Gas prices, trains and real estate

oscarthewild · May 24, 2008

Hello,

I have a house currently on the market in Poughkeesie, NY. Poughkeepsie is the last station on the Metro North. The train station is about 12 mins from my house. Pok is about 65 miles from NYC.

Does this train of thought sound logical?
As gas price goes up, more people would want to take train. (NYT had an article and also parking lots at the train stations are overflowing these days). As my house is not too far from a train station, it will hold/increase in value more than similar house (with similar school districts) that are farther from train stations. The distance from the train or tube station used to be a factor in London suburbs but there, it was walking distance. Here it is driving.

Much thanks

Laffertron · May 25, 2008

As someone who has never owned a car, being close to public transport is a minimum requirement which I'm sure plenty of other people consider. I'm not sure if you'll get a noticeable advantage in the sale of your house, but I do know that in certain parts of America where new developments have been put up on the outskirts of cities(Phoenix, LV, etc), some people can no longer afford to drive for an hour each way to go to work.

DNW · May 25, 2008

Yes. If you house is close to a train station, and where a significant number of people take the train to work, your house has a higher value--with all else being equal. This is true regardless of how expensive gas prices are, but even more so when gas prices are on the rise.

Ataturk · May 25, 2008

Your house is 12 minutes by car from a train station that's 65 miles from NYC.

That sounds like a hell of a commute.

rnoldh · May 25, 2008

Originally Posted by oscarthewild

Hello,

Does this train of thought sound logical?

Much thanks

Yes, it certainly sounds logical.

How it works in practice we shall see.

I hope you get a good price as a seller.

topcatny · May 25, 2008

Having done that commute from New Hamburg (the 2nd to last stop on that train line) for 2 years or so I would agree with the comment that thats a hell of a commute. Going in in the morning wassn't bad but I found the comute home hellish.

I think the bigger question is, is your house in the Town of Poughkeepsie or the city of Poughkeepsie School district? I think this will have more of an impact on your house value.

dtmt · May 26, 2008

Originally Posted by oscarthewild

Does this train of thought sound logical?

Originally Posted by Laffertron

As someone who has never owned a car, being close to public transport is a minimum requirement which I'm sure plenty of other people consider.
Where do you live? I enjoy not needing a car here, but I think for many Americans going without a car is unimaginable, even with the current gas prices.

oscarthewild · May 26, 2008

Originally Posted by topcatny

Having done that commute from New Hamburg (the 2nd to last stop on that train line) for 2 years or so I would agree with the comment that thats a hell of a commute. Going in in the morning wassn't bad but I found the comute home hellish.

I think the bigger question is, is your house in the Town of Poughkeepsie or the city of Poughkeepsie School district? I think this will have more of an impact on your house value.

Town of Pok, Arlington school dist. Arthur s May elementary. If you know the red oak mills area, it is by the soccer fields between red oak mills and vassar.

Laffertron · May 27, 2008

Originally Posted by dtmt

Where do you live? I enjoy not needing a car here, but I think for many Americans going without a car is unimaginable, even with the current gas prices.

I live in Brisbane, Australia in a suburb called Fortitude Valley - it's adjacent to the conservative business dress so I'm a 10 minute bus ride to work.

If you don't live in a city big enough to have convenient public transport a car is pretty much your only option - especially if you fall into the trap of moving into one of those fancy new tract homes built on bulldozed farmland on the edge of town.

topcatny · May 27, 2008

Originally Posted by oscarthewild

Town of Pok, Arlington school dist. Arthur s May elementary. If you know the red oak mills area, it is by the soccer fields between red oak mills and vassar.

I know the area you are referring to. It's been almost 15 years since I spent any time up there but I used to play basketball in Red Oaks Mill.

I think you have a better chance of your house holding it's value in that area. The school district is good and if I remember correctly housing prices never increased like crazy as they did in Westchester and Long Island.

There are lots of people who make that commute daily but 1:30 to 1:45 on the train in each direction was a little too much for me.

Ace Rimmer · May 27, 2008

Originally Posted by Laffertron

As someone who has never owned a car, being close to public transport is a minimum requirement which I'm sure plenty of other people consider. I'm not sure if you'll get a noticeable advantage in the sale of your house, but I do know that in certain parts of America where new developments have been put up on the outskirts of cities(Phoenix, LV, etc), some people can no longer afford to drive for an hour each way to go to work.

I agree. I have not owned a car since high school, which was quite some time ago. I've always walked to work. Think of all the money you save by not having to pay for a car note, insurance and parking ...

When I need a car I rent one. We also have CarShare and Zipcar here in Philly. I prefer renting because they don't charge you by the mile or hour.

briancl · May 28, 2008

I just bought a place on 3 major bus lines and 1 El line. Being close to transportation was a significant factor.

chorse123 · May 28, 2008

Distance to public transportation was a major factor in purchasing where I did. There are a lot of "developing" neighborhoods in NYC that are poorly served by the subway with only one local line. Our place is right between two express lines and three local lines, which should help if the housing market turns much worse.

I think if you are that far from the city, you need to be close to the rails.

unpainted huffheinz · May 29, 2008

Originally Posted by briancl

I just bought a place on 3 major bus lines and 1 El line. Being close to transportation was a significant factor.

Lincoln Square?

briancl · May 29, 2008

Originally Posted by unpainted huffheinz

Lincoln Square?

Wicker Park

Gas prices, trains and real estate

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