Redfin's Alex Starace takes a look at whether being located near an elevated greenway--such as New York's Highline and Chicago's Bloomingdale Trail--gives a boost to home values.
When the Bloomingdale Trail was first proposed, many feared it would raise housing prices in the area--especially Logan Square and Humboldt Park--which would limit sales for some of the area's hottest submarkets. The park opened five months ago and ... not much happened to housing prices.
So the question remains: Do buyers pay a premium for the promise of a park?
We looked at all homes purchased within two blocks of the trail (between Armitage Avenue and North Avenue) and compared them to homes purchased within portions of the same neighborhoods (between Fullerton Avenue and Division Street), but not as close to the trail.