For the greater part of last century South Jordan, Utah was a rural community on the fringe of Salt Lake County. While this town is still suburban, the growth of South Jordan in the last two decades has been phenomenal. You can look at the numbers from census data, but that does not quite capture the growth in a manner that shows the sweeping nature of the population wave that has swept over Salt Lake County. Today I found a website that shows this growth visually. Trulia Hindsight's map uses the year the properties were built to show the growth of streets, neighborhoods and cities over time. Click here to see South Jordan's growth over time.
The Washington post reported on this trend, showing the percent change in the median home price of individual zip codes of Washington D.C. and its surrounding counties. The paper found that areas without direct access to metro stations - ones that were typically suburban in nature - experienced greater losses in median home value.
In Denver, where they have pushed light-rail construction heavily, the Denver Post reported that values have increased for homes near light-rail stations:
Margarete Humphrey knows her bungalow near the Louisiana Station light-rail stop is in a hot neighborhood. But she was surprised to learn the value of her home has increased over the past two years as much of the metro Denver housing market has declined. Homes near light-rail stations along the southeast line, which opened in November 2006, have increased by an average of nearly 4 percent over the past two years, according to an analysis by Your Castle Real Estate. But the rest of the Denver market declined an average of 7.5 percent.While most of the studies indicate that transit increases property values, there are a few that have found that it decreases property values.

So how does transit increase property values? Because it increases access to area destinations for residents in close proximity to transit stations. It is for this very reason that TRAX may be able to add maximum value to the Daybreak community. Daybreak essentially lies on the fringe of development in Southwest Salt Lake County. To get to most destinations, residents must travel either East or North to arrive there. Right now there are limited options to do this and accessibility is definitely a problem. TRAX offers a direct route to Salt Lake City, the University of Utah, various sports complexes, shopping centers, commuter rail, etc. While gas prices have recently gone down drastically, I do not expect them to stay there. The more gas prices increase the more people will see TRAX as their best transportation option. This will only increase property values more.
Overall, transit adds value to communities like Daybreak regardless of the economic climate. Neighborhoods and communities with strong connectivity will thrive in the long-term. Transit has the ability to increase (or at least sustain) value because it provides more people with access to essential destinations in a given area; it also improves one's quality of life in congested metropolitan areas such as the Wasatch Front.