Real Estate is an investment. As a zoning attorney, I spend a lot of time exploring maximizing an investment via necessary government approvals. Interestingly, there are certain characteristics that the market may dictate as “contributing to value” for one reason or another. Typical contributors in the past have included the quality of schools and other local services.
Recent data, however, has shown that “walkability” also contributes to value – and therefore, proximity to services alone can potentially account for a surge in a sale price. Walkability generally refers to the proximity of a property to restaurants, grocery stores, schools, and parks – all without the need to drive a vehicle. You can determine your property’s “walkability score” by visiting an online database.
Homes that received higher walkability scores sold for an average of 23.5% or $77,668 more than homes that were “less” walkable. That being said, Redfin notes that walkable homes are becoming so valuable that certain consumers are “priced out” of purchasing them. In fact, since September 2018, homes with lower walkability scores have leveled out in number sold when compared to homes in locations more dependent on cars.
What does this mean for your property? If you live in the D.C. market (which is a high-dollar market with several high-wage earners joining the region due to the expansion of Amazon), your property’s access to stores and services via foot can still garner top value. However, those with properties that are less “walkable” can still recreate or attempt to maximize on the benefits of walkability by rezoning or redeveloping their property. Feel free to contact me to discuss.
If you have any questions about this or any other Real Estate topics, please contact me at email@example.com or 703-745-1849
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Theodora Stringham assists individuals, businesses, and organizations with growing successfully while minimizing liability. Focusing on real estate and personnel needs, Ms. Stringham executes sustainable plans for real estate development and employee matters. She provides comprehensive representation for everyday growth issues, including, but not limited to, re-zonings, site plan approvals, eminent domain/valuation concerns, employment discrimination, and disciplinary issues. Ms. Stringham’s scope of representation ranges from identifying potential liability and providing counseling/trainings, all the way through representation at trial.
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