T-REX Could Take A Bite Out Of Home Values
Homeowners Along I-25 Expansion Project Worry About Property Values
T-REX, also known as the I-25 southeast corridor expansion project, is cutting a path through the Denver area, but the highway construction project will leave a footprint on more than just traffic.
The 7-year, $1.6 billion project to widen the highway won't just cause traffic delays; T-REX could be taking a bite out of the value of property along I-25, 7NEWS reported.
"Buyers, particularly, are not interested in looking at properties that are going to be in that area, and where the noise is going to be ? they simply aren't," realtor Jo Henderson said.
Henderson has been in real estate for 10 years. She's already seeing sales impacted by expectations about the freeway expansion.
"For the seller who's been living in his property for 25 years and is looking to sell, it's really sad because they're looking at selling for 30 or 40 percent less," Henderson said.
For the most part, expansion will push west, although neighborhoods on both sides of I-25 and 225 will be affected by construction. But as the project claims more land, that means homes at Hampdon Road backing into a green belt of grass will lose that buffer, 7NEWS reported.
Henderson said that she has a seller in that situation.
"The (buyers) didn't take his house. (Construction crews) just took the easement up to his fence," Henderson said.
But if you're looking for relief from these property tax blues, better sit tight. The Denver assessor said that it's just too soon for your property value to reflect construction concerns that are yet to happen.
"Sometimes, that revision in value can't take place until the next reappraisal cycle," Denver County Assessor Jerry Ogden said. "For us, that's 2003."
Ogden said that any speculation about the impact on home values is just speculation until construction starts.
On the upside, Henderson said, is that if you have a big family and you don't mind noise, you might find good deals in home prices.
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The 7-year, $1.6 billion project to widen the highway won't just cause traffic delays; T-REX could be taking a bite out of the value of property along I-25, 7NEWS reported.
"Buyers, particularly, are not interested in looking at properties that are going to be in that area, and where the noise is going to be ? they simply aren't," realtor Jo Henderson said.
Henderson has been in real estate for 10 years. She's already seeing sales impacted by expectations about the freeway expansion.
"For the seller who's been living in his property for 25 years and is looking to sell, it's really sad because they're looking at selling for 30 or 40 percent less," Henderson said.
For the most part, expansion will push west, although neighborhoods on both sides of I-25 and 225 will be affected by construction. But as the project claims more land, that means homes at Hampdon Road backing into a green belt of grass will lose that buffer, 7NEWS reported.
Henderson said that she has a seller in that situation.
"The (buyers) didn't take his house. (Construction crews) just took the easement up to his fence," Henderson said.
But if you're looking for relief from these property tax blues, better sit tight. The Denver assessor said that it's just too soon for your property value to reflect construction concerns that are yet to happen.
"Sometimes, that revision in value can't take place until the next reappraisal cycle," Denver County Assessor Jerry Ogden said. "For us, that's 2003."
Ogden said that any speculation about the impact on home values is just speculation until construction starts.
On the upside, Henderson said, is that if you have a big family and you don't mind noise, you might find good deals in home prices.
- May 18, 2001: I-25 Expansion Gets New Name: T-REX
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