Silver Line Bus Rapid Transit in Boston, Massachusetts, Impacts on Sale Prices of Condominiums Along Washington Street
mode - bus rapid transit, place - north america, land use - impacts, land use - smart growth, land use - transit oriented development
Bus Rapid Transit (BRT), Boston, transit oriented development, smart growth, prices
As bus rapid transit (BRT) continues to grow in popularity in the United States, a better understanding of the mode's impacts on land uses and property values continues to be needed. This research sought to quantify the impacts of access to BRT stations on the sale prices of surrounding condominiums located along Washington Street in Boston, Massachusetts, where Phase 1 of the Silver Line BRT began operating in 2002. The hypothesis that the BRT stations had an impact on market value similar to light rail transit projects (considering the level and permanence of the investment) was tested with a hedonic regression methodology for estimating the impact of access to BRT stations on sale prices of condominium units. A key result was that, for condominium sales in 2007 or 2009, the BRT premium was approximately 7.6%. For condominium sales in 2000 and 2001, before the opening of the Silver Line, no sales premium existed for proximity to the corridor. These results suggest that access to high-quality transit service, not necessarily the mode itself, induces this premium. Although this study is specific to the Boston Silver Line Washington Street corridor, further research into the impacts of BRT is encouraged as a means to provide policy makers and the transit industry with the best information possible for making optimal transit investment decisions in their communities.
Permission to publish the abstract has been given by Transportation Research Board, Washington, copyright remains with them. Published by Transportation Research Board Washington.
Perk, V., Bovino, S., Catalá, M., Reader, S., & Ulloa, S. (2013). Silver Line Bus Rapid Transit in Boston, Massachusetts Impacts on Sale Prices of Condominiums Along Washington Street. Transportation Research Record, Vol. 2350, pp 72-79.