Walkability Score Makes a Difference

A lecture given by Windmill Developments’ Rodney Wilts last week on LEED buildings was an eye opener. Mr Wilts talked not just about the built form and heating, ventilation and mechanical/electrical systems but how walkability plays an important role in determining outcomes today.

Consumers want to buy locations that have access to the things they need via walking; they don’t want a home or apartment where everything requires a car trip.

Mr Wilts says that one of their projects (on Queensview Drive in Ottawa, Canada) was less successful despite being a beautiful structure because the location was so isolating. They won’t make that mistake again.

Sell-through for places that are less walakable will be slower and they will sell for less so developers will have to become more aware of the walk score for their prospective projects. A useful resource for determining walk scores is provided by https://www.walkscore.com/

Here is the way we score homes and rental property*. You will see that location-based factors are important as is the ability to add value and to buy low. In real estate, you make money when you buy not when you sell so buy right. 

(* You can download this spreadsheet from our server; it’s plug and play, www.old.dramatispersonae.org/images/00-housing-matrix-3.xls.)

Housing Investment Guide

Variable

Proximity to schools, elder care

Proximity to shopping, restaurants, coffee, groceries

Proximity to desirable neighborhoods

Proximity to hospital/health care

Proximity to Fitness/Recreation/Park

Proximity to Arts, Entertainment and Culture

Proximity to Air and Rail

In home flats, granny flats, work from home permitted

Rentability

Housing inflation 

Walkability Score

Transit Score

Bike Score

Location Score

Ability to add parking

Ability to add in-home flat

Ability to add separate entrance

Ability to add curb appeal/landscaping

Ability to improve interior design

Ability to add bench seat with storage/design flair/cornerstone

Overall brand experience

Ability to buy low

Total score

Percentage Score

E&OE

Bruce M Firestone, Broker 613.566.3436 x 200 or 613.422.6757 bruce.firestone@century21.ca  @profbruce Commercial Real Estate, Residential Real Estate, Land, Lots and Development brucemfirestone.com entrepreneuship blog art blog tumblr blog