Coon Rapids property values & Northstar? (foreclosures, how much, townhouse)

[MSMCGirl]

Hi....I bought a townhouse in 2005 in Coon Rapids. I do like my home and the area (for the most part...a little too "suburban" for me as a single person) but would like to sell and move a little closer to work (SW of downtown Mpls). Does anyone have any ideas on whether Northstar Commuter Rail is expected to increase Coon Rapids property values? I want to move within the next year or so, but property values are still so low, I don't want to take a loss on my home. Thanks in advance for any thoughts/advice!!

[MplsTodd]

This is a tough one, because no-one really knows how successful the line will be. My guess is that if and when gas prices go up, there will be increasing interest in living close to a commuter rail station. A lot of it also depends on whether Coon Rapids promotes some transit oriented development around the station. I've been to metro Chicago in places like Winnetka and Highland park, where they have a nice downtown and its connected to Chicago via METRA commuter rail. That may be difficult in Coon Rapids because there will only be, what, five or six trains per day, and Coon Rapids doesn't have a downtown. I think living near an LRT station would have a larger impact than commuter rail.

[Camden Northsider]

I would assume it would have some type of impact, but I would think that the impact would be greater if values within the cities proper had remained strong which in general they haven't- so I doubt it will have much impact until things turn around a little more. It may be the case that now would be a good time to put it on the market where this unknown (and newly added convenience) could be a potential selling point vs. waiting and finding out that rail really didn't do much for property values, but I'm definitely not an expert so I would ask some realtors (and if selling now would mean taking a loss, I would probably opt to wait it out and see).

Just wondering if you were planning on buying again after you sell? The area you are looking to move to in Mpls has some of the steeper average property values in the metro if that's a consideration.

[moving123456]

Originally Posted by MSMCGirl

Hi....I bought a townhouse in 2005 in Coon Rapids. I do like my home and the area (for the most part...a little too "suburban" for me as a single person) but would like to sell and move a little closer to work (SW of downtown Mpls). Does anyone have any ideas on whether Northstar Commuter Rail is expected to increase Coon Rapids property values? I want to move within the next year or so, but property values are still so low, I don't want to take a loss on my home. Thanks in advance for any thoughts/advice!!

Are the property values really low or are they just overly inflated a little bit less than they were when you purchased the property in 2005?

[jeid]

It can't hurt the property value, but it may take several years for the train to even have an impact on the value. People are going to need some time to feel it out to see if it's even a viable commuting option given the infrequency of the trains.

[Thegonagle]

Coon Rapids is not a small city (23 sq mi, almost 64,000 people in 2000), so given what you've told us, I couldn't tell you. I'd postulate that the impact on value the new commuter rail will have is exponentially and inversely proportional to the distance from the new station.

IMO, unless your townhouse is a 6-8 minute or less walk (is there anything besides SF houses or the Target store that close?), or a 3-5 minute or less drive to the North Star station, the train isn't going to have much impact at all.

We should hope that there is enough demand with the initial (very light) schedule, that they decide to schedule more frequent trains in both directions very quickly, especially during twins games (since the DT station is mere steps from Target Field). A more flexible schedule certainly will help make proximity to the station all the more valuable, as more and more people think of it as a valuable amenity in the neighborhood.

The only problem I can foresee with making the schedule more frequent is that the NorthStar line runs on an already-busy railroad which carries mostly freight. BNSF railroad might be a bottleneck of sorts if Metro Transit tries to get more trains running on the BNSF rails.

[Judge, Jury, Executioner]

Originally Posted by moving123456

Are the property values really low or are they just overly inflated a little bit less than they were when you purchased the property in 2005?

Wow! That wasn't helpful at all!


I think the line will do a little for Coon Rapids, but I don't think there will be any significant gain.

Look at the current LRT going to MOA. Did it increase home values in SE MPLS by a significant amount when that was put in? No, not really, but it probably helped a little bit. I think it's more of just a + when purchasing a home but ultimately not a deciding factor, which means no real increase in value.

[uptown_urbanist]

I think it remains to be seen just how much it will increase values. If traffic and gas gets more expensive and the line becomes a big success it could become a big selling point, but I doubt that it will make that much of a difference in the short-term.

Most people in Minnesota aren't used to commuter rail (unless they've used it while living elsewhere) so it will probably take a little time to see how well it works and how big of a factor it will become for people deciding where to live.

I agree that if it helps make Coon Rapids a more desirable place to live (in terms of an new development, etc.) it will help, too.

Even if it doesn't increase values right now you could still at least use your proximity to the line as a marketing point; at the very least it might tip the scales in your favor for the would-be buyer who is considering several options.

[moving123456]

Originally Posted by Judge, Jury, Executioner

Wow! That wasn't helpful at all!

It might not be what the person that started the thread wants to hear, but it is the truth. Property values are lower than the ridiculously inflated bubble prices of 2005, but still not low.

[MSMCGirl]

Thanks to everyone who has posted so far! I am hopeful property values will still go up as the economy improves and foreclosures start to decrease. Even a bit of help from Northstar would be nice!!