REPORT: Walkable neighborhoods found to raise home prices

Published on Thursday, 27 August 2009 03:03

Written by Randy Garbin

This article comes from the Buffalo News by way of our friends Doug and Polly Smith. The message here should sound familiar to anyone who’s followed us since at least 1995.

Published on August 23, 2009

Author: Matt Glynn — NEWS BUSINESS REPORTER

© The Buffalo News Inc.

Joseph Suppa has seen homebuyers flocking to an area just west of Richmond Avenue, so they can live in close proximity to the shops and restaurants of Elmwood Village.

Many of the buyers were priced out of homes closest to Elmwood, so these blocks are proving an affordable alternative, said Suppa, an agent with M.J. Peterson Co. He said he has sold some homes for more than $100,000 that just three or four years ago were going for $50,000.

The “walkability” factor comes into play in a new national study on home values. Its researchers found that homes located within walking distance of amenities such as schools, parks and shopping aren’t only more convenient for their owners, often they’re also worth more than homes in neighborhoods where driving is the rule. While the report did not include the Buffalo area in its research, Suppa said he can relate to its findings.

“I think that points right to city living,” Suppa said. “There is a huge demand for that kind of lifestyle.”

For city dwellers in Buffalo, that is reflected in homes close to pedestrian friendly areas such as Hertel Avenue, Elmwood Village and Allentown, with their clusters of stores, restaurants and services, as well as theaters and entertainment.

The report looked at 94,000 real-estate transactions in 15 markets. In 13 of those markets, higher levels of “walkability” were directly linked to higher home values.

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