Fueled by demographic change and concerns over quality of life, there has been a growing interest in communities with active transportation modes. The recession added another dimension to these discussions by emphasizing the economic implications of transportation choices. Housing and transportation, the two economic sectors mostly closely tied to the built environment, were both severely impacted by the economic downturn.
There has been a growing effort among planners, real estate professionals, and economists to identify not only the economic benefits of alternative transportation modes in and of themselves, but also the impact that they have on housing prices and value retention. The real estate mantra of “location, location, location” is more important than ever. Moving beyond the traditional arguments that good schools and neighborhood amenities impact housing prices, emerging research has indicated that urban form and transportation options have played a key role in the ability of residential properties to maintain their value since the onset of the recession.
Transit Oriented Development (TOD) is one of the major themes of the Asia Pacific Real Estate Congress (APREC) September 10-12 in Honolulu, HI. Click here to find out more.