New Venue in Westbrook? Positive or Negative Impact on Home Value?

New Venue in Westbrook? Positive or Negative Impact on Home Value?

New venue in Westbrook? Positive or negative impact on home value?  Being a homeowner means investing in the town and community you live in. Staying up
to date on events in your area is an important part of home ownership,as new construction of houses, apartments, or even concert venues can have an impact on the value of your home.
Recently I learned Westbrook, my community, is undergoing construction on a concert venue a  
couple miles away from my home. I wondered if this new venue would have a negative or
positive impact on the value of my home.
In a recent article on Realtor.com the general impact on surrounding houses near a venue
actually improved the value of their home by 9% compared to other homes in the surrounding
area. Jonathan Smoke, a chief economist for Realtor.com was quoted. “Walkability to
restaurants and shopping has become an increasingly important feature for home buyers over the last few years, especially millennials. Our analysis shows the desire for close proximity also extends to live music”. In one study they conducted they compared homes within a one mile radius to concert venues to surrounding homes in the area and found that Tallahassee, FL the homes were 78% more expensive in a 1 mile radius than the surrounding homes. There are good and bad factors that go along with an outdoor concert venue. Some positive effects could be added value to your home, more foot traffic for local business, and the excitement in the community. It also means more traffic and more noise.

I’m personally excited to see Westbrook grow and bring more to offer to this town and it’s residents. I look forward to walking to the venue or ubering a short distance to see live outdoor
concerts. Staying up to date with events and growth in your neighborhood and community means I have the first hand knowledge to decide where I want to invest or continue to invest.

Brittney Barr
Keller Williams Realty
Reference:
Sounds of Summer: Homes Near These 20 Concert Venues Sell For a Premium. By Cicely
Wedgeworth. Jul 7, 2016.
https://www.realtor.com/news/trends/outdoor-concert-venues-home-values/

The Marc Gup Real Estate Group

Keller Williams Realty

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