Light Rail expansion to boost home prices
Highlights:
- The W Line, the first leg of FasTracks, opens April 26.
- Homes near the light-rail line can expect double-digit appreciation.
By Melissa Olson
Special to InsideRealEstateNews.com
When the West Rail Line opens later this month, nearby homeowners not only can look forward to hopping the first completed FasTrack’s light rail line, but can also expect double-digit home appreciation in the next few years.
“Generally, homeowners close to light rail stops can expect to see their values increase by nearly five percent in the first year, 10 to 11 percent in the second year and between 15 and 16 percent in the third year following the opening of (a light-rail) line,” according to Gary Bauer, an independent Realtor.
Bauer was one of about 110 Realtors who recently rode the 12.1-mile West Rail Line, or W Line, which is scheduled to open on April 26. (The “West Corridor” or “West Rail Line” is the name of the infrastructure itself, while “W Line” is the name of the operational service on the infrastructure.)
The sneak preview of the line on Wednesday was sponsored by the Denver Metro Association of Realtors. The line connects Denver Union Station to Golden.
“The Denver Metro Association of Realtors (has been a longtime supporter of the RTD expansion and we’re extremely excited to be able to arrange previews like this for our members,” said Dave Pike, DMAR president.
“Realtors are a crucial part of Denver’s economy,” Pike said. “It’s important they have the local expertise needed to anticipate opportunities for buyers and sellers throughout the metro area. By organizing events like today’s pre-opening ride on the RTD West Line, DMAR members are able to get invaluable experiences that ultimately help in counseling their buyers and sellers.”
Voters approved the $4.7 billion FasTracks in 2004. The West Line cost $707 million and is expected to serve 20,000 commuters each day.
Lakewood Mayor Bob Murphy was one of the speakers to address the Realtors. He discussed the virtues of what are known as transit-oriented developments near light rail stations.
Murphy said a 1,300 unit mixed use development near the Federal Center has drawn international interest and the “horseshoe” portion of the line is anticipated to be a major commuter hub.
Other future development include a new arts district that will be established north of West Colfax Avenue, a railroad restoration and exhibit museum and student housing opportunities.
The RTD Light Rail Station on the W Line. Photo Credit: Kristal Kraft
RTD will provide 5,600 parking spaces along the W Line along with $2 million invested by the City of Lakewood to improve bike paths and public art installations planned for the stations, neighborhood walk-up stations, which will make the daily commute much more amenable.
Several employers, such as St. Anthony’s Hospital in Lakewood and DaVita in downtown Denver, sought locations with easy access to the new stations as well as other commercial development projects, bringing thousands of employees to Lakewood each day.
“This will have a very positive impact on the City of Lakewood and homeowners within two to three blocks of the light rail line,” Bauer said.
It also will be great for those on the West side who work in downtown Denver who want to leave their cars at home, he said.
“Downtown commuters will really see the value of these investments,” added Bauer.
Completed eight months ahead of schedule, the W Line has been undergoing trial runs and emergency responder testing.
“The completion of the W Line is really a great example of collaboration among the various agencies needed to make this a reality,” Bauer said.
The W Line features 11 new stations, and will be the first light rail line to run through neighborhoods with 20 at-grade crossings.
“As a Denver native, I am thrilled to witness the transportation vision our local government leaders set into motion several decades ago, said Anthony Rael, a Realtor with RE/MAX Alliance who rode the rail line.
“The new RTD light rail West Line is the latest great achievement in our community and will really create high demand for Lakewood homes,” Rael added.
“Easy access from Lakewood to downtown Denver is a key factor for homebuyers.”
Melissa Olson has more than 20 years of experience in marketing and public relations, spanning a number of industries. As the marketing director for the largest multiple listing service (MLS) in Colorado, she produced monthly housing reports and analyses for metro Denver over the past eight years.
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