Home Buying in 94539>Question Details

Confused, Home Buyer in Fremont, CA

We are looking at the Robson Homes community in Warm Springs..

Asked by Confused, Fremont, CA Tue Oct 14, 2008

Bart to Siliocn Valley is supposed to start service in 2018... will that effect the price of these homes as they are right next to the track ? Any inputs.. ?

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Just as quick followup, one of the Robson new-construction homes located immediately adjacent to the Union Pacific tracks (just on the other side of the wall) went "back on the market" earlier this month. MLS# is 40466415. Robson sent out a marketing email on 5/7/10, and the home went into contract 13 days later on 5/20. Asking price was $719,000. It isn't known what builder upgrades were selected (by the previous buyer) and what the final negotiated price was, but even at an asking price of 719k (which is definitely above average for this development), there was no trouble selling this home by the tracks in less than 2 weeks!
0 votes Thank Flag Link Sat May 22, 2010
Hi, Confused. I think most people will agree that a house sitting right next to BART tracks vs. one far away will be less desirable to a future buyer.

However, keep in mind that building a BART station in Warm Springs has a positive effect on house prices for the entire area. As it stands now, the station will be built at the intersection of Warm Springs Rd. and Grimmer, which is approximately 5000 meters north of the Robson (and KB) development. Based on a study from UC Berkeley in 1990, homes in Alameda County located 5000 meters (3 miles) from a BART station sold for $40,000 more (20% at that time) than homes further than 25000 meters (15 miles) away. [see link below, page 22]

This study also looked at differences in home prices for houses located less than 300 meters from BART *TRACKS* vs. greater than 300 meters, also in Alameda County and in 1990. They found no differences, which means that _on_average_, houses located within 300 meters of BART tracks didn't sell for less. In fact, in other California counties, the same was also true for San Jose's light rail, Sacramento's light rail, and the San Diego trolley - that is, proximity < 300m to transit tracks did not lower property values on average. The EXCEPTION was Caltrain in San Mateo County, where property values did drop near the tracks. This makes sense, since Caltrain is loud, noisy, and smelly, whereas the trains that use the Union Pacific tracks next to Robson/KB are very slow moving, and who knows how often they will come now that NUMMI has closed operations. The city already has plans approved to build and underpass at Kato Rd. to allow trains to cross without lights/bells, although this may allow trains to approach faster and generate more track noise.

Hope this helps.
0 votes Thank Flag Link Thu May 13, 2010
Hello Confused - Steve is right, but how about living right next to the railroad track and the crossing bells? Now, I think, that would be worse than the BART trains.

Good luck with your decision.

Brian
0 votes Thank Flag Link Thu May 13, 2010
Confused? I'm not. All things being equal, these homes will be even less desirable when/if BART starts adding to the audible noise levels of 880.

See page two of the link below for the proposed route and station locations along the new extension.

Best Regards,

Steven A. Ornellas, GRI, ABR, e-PRO, CMPS, RE Masters, MBA
REALTOR® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist

Steven Anthony Real Estate & Financial Services
Expect Excellence. Get What You Expect.â„¢
Cell: 510.461.6011
http://www.Steven-Anthony.com SteveO@Steven-Anthony.com
0 votes Thank Flag Link Fri Oct 17, 2008
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