Retail Proximity and Residential Values or Do Nearby Stores Really Run Down Property Values?
29 Pages Posted: 25 May 2007
Date Written: June 7, 2006
Common knowledge tells us that locating retail sites near houses will run down the house's value. This common knowledge has lead to highly segregated land use patterns and automobile dependency. But, does locating near a store really adversely affect residential values. In this study we find that it is true for only very short distances - about 200 to 300 feet. After that, for about a quarter of a mile, proximity to stores - contrary to popular wisdom - actually increases residential value.
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