The Metro Phoenix Light Rail System is a relatively new piece of infrastructure that has had a profound impact on the real estate market along its 20-mile path. From its beginning in east Mesa to its terminal in north central Phoenix, the light rail has spurred numerous new developments, both residential and commercial in nature. And while Phoenix has long been a car-centric city, shifting demographics, the new projects built in response and the timing of the light rail’s construction are well positioned to change that and make Phoenix far more in line with other urban areas around the country. Young people flocking to college campuses in all three of the cities connected by the light rail, as well as workers commuting to offices at law offices and tech companies filling the same area mean that demand for public transportation and the popularity of the light rail are soaring. And, by extension, the competition for Phoenix real estate near the light rail is hotter than ever before. Since 2014, property values near the light rail have been increasing in value faster even than the surrounding Phoenix real estate market. [Read more…]
On Saturday, August 22nd, the newest extension to the Valley Metro Light Rail will open, extending into downtown Mesa at Mesa Drive. Celebrations are planned for the morning of August 22nd- a full 7 months ahead of schedule! But what does the Mesa light rail extension mean for you? A wide array of new places and activities you can reach via public transportation as well as new neighborhood development.