Monon affecting realty prices

Submitted by: Alan Billings

Edy's want to buy the old railway bed. I think that it would be better served making into a walking and biking trail such as the trails in Indianpolis. It could connect downtown with Glenbrook and other attractions. Families with children could use it along with commuters. It would increase ther property values of that lane near it. Plus give incentive to develop much of the vacant property near it. If you have been to Indianapolis you can see how areas that once were ran down are now areas the city is proud of and they advertise. The following is from The Indianapolis Star:

The Monon Trail is attracting more than nature-lovers, joggers and bikers these days: Developers also are trying to lay their hands on adjacent lots to build as many homes and condominiums as possible.

Upscale condos in Broad Ripple and single-family homes in Carmel are sprouting along the Monon, thanks to an increase in property values brought on by the trail. >Link

"Since Indianapolis does not have any mountains or oceans, the Monon has become an important natural feature," said Steve Pittman, who's developing 148 condos in Broad Ripple adjacent to the trail. "If developers find any property along the trail, they'll purchase and develop it."

Pittman said he paid 50 percent more for the 12-acre site than he'd have if the property had not been on the trail. Likewise, condos close to the trail would be priced 10 percent to 15 percent more than similar homes farther away.

"It's hard to quantify demand for the trail," he said, "but we know it's very high."

A joint study by the city and Indiana University estimates that property values along the trail will jump 5 percent once it's completed, said Ray Irvin, administrator of Indy Greenways.

"There's huge interest among developers for property along the trail," he said. "We recently announced grants to develop the South Monon; I've had real estate people wanting to know how soon they can do it.

"People see proximity to the trail as a real value to their property."

To attract more people to its Far Southside housing communities, developer CP Morgan paved nearly two miles of trail -- north of Southport Road near Banta Road -- and donated it to the city.

"We find prospective buyers are interested in amenities such as bike routes and trails," said Scott Bowers of CP Morgan, which is developing communities in Perry, Decatur and Franklin townships along another trail being developed to connect to the Monon.

"The city identified a need for a trail in the Southside. So we worked in conjunction with the city to build the trail, and at the same time made our communities more attractive."

Matt McLaughlin, a real estate agent with F.C. Tucker who sells homes in Carmel and Fishers, concedes proximity to the trail makes it easier to sell homes.

"I can't give you an exact dollar value," he said, "but it's easier to sell homes on the Monon."

Some observers, however, are worried at the mushrooming growth along the Monon.

"The trail is planned to be a recreational facility with the intent of providing passive relaxation," said community activist Clarke Kahlo. "If the trail becomes crowded with over-intense commercial and residential uses, it loses its recreational value."

Kahlo said plots along the trail were being converted into housing developments -- a trend that could endanger the environment and quality of air.

For instance, he said, the land in Broad Ripple where Pittman is developing the condos was supposed to be a park, according to the city's master plan. But the land was rezoned to develop the condos instead.

"We've got a comprehensive land-use plan," Kahlo said, "but these plans are not effective."

Pittman counters that the Broad Ripple land was originally a dump site.

"We cleaned out the property," he said. "What we are doing is promoting economic development, creating a stronger tax base and bringing more business to the merchants."

Posted by Admin at August 18, 2004 10:01 AM