What’s in a Name? Walking and Biking

By Vincent Stanton, Jr.

Data from various retrospective observational studies show that bicycle and pedestrian infrastructure enhance residential property values (reviewed in the article “Impact of Bike Facilities on Residential Property Prices” and in Chapter 6 of the Belmont Community Path Advisory Committee report).

However, some of the most persuasive evidence comes from the simple observation that real estate agents—who are paid to market properties effectively and knowledgeable about what works—consistently mention paths when they are nearby. The easiest way to measure that practice is to scan the 100 to 150 word property descriptions near the top of listings.

An article in the July/August 2014 issue of the BCF Newsletter (“Do Homebuyers Value Recreational Paths?”) documented the practice locally: 16 of 41 residential listings in Arlington (39%) mentioned the Minuteman Bikeway, including 100% of properties within 100 feet of the bikeway (3/3) and 83% of properties between 100 and 1,000 feet from the Bikeway (7/8). One doesn’t have to look far for further evidence; a broker in Needham currently offers, on a dedicated webpage, “Greater Boston Homes Near Walking Trails.”

Now, a new eight-unit condominium building at 1 Cedar Street in Cambridge settles the question: the building is called Residences at Rail Trail Path (double dipping on the path-yness of the location; a trail is a path!).

All of the marketing materials—photographs, prose, logo, even the link (residencesatrailtrailpath.com)—focus on the pedestrian and bicycle amenities. For example, at the top of the website is an aerial photograph of the new building with two bicyclists riding past on Cambridge’s Alewife Linear Park, a community path that leads to the Minuteman Bikeway’s eastern terminus at Alewife Station. Directly below the photo is this text (boldface from the source):

“About the Neighborhood

1 Cedar Street has a Walk Score of 94 out of 100 and a Bike Score of 95 out of 100. This location is a Walker’s Paradise, so daily errands do not require a car.

1 Cedar Street is a 10-minute walk from the Red Line at the Davis stop and is located directly adjacent to the Minuteman Bikeway.

This location is in the North Cambridge neighborhood in Cambridge. Nearby parks include Clarendon Avenue Park, Sheridan Square, and Hodgkins-Curtin Park.”

Below that is a blurb headed “About the Property,” which concludes with this summary (in case you missed it above):

“Located directly adjacent to the Minuteman Bikeway, The Residences at Rail Trail Path provide uncompromised accessibility to the Red Line subway and one of the most prolific bike paths in the country.” In fact, as noted above, the building is on another path, about 10 blocks from the Minuteman Bikeway, but apparently the strong Minuteman brand was irresistible.

Steve Bremis Realty Group of Somerville is marketing the condominiums. Steve Bremis, principal, and a local real estate veteran, chose the name and designed the marketing materials. He observed that in thinking about what made the property unique, it was proximity to transit—both the bikeway and Alewife Station—that came out on top. He told the Newsletter that no one on the development team pushed back on the name, nor have prospective buyers found anything remarkable about it.

Asking prices for the eight units, expected to be complete by January, range from $899,900 to $1,299,900.

Vincent Stanton, Jr. is a board member of the Belmont Citizens Forum.