![]() “In general, proximity to rail is shown to have positive impacts on property values such as sale prices of single-family homes, apartment rents, and median home value.” Potential Noise and other Negative Aspects - Urban Blight? It concludes with a suggestion that the primary positive impact of rail on property values is the impact due to accessibility. entitled “Impacts of Rail Transit on Property Values,” Diaz presents a summary of studies examining the impact of rail transit on property values. to Dallas to San Diego to Portland have seen their transit systems trigger development and redevelopment in association with these transportation systems. Achieving the high-end potential for increased property value also generally requires building more complex, mixed-use projects at higher densities.Ĭities from Washington, D.C. However, the amount depends on the local regulatory environment, regional connections and national and regional economics. The National Association of Realtors reports this “transit premium” can range from as little as a few percent increase to more than 150 percent. Real estate experts have long known that public transit increases the development potential of real estate near transit lines, thereby increasing property values. The distance was measured as the crow flies from the midpoint of each parcel to the nearest station. In San Diego, properties near commuter rail stops enjoyed consistent price premiums of 17 percent compared to properties further from public transit options, according to a 2003 study by the Urban Land Institute.Īccording to a Jarticle by online news site Honolulu Civil Beat, “ More than half of the nearly 300,000 different parcels on the entire island of Oahu are within two miles of a rail station, showing just how many Honolulu residents could potentially benefit from the train.”Īn analysis of real estate data performed for Civil Beat shows 54.7 percent of the 289,248 parcels in the City and County of Honolulu are within two miles of a rail station - perhaps about 10 minutes on a bike or just a couple minutes in a car. Researchers Lee Cockerill and Denise Stanley, of California State University-Fullerton, concluded “ …rail transit has enhanced residential property values some 2 percent to 18 percent in Portland, Sacramento, San Diego, and Santa Clara, with larger changes in cities with commuter rail systems.” So how much financial value can an aesthetically pleasing rail station with connections to other modes of public transportation add to a residential property?Ī 2002 review entitled “How Will the Centerline Affect Property Values in Orange County: A Review of the Literature and Methodological Approaches for Future Consideration,” took a look at 41 studies of 15 rail systems across the country. In addition, some rail stations may have parking for commuters with vehicles (park-and-ride lots), vehicle loading zones and short-term waiting areas (kiss-and-rides), bus transit center and taxi, private shuttle and tour bus loading zones. So what does this mean for home prices in close proximity to the rail stations? Accessibility and Convenience - Potential Investment Opportunity?Ī HART fact sheet ( ) on station design, states that the entrance of each community rail station will be based on residents’ input from station design workshops to reflect each community’s character and history. ![]() Stations will also be built in the communities of Waipahu, Pearl City, Aiea, Kalihi, Chinatown, Downtown Honolulu and Kakaako. The route stretches from Kapolei to Ala Moana Shopping Center with stops at UH-West Oahu, Leeward Community College, Pearl Highlands, Pearlridge, Aloha Stadium, Honolulu International Airport and Honolulu Community College. There are pending lawsuits to stop the project, but at this point, all systems are go - so the question is: If rail transit becomes a reality, what will be its effect be on Hawaii real estate?Īccording to the HART website ( ), the project will cost an estimated $5.5 billion to build and is scheduled for completion in 2019. ![]() The ceremonial groundbreaking and blessing was held on Kualakai Parkway in East Kapolei, near the site of the first of 21 rail stations planned for the 20-mile elevated route. The bottom line is that the City & County of Honolulu broke ground for the Honolulu Rail Transit (HART) project in February. You hear conversations all over town beginning with, “what do you think about rail?” This article won’t get into the debate about whether you’re for or against. It’s probably the hot topic in Hawaii today. ![]()
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