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August 28, 2009

Walkable Neighborhood = Higher Value House

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Steve at UrbanReviewSTL passes along a study (.pdf file here) that finds that homes in neighborhoods with higher “walk scores” tend to sell for a great value than comparable homes elsewhere. I think this is borne out in St. Louis via anecdotal evidence: Local realtor Dawn Griffin recently advertised several listings she had in a certain price range and “walkable to MetroLink.” Of course, Steve does point out that the value gained is greater in cities that are already more dense & urban, and lesser in smaller cities – but value gained is value gained, and the trend seems to be that people are willing to pay more to drive less.

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