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Capital Connector Trail Main
Trail Map
Partnerships
Ingham County Parks Main
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PROPERTY VALUES
| An April
2000 survey of 2,000 recent homebuyers (National Association of
Homebuilders and National Association of Realtors) indicated trails
were second from the top of the "important to very important"
amenity list— behind highway access. According to Gopal Ahluwalia,
NAHB Director of Research, trails consistently rank in the top five
important amenities in making purchase decisions. (www.nahb.com/news/smartsurvey2002.htm)
Many studies demonstrate the positive role that greenways and
trails have on property values. Trails have been shown to increase
property values, thus increasing local tax revenues. Such increased
revenues often offset greenway acquisition costs.
- California’s Secretary for the State Resources Agency
estimated that $100 million would be returned to local economies
each year from an initial park bond investment of $330 million
(Gilliam, 1980).
- A greenbelt in Boulder, Colorado increased aggregate property
values for one neighborhood by $5.4 million, resulting in $500,000
additional annual property tax revenues. The tax alone could
recover the initial cost of the $1-5 million greenbelt in three
years (Cornell, Lillydahl, and Singel, 1978).
- Omaha (Nebraska) trails are generally perceived by nearby
residents as an economic benefit. Almost two-thirds of those
surveyed felt the trails would increase the selling price of their
home.
Furthermore, "70% of real estate agents use trails as a selling
feature when selling homes near trails. 80.5% of them feel the trail
would make it easier to sell."(Sjoquist 2003). On Seattle’s most
popular trail, homeowners with properties near, but not adjacent to
the trail, sold for an average of 6% more than comparable property
elsewhere. Additionally, the U.S. National Parks Service notes that
increases in property values range from 5 to 32% when adjacent to
trails and greenways. It is not uncommon in some western U.S.
communities to see "Trail Front Property" advertised in the same way
"Lake Front Property" is advertised in Michigan. |
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