Homes Near Open Spaces Command Big Bucks

Homes Near Open Spaces Command Big Bucks
The research shows that home buyers are willing to pay a premium to live near such open, undeveloped tracts. Sarah Reed, co-author of the study, and her colleagues compared 2,222 home sales in five counties throughout Colorado between 1998 to 2011.

"You can walk out your back door and start jogging on a trail that takes you through miles and miles of forest preserves,"

The conservation developments designated an average 64 percent of land as open space, while traditional rural subdivisions allocated just 4.9 percent. The study found that homes in conservation developments sold for 29 percent more than properties located in conventional residential projects.
Furthermore, increasing lot size in an undesignated conservation development hiked the market price by 38 cents per square foot, the report found. In nonconservation developments, a larger lot size translated to just 9 cents per square foot. The study was funded by the National Association of REALTORS® and CSU's School of Global Environmental Sustainability. Watch the Video ...