What could a CSX intermodal facility do to home values?
Well, I have seen all kinds of remarks about what people think a CSX intermodal facility would do to local home values. Some gave me a panic, even though I'm in real estate and know we really don't have a way to predict what's going to happen. So I have been doing much research to see what the true figures could be.
I have had the honor to be in contact with Robert (Roby) Simons, Ph.D. He is one of the nation's leading experts on environmental property damages, brownfield redevelopment and real estate economics, and he does research on effects all over the world. Here is what he stated about the research I found:
"The figures developed are for metro Cleveland, the core urban county there, pretty similar to the Baltimore area. [Comparing the] late 1990s and now, behavior...is generally constant across markets [and] should not be all that different....In terms of impact, if you already have tracks there, that would likely mitigate (reduce) net change in losses, and in any case a mid single-digit loss is unlikely to cause an exodus. Train traffic, not just presence of tracks, is also a factor."
If CSX intermodal happens, we would be looking at under 10 percent in value decrease. As a homeowner here in Elkridge/Hanover, I am not happy about it either. As a Realtor, I can tell you there is really no way to know for sure what could happen to home values, 'til it happens. Real estate always has to do with supply and demand. I just wanted to give you the very best research and figures that I could find.
I have attached a copy of the research in a PDF for you to view. Please contact me with any questions you might have by email (Phoebe@kwflagship.com) or by phone (240-593-4128).