It seems the jury is officially in and walkable real estate is simply more valuable—according to research completed by Northeastern University, Boston’s Metropolitan Area Planning Counsel and LOCUS/Smart Growth American in conjunction with George Washington University
While this may not be particularly shocking, it is an important factor to note if you’re in the market to purchase or sell Boston real estate.
According to the study mentioned above, walkable urban settings have higher values per square foot for all land uses compared to comparable areas that are car-accessible only. Furthermore, the study found that premiums spanning from 20% to 134% per square foot could be found for walkable neighborhoods in urban settings. Certainly this will be a factor to consider for Boston real estate developers as well as investors looking to benefit from this interesting trend.
Many industry professionals feel it’s important for the local government to take this factor into account as well while further developing. Higher Boston real estate values equate to higher property taxes, which in turn converts to increased funds for schools, fire, public works and other municipal services. This can be a real positive for the city of Boston as municipalities grow in dependency on the increasing tax base.
Are you considering purchasing this spring? Contact First Boston Realty International to discuss available high-end Boston real estate properties located in walkable neighborhoods within close proximity to a wealth of amenities.