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Stadium Construction on Real Estate Values

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Stadium Construction on Real Estate Values THE IMPACT OF STADIUM CONSTRUCTION ON REAL ESTATE VALUES 1 © The Real Estate Investment Network Ltd. Authors Melanie Reuter, Director of Research Allyssa Fischer, Research Analyst Released: October 2015 © The Real Estate Investment Network Ltd. 6 – 27250 58 Cr Langley, BC V4W 3W7 Tel (604) 856-2825 Fax (604) 856-0091 E-Mail: [email protected] Web Page: www.reincanada.com Important Disclaimer This Report, or any seminars or updates given in relation thereto, is sold, or otherwise provided, on the understanding that the authors, Melanie Reuter, Allyssa Fischer, and The Real Estate Investment Network Ltd and their instructors, are not responsible for any results or results of any actions taken in reliance upon any information contained in this report, or conveyed by way of the said seminars, nor for any errors contained therein or presented thereat or omissions in relation thereto. It is further understood that the said authors and instructors do not purport to render legal, accounting, tax, investment, financial planning or other professional advice. The said authors and instructors hereby disclaim all and any liability to any person, whether a purchaser of this Report, a student of the said seminars, or otherwise, arising in respect of this Report, or the said seminars, and of the consequences of anything done or purported to be done by any such person in reliance, whether in whole or part, upon the whole or any part of the contents of this Report or the said seminars. If legal, accounting, tax, investment, financial planning or other professional advice or assistance is required, the services of a competent professional person should be sought. The following content has been researched and published in good faith without warranty or liability for any erroneous, incomplete or misleading information. All Rights Reserved. No part of this Report may be reproduced, or stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher. 2 © The Real Estate Investment Network Ltd. EXECUTIVE SUMMARY & REPORT HIGHLIGHTS This report examines the positive and negative ripple effect that professional sports facilities have on real estate values, even when controlling for general house price inflation and/or transportation improvements. Looking at a cross-section of North American and European residential housing statistics, the report will reveal that the effect can vary depending on a stadium’s integration, or lack thereof, within an entertainment district and the surrounding community. The impact of stadium construction is more closely examined for select Canadian stadiums and cities, including: Rogers Place & Ice District, Edmonton, AB; Tim Hortons Field, Hamilton, ON; CalgaryNEXT, Calgary, AB; and BC Place & Rogers Arena, Vancouver, BC. The purpose of this report is to educate anyone purchasing a home or investment property to maximize their return by clearly outlining how any existing, new, or proposed arena project will potentially affect the price. The findings of the research clearly support the following: • An arena’s positive impact on housing values can be felt most within a 5 kilometer radius, and has the largest effect when appealing architecture, community plazas, park landscapes, retail, commercial, and entertainment spaces, and the stadium’s construction itself are incorporated into its design. • A negative effect on property values is felt when the costs of a proposed stadium necessitates the increase of property taxes. • Homes in neighborhoods close to new stadium builds (or proposed stadium builds), on average, have premiums ranging between 3% and 15%, depending on the different types of housing, parking options available, and the distance from the stadium itself. • Housing values increase on average 1.75 % for each 10% decrease in distance from a stadium, with the positive price increase being highest for homes in closest proximity to the stadiums and decreasing gradually outwards within the aforementioned radius. • When a stadium is located outside the downtown core of a city, and is not connected to any other economic development activities or an urban redevelopment program, residential property values around the facility will still see a positive increase in value. However, this increase will not be as dramatic as those that are built in, or with nearby accessibility, to the Central Business District (CBD). • While close proximity to the stadium usually results in the largest price increases, the regular presence of fans may lead to a constant source of noise, incivilities, traffic congestion and a scarcity of parking. These are all factors with the potential to create a price depreciating effect. 3 © The Real Estate Investment Network Ltd. In the process of carrying out the research used to compile this report, the following additional interrelated findings were revealed: • The presence of a sports arena not only effects residential real estate values but also increases the quality of life in terms of cultural importance, city image, and community visibility. • As property values increase, so do rents. • While living near a stadium that hosts a winning team may increase happiness, home prices don’t rise more in the years that teams win games. • Real estate values can increase upwards of 40% for properties located within 500 – 800 meters of light rail transportation stations. Variations in the amount of the increase can be further attributed to the type of housing and the socioeconomic status of the neighborhood. • Access to major highways and/or highway improvements providing new accessibility to a region with the arena, increase residential property values on average by 12% - 15%. In summary, this report will strongly support that the locale of stadiums, especially in urban centers, plays a large role in residential real estate price increases. Having stadiums located in conjunction with a well-designed and easily accessible infrastructure and transportation systems, however makes for the biggest impact on housing values if, and when, residences are located within a primarily 5 kilometer radius. 4 © The Real Estate Investment Network Ltd. ABOUT THE REAL ESTATE INVESTMENT NETWORK With a simple idea and from humble beginnings, The Real Estate Investment Network (REIN) was founded in 1992. Today we are Canada’s most trusted real estate investment education, analysis, research and strategic leadership resource. To date, by leveraging our economic insights and analysis, and using proven strategies taught by REIN, our Members have transacted more than 36,500 properties, representing more than $4.65 billion dollars of real estate. From our establishment over two decades ago in Vancouver, we expanded our community to include four additional major Canadian cities: Edmonton, Calgary, Toronto, and Ottawa. Our vision encompasses not only these areas, but with current technology also includes markets across the country, giving our Members access to economic research and analysis in their neighborhood, in their province, and across the nation. REIN’s 2,300+ Members enjoy access to a wide range of information, services, and products. Our community is a dynamic network that includes individual investors, families, corporations, professionals and entrepreneurs of every kind, all sharing a desire to secure their financial futures with positive cash flow real estate. REIN Members learn how to apply proven investment strategies and how to take advantage of economic events that affect real estate markets across this country. 5 © The Real Estate Investment Network Ltd. TABLE OF CONTENTS Executive Summary & Report Highlights ....................................................................... 3 About The Real Estate Investment Network .................................................................. 5 Introduction ............................................................................................................... 7 Studies on Stadium Construction and Real Estate Values ............................................. 8 Table of Results ......................................................................................................... 8 Direct Effect Of Stadium Construction on Residential Property Values ............................ 9 Neighbourhood Proximity to Stadium .......................................................................... 9 Stadium Location Relative to the Central Business District ............................................ 11 Community Integration ............................................................................................... 12 The Benefits of Public Transit ...................................................................................... 13 Other Variables Impacting Housing Values ................................................................... 14 Impact of Stadium Construction on Specific Canadian Communities .............................. 15 Edmonton, AB .................................................................................................. 15 Hamilton, ON ................................................................................................... 18 Calgary, AB ...................................................................................................... 21 Vancouver, BC .................................................................................................. 24 Footnotes ..............................................................................................................
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