Adopted by the NAR Board of Directors on May 17, 2008
Find answers to your questions about transportation, including how roads and public transit are funded and what effect they have on real estate.
A broker’s decision to market a seller’s property as “coming soon” must always be made based on the client’s informed determination of what best serves the client’s interests. NAR General Counsel Katie Johnson further explores the topic.
Network with real estate professionals from across the country and learn about how to profit from global business opportunities October 2-3 in Pasadena, CA.
Public transit can increase the development potential of real estate near high-capacity transit lines and stations, and thereby increase property values. This “transit premium” can range from as little as a few percent increase to over 150 percent. The amount depends largely on the local regulatory environment, regional connections, and national and regional economics. Achieving the potential for this increased value of property also generally requires building more complex, mixed-use projects at higher densities, which entails higher costs of development and higher risks.
As America’s transportation system runs low on money, one way to bridge the gap between needs and available funds is through public-private partnerships (PPPs). PPPs may be initiated to construct new facilities, to operate and maintain existing ones, or both. On the positive side of the ledger, they may reduce project costs and give government improved access to innovation and technology. But on the other hand the public can grow dissatisfied when the control of public assets rests with private companies and those companies set and collect tolls and fees.