Las Vegas home buyers take note, walkable neighborhoods command higher prices

Real estate, as everybody says, is all about location, location, location, and that seems to be backed up by a new study commissioned by CEOs for Cities. It's a national cross-sector group of urban movers and shakers from business, academic, philanthropic and civic arenas dedicated to building and sustaining the next generation of viable American cities. They if anyone ought to be in the know on this topic.

The study is titled 'Walking the Walk: How Walkability Raises Housing Values in U.S. Cities' and was prepared by Joseph Cortright from Impresa, a Portland consulting shop. All in all, what was determined was how the proximity of homes to services like schools, shopping, libraries, parks and restaurants - even mortgage and real estate offices someone would like throw in - shapes values. To prepare this report researchers looked at 94,000 home sales in 15 different markets with the data supplied by ZipRealty. It found out that in 13 of them residences within walking distance of standard services clearly benefited from higher prices.

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