HOUSTON--(BUSINESS WIRE)--Houston’s new parks and trails systems deliver significant value to properties near these public green spaces, according to Deal Sikes & Associates, a leading Houston-based valuation firm.
“Properties located adjacent to one of Houston’s premier parks typically receive more than a 20 percent positive impact in value because of their proximity to these outstanding public spaces,” said Matthew Deal, principal of Deal Sikes & Associates. “Quality parks deliver value to both residential and commercial properties, including land parcels and high-rise, mid-rise and single-story buildings.”
The 160-acre Buffalo Bayou Park, stretching more than two miles from downtown Houston to Shepherd Drive, opened in October. Discovery Green park has been a catalyst in downtown, and major improvements have been completed at Hermann Park. The planned redevelopment of the 1,500-acre Memorial Park is a transformative, world-class undertaking that will be noted on the national level.
“All buildings, locations and land parcels have unique characteristics – and not all parks are the same. But in general, private property that abuts a quality park can be valued significantly higher than comparable properties without parks,” Deal said. “Even properties that are located more than 1,000 feet from a park can receive a positive valuation impact of 5 to 10 percent.”
“The consumer’s emphasis on fitness and health has increased the demand for properties with easy access to running or biking trails,” said Mark Sikes, principal of Deal Sikes & Associates.
“Houston’s increased urban density and the proliferation of high-rise residential stimulated the desire for trails and parks in the Inner Loop. A multifamily developer who can offer residents immediate access to trails along Buffalo Bayou has an appealing amenity,” Sikes said. “Vistas make a difference, too. Buildings with outstanding views of park land make a property more desirable and therefore, more valuable.”
The city’s recent emphasis on park development is creating real estate value, beyond the obvious lifestyle benefits. “Houston is developing a world-class park system that will influence property valuations for years to come,” Sikes said.
A leading commercial real estate valuation firm, Houston-based Deal Sikes & Associates provides valuation and counseling services for investors, governmental agencies, law firms and corporate clients across the nation. www.DealSikes.com