Have you ever noticed that homes close to the Denver Light Rail system are more expensive than other residences? Being close to a public transportation point is valuable due to the convenience and money-saving aspects of having easy access to public transport. It just makes going to work at the Denver Tech Center and heading to the Denver International Airport that much easier. This is why homes found along any light rail corridor in Denver have historically been more expensive.
The same story was true in San Francisco. Homes with easy access to public transportation won a 20 percent premium on their values. However, the situation is changing in San Francisco as a result of ride hailing apps like Lyft and Uber. According to real estate experts from the San Francisco area, once-desirable neighborhoods with public transportation access are now losing a bit of their appeal because people have other options for getting to work.
The priority with many "moneyed" professionals is time. When you drive to work, you lose an enormous amount of time because you have to pay attention to the road. When you ride a train to work, you can stay productive, respond to emails and get a great deal done. Now, with Uber and Lyft, workers have more options in terms of staying productive on their electronic devices and they can take advantage of these services no matter what neighborhood they live in. Perhaps, just like San Francisco, Denver will also see a decline in real estate values along its light rail points.
People looking to buy or sell residential real estate property should consider the above before making a purchase. They should also consider many more details -- some of which only a seasoned real estate professional will know about. If you're ready to buy or sell a property in the Denver area, make sure you thoroughly examine all of the factors that deserve your consideration.
Source: Business Insider, "Uber and Lyft are changing where rich people buy homes," Sarah Jacobs, May 03, 2018