Friday, July 20, 2012
PROPERTY VALUES AND TRAILS
Historically, the first knock on a proposed trail in most communities is that property owners adjacent to the trail fear that the trail will detract from the value of their residence. Several studies, both national and local, have proven that exactly the opposite is true.
Close to home, a case study by the Delaware Valley Regional Planning Commission (DVRPC) and the GreenSpace Alliance* in late 2011 showed that residences throughout the area all benefited from close proximity to open space. Homes in Radnor, PA increased an astonishing $69, 139 in value specifically due to their proximity to the Radnor Trail. Open space adds $16.3 billion to the value of southeastern Pennsylvania’s housing stock; that’s an average of $10,000 additional value for each house.
*Return On Environment- the Economic Value of Protected Open Space In Southeastern Pennsylvania, Delaware Valley Regional Planning Commission, Publication No.: 11033B, 3/2011
So, the next time someone expresses fear that a proposed trail will adversely affect their property values, tell 'em about the DVRPC study !