Buying and selling real estate in the communities of Long Island
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Train access has value for real estate
Being near public transportation can help retain a home’s value, according to a new study released Thursday by the American Public Transportation Association and the National Association of Realtors.
The study — “The New Real-Estate Mantra: Location Near Public Transportation” — looked at how well residential properties near high-frequency public transportation retained their value during the recession compared to other properties in a given region.
Judging by five regions — Boston, San Francisco, Chicago, Minneapolis-St. Paul and Phoenix — residential property values performed 41 percent better on average if they were near transportation with high-frequency service, according to the study. The study showed that while property values declined between 2006 and 2011, the value of properties close to public transportation showed significantly stronger resiliency.
Though there aren’t statistics to say the same holds true for Long Island, Kevin Leatherman, 2013 president of Multiple Listing Service of Long Island and broker at Coldwell Banker Surf in Rockville Centre, says he thinks some homes do sell more quickly if they are near a train station. Commuter or not, Leatherman says, “If somebody lives within walking distance of the Long Island Rail Road, it’s a tremendous benefit.”
Some couples can get away with having one car, he adds, noting it’s especially true for those coming from the city who all of a sudden need a set of wheels to get around the Island. “Some buyers see the value in paying a premium for the convenience,” Leatherman says. And as roads become more congested, living near a train station may become even more desirable.