Prompted by an interesting discussion about appraisals on my post about Jay Ciccione’s comments about on-street parking, I’ve come to the conclusion that I may have conceded too much regarding the impact on home values of removing on-street parking. Whatever value is lost removing parking will be partially or wholly offset by the value of having bike lanes in front of the house and the direct and indirect safety benefits that flow therefrom.
Understandably, there are going to be some people who feel that their property is less valuable to them without the on-street parking. But, appraisals are not based on homeowners’ personal feelings about their properties. They are based on how the market views the property and its attributes and amenities. And, homeowners do not universally prefer parking in front of their homes over bike lanes.
Do we live in a time when more prospective homebuyers looking at homes on busy corridors would prefer a bike lane off their driveway rather than some parking spaces? Are we headed there? While I would obviously prefer that the answers were yes, I’m not sure. But, I doubt that the answers are definitively no.