residential property.
4. Applicants must be able to contribute one half of the home’s required cash down payment for a min. $1,000. For example, a $100,000 home would require a $1750 down payment.
5. All loan hopefuls have to take a two hour one-on-one credit counseling and an 8 hour home buyer education class

A word of caution: I have helped buyers through this program. Half of the time it went smoothly and relatively quickly. The other half of the time it took longer and everybody was pulling their hair out. Now, to be fair, that was mostly because the listing agent’s contractors were not doing the basic things that the city inspectors asked of them.

Further, that was in 2010. Now NSP has homes that are already renovated. So, this is a whole new world from when the program just got started.

Regardless, families state-wide are in a great position to be homeowners in great phoenix neighborhoods. My friend Jeannie Bolger, of Nova Home Loans let me know all about this program and, as a mentioned a few weeks ago, she is experienced in these loans and could be a huge help in the process.

You can visit www.phoenix.gov/nsphome to view the Move In Ready list of available homes or give me a call today at 602-456-9388.