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‘Green’ Gives More Value

Thursday, September 20th, 2012

Study proves that Green-built homes offer more value to their owners

We see the stories over and over about the studies that have been conducted out West: Green-built homes are fetching higher prices than their standard counterparts when on the market. Well, another of such stories has been released, and it states, in a nutshell, that homes that have been built in a more sustainable way bring on average 9% more in value to the owner when sold.

This green label that they speak of, could it be the “green home choice” of Arlington? The EarthCraft standard of the Region? The LEED for Homes standard or just someone saying, “Hey, folks! I built this home with energy efficiency in mind?” The more educated consumer of the West Coast was probably looking for a label; the researchers from this recent article even went so far as to say that some people just want a home that is energy efficient based on what they were calling the “Prius Effect” or, when Buyers in areas where support of environmental conservation is relatively high — as measured by the percentage of hybrid auto registrations in ZIP codes — are more willing to pay premiums for green-certified houses than buyers in areas where hybrid registrations were lower.

Whether the buyers were looking for the HERs rating, a LEED number or a builder to say that they had some sort of protocol that they were following to bring them to a more sustainable product, the overarching theme here is that a green home is a green home and it is going to hold its value in giving back to the owner over time through its sustainability features and the savvy buyer will know this, through the Prius Effect or not. Saving green- is still saving green. You follow?

Now, let’s just find out what the trends are here on the East Coast and give our West Coast counterparts a run for their green in Green-building? What do you say?

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Penrose Brings Added Value

Thursday, April 26th, 2012

Columbia Pike Revitalization is doing its job.

In a recent discussion with Takis Karantanis, Director of the Columbia Pike Revitalization Organization, it is brought to light that the updates that have already occurred along the Pike have brought an increase to the value of the neighborhood behind the Pike.

If you had driven down Columbia Pike even three years ago, let alone fifteen years ago, a totally different street facade close to Barton Street would probably be what you recall. To take the stroll down the Pike now infront of what is now the new Penrose development gives a whole new face to what the Columbia Pike Revitalization Organization hopes to see down the entire 3.2 mile stretch of this great road with so much potential to be a pedestrian friendly, multi-modal community in South Arlington. Interestingly enough, Karantanis suggested that the Penrose neighborhood, that the new development is aptly named for has seen an increase in property values since the completion of the development project. People find the community more approachable and the amenities that the new grocery store and convenience of the vibrant restaurants and soon to be lush park squares give the area a new-found air of superiority to the areas of the Pike which are yet to see the revitalization.

With revitalization, always comes push-back, there are of course, some folks within a few of the fish-boning communities that offshoot from Columbia Pike whom are concerned that if the multi-modal revitalization gets too out of hand, that property taxes will rise and that some people, people who can afford to live in South Arlington now, may not be able to afford to live there later after the revitalization of the area is complete.  It is a double edged sword; however, there are over a dozen subsidized low-income multi-family developments along Columbia Pike that are also being developed in a sustainable fashion and are incorporated into the same multi-modal, form-based-code program that the rest of the revitalization projects are conforming to. Is this a double edged sword or a win-win situation?

If areas such as Penrose Square are seeing an increase in the desirability in the neighborhoods behind the newly revitalized Columbia Pike development, what will happen when the rest of the over three miles of proposed roadway is re-vamped to be the same gleaming building style with bits and pieces of the charm, character and charisma that is South Arlington? Can you say multi-modal boomtown?

 

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