Good news is we have lots of data on the subject thanks to the last HALA upzone in 2012. Of course, which hood you’re talking about matters in how quickly the changes are implemented, but one thing remains true for all: As walkability rises, so do the prices of the homes. I’ll explain:
Most things that affect a home’s value are incremental. When you add several things up, it can equal a large number. But one factor changes a homes value in a VERY significant way: walkability! A full 100 walk score can change the price of a home by 20% or more in some cases. But you’ll want to buy in a hood that has the most to improve in order to gain the maximum advantage. For example, an up-zone in Capitol Hill may not change your value much because your walkability is already very high.
However, if you buy in a neighborhood that currently has an average of a 70 or 80 walk-score and new mixed-use mid-rise buildings are built, the walk score might improve to 90-95% your homes value will increase dramatically!
The Vulcan project, while not part of HALA, shows the results of what rezoning can bring to a neighborhood.
One area we had our eye on was the Morgan Junction up-zone. Currently all the shops are single level or 2-story, but in August the HALA rezone will (likely) be approved and 5-story buildings with first floor retail will be possible on California Ave between Raymond and Holly. Plus, low-rise 3-story buildings just north and south of the mid-rise center will be approved. Our eye is on this because this is an area that will benefit greatly, as described above.
The Morgan Junction in West Seattle
High Point, Morgan Junction, Gatewood and Seaview should all see improvements to walkability and value. Plus, it’s exciting to see what new shops will come as the proposed land use signs go up.
This is very exciting news for what was a sleepy little spot in West Seattle. HALA is being voted on this August. Keep your eye out for the hoods that will be dramatically improved by adding to the cultural and culinary delights with each rezone.
We just posted a new listing in West Seattle’s High Point community that will benefit greatly from this up-zoning. Check it out by CLICKING HERE.