New York—The premium that a condo near the train has long commanded is under threat. “People are already willing to pay slightly less than they were before for the same level of transit access, because they now have this complementary transit system,” Adam Ruggiero, head of real estate research at MetLife Investment Management, said in a phone interview. Apartments within a five-minute walk to a public-transit stop have tended to earn about a 20-per-cent premium, according to the report, which considered other possible causes of the premium. The premium began to decline just about two years after Uber started operating and is already down to about 15 per cent, MetLife’s real-estate research and strategy team reports. Properties near mass transit will still typically fetch higher prices, but not as high as before, Ruggiero said.

Source: thestar May 01, 2018 19:18 UTC