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I received an email recently from one of my online/print media contacts, Julia West.
Julia is a contributing writer for Metro Philadelphia, and asked me to help on one of her recent articles titled, "Homes on Rittenhouse Square are like 'beachfront property.'"
Our conversation focused on the following, "What kind of effect does 'green space' have on the real estate around it?" Whether it's a neighborhood park, local running/biking trails, tree-lined streets, etc.
We discussed this subject from a few different perspectives:
Have there been any local studies done on green space?
How does green space help the people who live around it?
How does green space improve Philadelphia's neighborhoods?
Since I had to be short and sweet, as there were a few other Philadelphia real estate agents being interviewed, I have included some of the thoughts that were shared with Julia:
1. Have there been any local studies done on green space?: I found one study through some online due diligence conducted by Wharton at UPenn in 2006, and it said that "Philadelphia homes in close proximity to new tree plantings showed a rise in valuation of 9%." Now, that's a very defined statement, but I believe it rings true in Philadelphia nonetheless. If a buyer is looking to purchase a home in a dense Philadelphia neighborhood, and they had to choose between a tree-less street or a tree-lined street, I'm sure you would agree with me that the buyer would most likely choose the tree-lined street. Please know that the home's location, price, size, and condition would all play important roles, but if block appearance and curb appeal were the most important factors, that's probably how it would play out. Since there are many blocks in Philadelphia where trees have been removed due to sidewalk issues and/or neighborhood neglect, I can see why new tree plantings help as much as they do.
2. How does green space help the people who live around it?: In my professional opinion, I feel that green space offers 3 major benefits to those who live around it: 1) Better quality of life, 2) Healthier residents through recreation, and 3) Stronger/Safer neighborhoods. Again, this is just my own opinion and not fact (as I did use the word "safer," which is a no-no for Realtors), but I feel there is some logic behind it. More green space can lead to a more-attractive neighborhood, accessible green space allows the neighborhood to use it more frequently, and if neighbors take care of their local green space on a regular basis it can lead to a more-involved/more-aware community (e.g. Rittenhouse Square, Franklin Square, Fitler Square, etc). Much of Philadelphia's green space is a shared resource, which means that healthy green space can become a desirable amenity.
3. How does green space improve Philadelphia's neighborhoods?: In a city like Philadelphia, which has many older/dense neighborhoods due to rowhousing, narrow blocks, and tight sidewalks, green space can make a neighborhood feel more inviting. Tree-lined streets, small parks, or even close access to Fairmount Park can make a big difference in peoples' lives. A more livable neighborhood, is a more desirable neighborhood; therefore, it can be perceived as a more valuable neighborhood from a real estate perspective.
I hope you found this information valuable, and I hope to contribute to future articles on Metro Philadelphia.