It looks like the Light Rail line to Golden is almost completed, so when will the Gold Line be done to Arvada? According to the RTD FasTrack website, construction will start this year and it should be completed by 2016.The GoldLine when completed will be a 11.2 mile electric commuter rail transit corridor that connects Denver Union Station to Wheat Ridge, passing through northwest Denver, Adams county and Arvada. The proposed stations are: 41st, Pecos, Federal, Sheridan, Olde Town Arvada, Arvada Ridge and Ward road to take an aerial virtual tour of the line, click here.
Why is this important to Real Estate you might ask? Well with interest rates at record lows and the rental vacancy rate in Denver right now below 1% and rents going through the roof, it seems like it might be a good, no great time to invest in rental property. And what better place to invest in a rental property than by a future light rail line? If you think about it, it makes perfect sense. Wouldn't you be willing to pay a little more to be able to walk to the light rail stop and not have to use your car as much?
In various studies done across the country, depending on the ridership and demand for light rail, property values within a quarter mile of a light rail stop in the suburbs appreciated by 6-30% once the light rail began running. And in 74% of these neighborhoods, rents increased faster as well. If you have ever ridden the light rail along I-25, you know how popular it is and the lines to the west should be no different.
So if you are considering investing, and want to focus on areas close to light rail stops, then it certainly makes sense to get into the game sooner than later before prices start to increase. A great example of a solid investment property would be this one found at 5436 Zephyr Ct, clickhere for the details. This 6 year old townhome is just two blocks from the future light rail stop in Olde Town Arvada. It is 2 bed, 3 bath with a 2 car garage. Rents are quickly rising in this area and these units typically fetch $1,350 a month. With it being a townhome thereisvery little to no maintenance items to worry about either. Just get a renter in there and watch the area improve as the light rail gets built. And the best part? Since itis priced at only $215,000, you can cash flow it today.
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