Chicagoans who buy homes in redeveloped neighborhoods are willing to pay 33 percent to 50 percent more for single-family homes or small multifamily buildings with traditional designs, such as entrances that face the street and parking that faces the alley, according to a study published in the Winter 2007 Journal of the American Planning Association.In general, new and higher-income buyers preferred homes that have short setbacks from the street and construction materials that are similar to existing buildings. They were less attracted to large planned developments that have no parking. Even self-contained complexes behind a wall or a gate were harder sells.
"This study should be reassuring to urbanists who believe that the best way to revitalize urban neighborhoods is to respect and augment existing places rather than attempt to transform them into another type of neighborhood entirely," says Brent Ryan, assistant professor of urban planning and policy at the University of Illinois at Chicago, who conducted the study.
Daily Real Estate News February 6, 2007 REALTOR® Magazine