If you are a long time reader of Road to Real Estate: A Charlotte and Lake Norman Real Estate Blog, you know that I am a big fan of the public transportation opportunities that the city of Charlotte is offering (or will be soon). The Light Rail (Lynx Blue Line), the North Corridor Commuter Line (Lynx Purple Line) and the Northeast Corridor (Blue Line Extension), street cars, trolleys, and a slew of other items are currently in use or will be available in the near future for Charlotte area residents and visitors.
There are a several reasons why a city needs public transportation like light rails and street cars available if it wants to grow and prosper in the future, a few of which I mention here. One being the cost of fuel. That’s a no brainer. I just had to take out a 30 year loan just to fill up my car with gas. More and more residents are taking public transportation to and from work, events, and shopping trips. In a recent press release by the Charlotte Area Transit System (CATS), ridership is up over 9% for the 2008 fiscal year compared to this time last year.
Another reason is the city is becoming more of a residential and pedestrian friendly area instead of just a business district that closes at 5pm. (I recently read the results from a study, I wish I could remember where, that said people born after 1980 are more likely to live in urban areas than suburban or rural areas.) To assist those city residents that choose not to own an automobile, public transportation is the only way for those residents to get around, besides their own 2 feet. (Side note: With the value of Uptown property, the residents can most likely afford a car if they desire to) If a city does not provide options for public transportation, there will be few residents. Charlotte’s Blue Line allows center city residents to travel to Dilworth, South End and even South Park.
Lastly, and probably best of all, areas with immediate access to public transportation have seen property values increase (even in our current market). From a recent story (4/21/08) on National Public Radio (NPR),
Jonathan Hill, vice president of Metropolitan Regional Information Systems, which tracks home sales, sat in his office recently, clicking through page after page of price data sorted by ZIP code. There were a lot of negative numbers, but not in places that are close in or near public transit.
Keep these items in mind when you’re thinking of purchasing your new home or a parcel of land. Although they might not be important to you, they might be important when you try and sell the property.
Similar Road to Real Estate Posts
2 responses so far ↓
1 Lauren Everingham // Apr 23, 2008 at 7:25 pm
Hey Chad–I too, am a huge fan of public transportation. Asheville is sadly lacking in this area, but hopefully as the city expands public transit will catch on.
Thanks again for coming out to talk to our office about blogging yesterday. We’ve got a bunch of agents up and running with a blog. I have one going now as well, though not real estate related. Check it out if you so desire… http://www.raucousrooster.wordpress.com
2 Charlotte’s Light Rail: Already Adding More Trains // May 12, 2008 at 11:52 am
[...] note. Social and economic trends point to a mass transit oriented society starting to develop. Property values along public transportation and more specifically, light rail lines, are increasing …. Take note of this when purchasing your next piece of real [...]
Leave a Comment