Tuesday, June 3, 2008

Gas prices drive up bus, rail ridership in Austin. How will it affect Real Estate?

"For the first four months of this year, Central Texans took 677,914 more trips system wide than during the same period in 2007--a 6.1 percent increase in ridership, according to data from the Capital Metropolitan Transportation Authority.
Capital Metro's Park and Ride usage is also up this year, 13.3 percent over 2007. "

Click here for complete story

It is going to be ineresting if these gas trends continue (economic indicators say they will) to see how people change the way they use public transportation here in Austin. I imagine the resale price of my Prius is probably going up not down. It will be really interesting to look back in a year or two to see how home prices are going to be effected for properties that are closer to the new commuter rail, park and ride lots, or bus stops. I think the price will rise based on making that a more desireable location (similar to living closer to downtown) This is also a time that we will see a rise in home values in areas like Northwest Austin, Cedar Park and Leander as we get closer to the opening of the NW Commuter rail. What do you think?

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