Sections of Jacksonville where it’s a short walk to shopping, dining, movies, parks and libraries are holding real estate values better than subdivisions where residents have to travel by car for the same things.
Environment conscious people want to do their bit in reducing carbon footprint by taking the sidewalks and biking. But it’s not just about environment; people realize the health benefits too. A national study in its report titled, “Walking the Walk – How Walkability Raises Home Values in U.S Cities,” rated 15 cities on a basis of how much of those cities were walkable, or had residential areas within easy walking distance of places people regularly want or need to go. It’s all about the destinations.
Jacksonville’s most walkable areas are in communities like Ponte Vedra, Riverside, San Marco and Springfield, as well as downtown itself. There is no dearth of walkable space in Ponte Vedra as development here focused on travel by foot as well as by car. Older and mixed-use areas of Ponte Vedra hold the best property value. Ponte vedra homes for sale with the above-average levels of walkability command a premium of about $4,000 to $34,000 over homes with just average levels of walkability in the typical metropolitan areas.
The choice, convenience and variety of walkable neighborhoods are reflected in Ponte vedra real estate and are the product of consumer demand for these attributes. Newer cities that have grown mostly since World War II are the one with these attributes. Walkablity is already a norm in urban areas like San Francisco, New York City, Philadelphia and Chicago. In general, home value are depressed around the county, and in metro areas, the houses that are closer to the centers with walkable areas are holding their value better than the suburban fringe.
In Jacksonville neighborhoods that scored well, like Ponte Vedra and Riverside, residents have long been able to walk to commercial centers, corridors or nodes. Hence it makes sense that those areas hold value better than others.
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