By Susan Wachter and Kevin Gillen
Philadelphia, PA (October 1, 2006)- Proximity to amenities adds value to property. Drs. Wachter and Gillen found that green strategies in Philadelphia to clean up 2,000 vacant lots added immediate value to adjacent properties. In fact, something as simple and low cost as a street tree added a significant percentage increase in value to the house immediately adjacent.
Their property value findings can be summarized as:
* Adjacent to a derelict property: – 20%
* Adjacent to a “cleaned and greened” (formerly derelict) property: +37%
* Less than 50 feet from a newly planted street tree: +9%
Public Investment Strategies: How They Matter for Neighborhoods in Philadelphia- Identification and Analysis