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Originally Posted by Crawford
But they would not be more desirable with transit. That's the difference. CDM's relative desirability has nothing to do with how many buses are traveling down the PCH.
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I just referenced an article citing a reputable source (Bloomberg and Trulia, respectively) that disproves your argument.
And we’re talking about rail, not bus. CDM, you might have a point. But you’re wrong in the case of Beverly Hills and certainly Santa Monica. You’re telling me that living a few blocks from the ocean while also having the convenience of being a one-seat heavy rail subway ride from DTLA and only a one-transfer trip to many more points of interest would not be a highly coveted lifestyle? Once again, “Seriously?”
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Immediately adjacent to train stations you have business districts and multifamily housing so obviously a multiacre homesite isn't built on a main street. The zoning wouldn't even allow it.
But the relative value of homesites is strongly correlated with relative proximity to transit. A mansion walkable to a transit station is worth more than one further away.
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Not all LI commuter rail suburbs have “built-up” town centers. But most seem to have smaller tract housing in the immediate vicinity of the train station, with progressively larger (and therefore more expensive) homes and estates the farther out you go. Obviously I know that, all things being equal, proximity is a bonus. The whole point of the Great Necks example was to show that there are exceptions (like being on the water), and in the case of Beverly Hills and Bel Air, it’s obvious that hilltop estates with expansive city views will always command a higher price than, say, a 3,000-SF penthouse condo in Santa Monica that sits directly on top of a subway station. Beverly Hills’ relationship to the city isn’t even at all comparable with that of a traditional railroad suburb, so the premise of your argument is apples-oranges that completely glosses over contextual relevance.