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Property Values and High-Speed Rail

From: Martin Engel <martinengel_at_(domain_name_was_removed)>
Date: Fri, 20 May 2011 16:39:38 -0700


Honorable Mayor Cline and Members of the City of Menlo Park City Council:

Here's a property value decline article from the Palo Alto Daily. Palo Alto held a Rail Corridor Study Workshop to understand this problem better.

http://www.paloaltoonline.com/news/show_story.php?id=21178

-Property values are already declining on my street for the two
blocks of Stone Pine Lane along the corridor.

-That includes the factoring in of property value decline of the
Menlo Park housing market.

-One of our neighbors is preparing a lawsuit against the CHSRA to
recover property value loss, based on the threat of HSR on the Caltrain corridor.

-It is a real estate requirement that property sales in the Park
Forest Community must disclose the anticipation of Caltrain Corridor expansion and development. There is a standard wording used by all realtors. That, alone, helps to depress values.

The basic question, under these circumstances, is whether the City Council intends to actively mitigate this adverse impact on property values, or ignore it. Are efforts taking place behind the scenes, as it were?

Might it not be appropriate for the City Council to assume responsibility for this problem, insofar as the Council represents those adversely involved? A Menlo Park Workshop on this issue would appear to be highly appropriate.

The article suggests that some in Palo Alto believe their property value problem is not our problem in Menlo Park, inasmuch as the the threat of rail corridor development has no negative impact on the residences. That is a misconception, as we all know.

I for one, would very much appreciate a response to these concerns.

Respectfully and Cordially,

Martin
--



Please note new email address:

Martin Engel
1621 Stone Pine Lane
Menlo Park, CA 94025
650-323-1670
martinengel_at_sbcglobal.net

Web-site: http://high-speedtraintalk.blogspot.com/


Received on Fri May 20 2011 - 17:00:33 PDT

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