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Max line coming through Brooklyn neighborhood

How will that change housing values?

  • August 14 2010 - Portland
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Answers (7)

I think that is a hard question to answer. However, I do know that Portland is a very public transportation and bike oriented City. So being super close to the tracks may not appeal to one buyer, it may be the deciding factor for a buyer who solely relies on public transportation.

Good Luck!
  • August 05 2013
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This has interested our team in the past and so we researched it long ago. We found that the distance between the tracks/stations and a house makes a big difference. Value may drop for a house that's too close for comfort as well as too far away to be convenient walking distance. So therefore a "sweet spot" is created when the max goes in.
  • February 06 2013
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Profile picture for dwportland
I don't know that the MAX itself will change values much, but the association with it should help.  That is, it's expected that other good things will follow - more pedestrian-friendly business, urban redevelopment, etc.  Those things should definitely help values.

That said, I've had a couple of clients sell their home after the MAX moved in because they felt it brought in more drugs and other minor crimes.  This is likely neighborhood-specific...and driven by perception, whether the data is there or not...which I couldn't speak to.
  • February 05 2013
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How will the Max line change housing values? This is a very tough question to answer.  The impact of external developments on home values is best left to the experts.  However, here are some insights into what kind of things these experts should be monitoring and studying:

 

Impact on the residential market can begin as soon as the project is publically announced.  Some developers watch local  government approvals and land use decisions just for this reason.  Some of the first ways that impact can be measured are in changes in rental rates and asking prices.  How have rental rates for homes and apartments changed in your neighborhood since they announced that the Max line would definitely be coming through?  Have asking prices for homes increased in the Brooklyn neighborhood while they have fallen or stayed steady in surrounding neighborhoods?  Have asking prices and sales prices for vacant residentially-zoned land increased since the Max line was announced?

 

The important thing to know is that the basic economic forces that affect home values aren't on hold until the project is completed.  Property owner's, real estate investors, and property developers have watched this project since it was announced and have made informed decisions based on their own assumptions about how the project will affect homes values ever since then.  The supply of existing and new homes in the Brooklyn neighborhood and demand for more, and at what price, are in the thoughts of many speculators and players on the local real estate scene.

 

Of course part of the demand equation will depend on when the project is completed.

  • August 23 2010
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I believe it does help property values in the Portland area.  Other areas of the country often see a rise in crime associated with public transportation lines however, Portland seems to be the exception.  People living in this town like the idea of not having to drive to work and the MAX line is a nice, inexpensive alternative.
  • August 15 2010
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It will be dynamite, just as it is every place else MAX goes. I just sold a home not far from the planned MAX route, and while it's too soon to say for sure, I had the distinct impression values were more stable there than in other parts of Portland (not counting where MAX already is).
  • August 15 2010
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I believe public transportation is a plus in any neighborhood.  How it will affect property values in a challenged market (as we are experiencing in Portland) will be "up for grabs".  However, eventually it will be a marketing "plus"...jj
  • August 14 2010
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