Will the New Braves Stadium Affect Housing Values
The question is, will the Cobb County Braves stadium affect housing values at the junction of I-75 and I-285, which open in Spring of 2017?
We found two studies by academics that point slightly in opposite directions.
The first study titled “The impact of professional sports facilities on housing values: Evidence from census block group data” estimates the effect of proximity on residential property values in US cities using a hedonic housing price model with spatial autocorrelation. Estimates based on all 1990 and 2000 Census block groups within five miles of every NFL, NBA, MLB, and NHL facility in the US suggest that the median house value in block groups is higher in block groups closer to facilities, suggesting that positive externalities from professional sports facilities may be capitalized into residential real estate prices. The existence of external benefits may justify some of the large public subsidies for construction and operation of professional sports facilities.
The second study titled “Assessing the Economic Impact of Sports Facilities on Residential Property Values” estimates the intangible benefits of a two sports facilities in Columbus, Ohio on residential property values. The results suggest that the presence of sports facilities in Columbus have a significant positive distance-decaying effect on surrounding house values, supporting the idea that professional sports facilities generate important intangible benefits in the local economy.
Generally ignored is the impact of sports stadiums and teams on a community’s “quality of life,” the intangible utility and satisfaction that residents derive from enjoying various community attributes and amenities. Quality of life depends on many factors including climate, public safety, medical facilities, sports and other recreational facilities, and cultural activities.
It would seem that sports stadiums have a positive effect on nearby housing prices because of the desire to be near sports and cultural activities. The one major problem with the Brave stadium at least early on is the effect on traffic and parking. There will be only 2,000 parking spaces near the stadium, not enough obviously to serve a stadium that seats 41,500. The parking situation could present problems for residents competing for parking. Then there is already heavy traffic in the area. Game day will add more traffic.
The distance-decaying effect indicates that the construction of the stadium will actually improve the housing prices in the surrounding area and the impact will be minimal the farther you live from the stadium with little effect on housing prices more than 2.5 miles from the stadium.
If you live within 2.5 miles of the new stadium and you want to sell quickly, give us a call.
At Val Buys Houses LLC, we specialize in helping homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home. We buy for cash, therefore we can help you sell it fast to resolve any situation, or give you as much time as you need.
We care about our community in Cobb county and Atlanta. At Val Buys Houses LLC we take a lot of pride in providing excellent customer service. We have come across all scenarios, we are not here to judge; only to help.
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