Aug
19

Chicago Real Estate That Walks The ‘Walk-Ability’ Are Valued Higher

August 19, 2009
100 Walkscore for Winthrop Club of Evanston

100 Walkscore for Winthrop Club of Evanston

The desirability of living near public transportation, schools, parks recreation and cultural activities seems to increase in Chicago every year.  Many home buyers are moving back towards urban hubs and the demand has helped Chicago real estate values with the advantages a large city provides. While its widely understood that urban lifestyles aren’t for everyone, the values of homes with high ‘walk-ability’ scores are to fairing better than their more remote suburban sprawling counterparts.

Can you measure the ‘walk-ability’ of your home?  Of course you can and walkscore.com enables users type in their address and see how their home or perspective home scores.  Things like the proximity to a Metra or Bus station, grocery or drug store, parks, restaurants and schools all contribute to your ‘walk-ability’.  A score of ’100′ equals one of, if not the most walkable address on earth and a score of ’0′ would indicate that you might need to drive to get your mail.  Winthrop Club in Evanston is an example of the few addresses in Chicago real estate that can claim a ’100′ score…

A recent report by Joseph Cortright called, “Walking the Walk: How Walkability Raises Housing Values in U.S. Cities” that sampled nearly 100,000 thousand of real estate transactions and found that 13 out of 15 communities measured, a higher ‘walkscore’ rating contributed to higher home values.  The study found that in the typical metropolitan area, a one-point increase in Walk Score was associated with an increase in value ranging from $700 to $3,000 depending on the market.

Be sure to consider the possible financial pluses of a higher walkscore.  If one member of your family can commute to work via public transportation and you can get by with one automobile, you will save a considerable amount in vehicle-related expenses and be a little greener.  A significant green building component is access to public transportation and therefore less use of a car which of course helps your ‘greenscore’ too.

See the article on home value and the relationship to walkability by Chicago Agent Magazine – (click here)

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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