HOUSTON – Parks and trails systems deliver significant value to properties near the public green spaces, a Houston valuation firm reports.
“Properties located adjacent to one of Houston’s premier parks typically receive more than a 20 percent positive impact in value because of their proximity to these outstanding public spaces,” says Matthew Deal, principal of Deal Sikes & Associates. “Quality parks deliver value to both residential and commercial properties, including land parcels and high-rise, mid-rise and single-story buildings.”
With the emphasis on expanding parks in Houston, such as the new Buffalo Bayou Park, this public spending lifts values of privately owned properties that don’t even have direct park frontage.
“Even properties that are located more than 1,000 feet from a park can receive a positive valuation impact of 5 to 10 percent,” Deal says.
Just having a great view of a beautiful park, such as Buffalo Bayou Park, can contribute significantly to the overall value of a property, says Mark Sikes, another principal with the realty valuation firm.
“Vistas make a difference, too. Buildings with outstanding views of park land make a property more desirable and therefore, more valuable,” Sikes says.
Houston developer Marvy Finger was one of the first to understand this trend when he developed the One Park Place apartment tower across from the DIscovery Green park in downtown Houston a few years ago. It was a home run for Finger, who leased it up fast at premium rental rates.
The city’s recent emphasis on park development is creating real estate value, beyond the obvious lifestyle benefits. “Houston is developing a world-class park system that will influence property valuations for years to come,” Sikes said.
The 160-acre Buffalo Bayou Park, stretching more than two miles from downtown Houston to Shepherd Drive, opened in October. Discovery Green park has been a catalyst in downtown, and major improvements have been completed at Hermann Park. The planned redevelopment of the 1,500-acre Memorial Park is a transformative, world-class undertaking that will be noted on the national level.
The city’s recent emphasis on park development is creating real estate value, beyond the obvious lifestyle benefits. “Houston is developing a world-class park system that will influence property valuations for years to come,” Sikes said.