We’ve all heard about the importance of location for real estate values. At the ’micro’ level, we want our home to be placed strategically near work, schools, shopping, entertainment and recreation depending on our interests and obligations. Perhaps we want to be located in stable neighborhoods that can protect our home values. Or the opposite, less human interaction, more open space to enjoy peace, privacy and tranquility. We might require a viewscape to inspire us each day. Our personal desires choosing a home create value if others want the same thing. The more people that want what we want, the more secure our home values are likely to be.
What about location on a ‘macro’ level? For example, did you know that Oro Valley is planning a Main Streets project https://www.orovalleyaz.gov/sites/default/files/media/files/docs/2016/ovmsfactsheet-may2016.pdf? The concept behind a city main streets project is to revitalize commercial districts or ‘nodes’ by commercial development concentration with street connectivity. It encourages people to congregate and travel between nodes by walking and biking to destinations. While planning and implementation is often incremental and can take time, the benefits can out weigh the investment. What does this mean for you, the smart homeowner? Before purchasing or selling your home, check city and community planning efforts to be aware of how you might be impacted. Purchasing a home strategically near a main streets project may increase your home value.
Here is more information on how main street economic development impacts real estate values: