I expect the response to be favorable toward this expansion of public transportation so sorely needed in our city. I personally would love to see less cars on the road (Including mine). As long as your property is close, (walking distance) but not too close (out the front door) It should be a possitive for you, and even a selling point if that time comes in the future.
I've had a number of client who view being in close proximity to, or even walking distance from a Metro Rail station as a big plus. As others here have said though, always be aware of the noise factor... even electric rail systems pack a bit of thunder under their wheels. I always take a look at the aerial maps for rail lines, major streets, freeways and other potential nuisances on any property that I'm checking out for a client.
Best of Luck.
Aside from the negative impacts of being located immediately adjacent to the rail line itself, the real value enhancement of mass transit will take some time to appear. Los Angeles is a "weird bird" as compared to other major urban areas so it's difficult to draw parallels to other cities that have embarked on light rail expansion.
What's exciting about your rail line is where it intends to go and which neighborhoods it will pass. Few people expect Los Angeles to abandon it's love affair with cars for the trains or buses. However, a train that allows us to travel to major destinations without the hassle of parking, traffic, etc. will likely bring the non-bus riding crowd into the fray. The fact that this train passes through neighborhoods of homeowners and renters who traditional drive vs. ride will go a long way towards views on future rail expansion. If it's a hit you'll see more development and business located around transit stops. The more appealing the stops the more desirable it will be to take the train... you see the pattern.
The Expo line will be the rail line furthest into West Los Angeles. Eventually it will connect to either Santa Monica or Venice Beach. The line goes directly to USC (think student tenants), to the Coliseum, and into downtown (think office jobs). In other words this rail line goes through neighborhoods where people want to live to places people already want to go; that's a big head start.
I must admit I'm already a big fan of your neighborhood and the surrounding mid cities. It's central location makes it a convenient place to live and an ideal place to rent. I expect the rail line to have a positive impact on your rental property. In 10-15 years from now, with the expansion to the beach the impact could be significant.
Thanks for the question.
Allan S. Glass
ASG Real Estate Inc. Â®
149 S. Barrington Avenue Suite #660
Los Angeles . CA 90049
Direct: 213.973.8637 (213.97.FUNDS)
Allan S. Glass on Realtor.com - http://allanglass.featuredblog.com
Follow me on Twitter: http://www.twitter.com/asgreinc
It's impossible to predict what the expo line will do to values in your area. A little careful planning will help you follow the trends.
In general, people want access to public transportation, but don't want to be really close to it.
Public transportation can devalue higher end properties, but boost rentals.Noise, pollution, and crime are also factors to be considered.
On the plus side, the gentrification of Culver City will probably continue to boost local values, and that will help appreciation.
It's a good idea, now that you have made the decision to hold the property long term, to check on it's value every 6-12 months minimum. Los Angeles is a unique real estate environment. National and county-wide news sources are slow and do not accurately represent what is happening in Los Angeles. My web site has a page that does just that. (see link below) Our Los Angeles Statistics are updated every few days â€“ to keep you up to date. Our statistics are free and easy, so you can be â€œin the knowâ€ with absolutely no risk. Check out a sample report and subscribe today! You can receive these valuable reports straight to your in box starting immediately.
Blogging at: http://TheBremnerGroup.com/news
Great question. As was mentioned by Chris below, if there is accessive noise or if the light rail is an eye sore near the property this would not be beneficial to the property. If the light rail is walking distance it could be a huge boost to your condo in terms of convenience and rents in the area. In my opinion if you hang on to any property over the long haul (10 years) you stand a great chance for good appreciation.
Keller Williams Realty
Usually the addition of mass transportation helps values as long as the noise is not a nuisance to your property. If it is walking distance it will make it more attractive for future buyers who don't want to use other more expensive transportation or is looking to use the expo line to go to work. Holding onto any property for more than 10 years usually will mean appreciation anyway, especially if you bought it recently.
Hopefully this helps!
Realty World & Associates