A few years ago, people wanted to have a home in the exurbs away from the hustle and bustle of city living and the suburbs. Others flocked to the outer areas of cities like Amarillo because the property values are lower. A recent New York Times article reports that this trend is reversing in 2010 because of the economic downturn and rising gas prices. The rate of growth in rural areas in 2010-2011 was 75 percent less than in the decade between 2000 and 2010. As people migrate to the cities, property values in the exurbs will fall as the prices of real estate in urban areas increase due to high demand.[1]
Many people have opted to return to the urban core in metropolitan areas like Amarillo because of the accessibility to cultural events, like those at the Lone Star Ballet or the Amarillo Opera. Others like to take advantage of the parks and children's activities that children and teens can easily walk to or take a bike. They also like to take advantage of Amarillo's highly rated schools. People look to live in areas where they do not have to spend the time and money to make a long commute. Real estate appraisers are now considering walkability when they establish a value for a home.
Another factor that appraisers consider is the proximity of a home to public transportation. Amarillo City Transit (ACT) offers routes that serve the medical center area, education hubs, and shopping centers. Homes near these bus routes are popular with those who do not want or cannot afford the expense of a car. Since ACT also offers Spec-Trans for people with disabilities, senior citizens like to be near these routes as well.
Jetsetting Lifestyles Require Access to an Airport
Amarillo luxury homes that are near the Amarillo International Airport are in demand because business executives and those who like to travel appreciate not having a long commute to the airport. While the home should not be in a fight path because of the noise, a short drive to the airport can help offset the time spent going through security.
An experienced real estate appraiser familiar with the Amarillo area will take into account the property's accessibility to amenities when establishing a valuation.
[1] nytimes.com/2012/04/05/us/census-data-shows-recessions-toll-on-outer-suburbs.html