Major Thoroughfares and Real Estate

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Real Estate

When it comes to city expansion, you might be wondering about what is allowed and what isn't. 

 

Here's an example

 

A few years ago, The Denver Post reported that the City was considering expanding the heavily traveled and overly congested two-lane stretch of Quebec Street between 6th and 26th Avenues. Residential homes line a significant part of this 20-block stretch. The article outlines the expansion options and costs, and alludes to the land that homeowners may lose in order to complete the expansion.

 

Can the City take this land from the property owners?

 

Yes, they can. The Law of Eminent Domain gives the government the power to take private property for public use as long as the property owner is compensated. Therefore, if need be for the proposed Quebec expansion, the City can take the necessary pieces of the residential lots that line the street and compensate the property owners for that land, regardless of whether or not the owners are in agreement.

 

Fortunately for the owners of the properties along Quebec, the article says that most of the land needed for the expansion already lies on City property and the residential property owners will not lose too much of their properties. However, this thoroughfare expansion illustrates how imperative it is for a buyer to consider the location of any property, but especially one that backs to, sides to or fronts to a major thoroughfare; the implications for future expansion and eminent domain – not to mention road noise, traffic patterns and general quality of enjoyment of the outdoor space – and the impact on resale value should definitely not be underestimated.

 

Please let me know if you have any questions about this article or the market in general. And, as always, if you know of someone looking to get into the market, please pass along my name. It would be my pleasure to help them however I can!

 

 

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Renee Cohen is a Colorado Realtor with a passion for helping her clients find their dream homes in the challenging Denver market. She loves educating her clients about the market, advocating on their behalf, and helping them make informed decisions. Reputable. Reliable. Remarkable. Real Estate. Contact Renee to assist you with your real estate needs!