SANTA CLARA, Calif.,
July 7, 2016 /PRNewswire/ -- Loud
neighbors can often be problematic for home owners, but there can
be a significant upside in home prices when that neighbor is an
outdoor music venue, according to recent analysis released today by
realtor.com®, a leading online real estate destination operated by
News Corp [NASDAQ: NWS, NWSA]; [ASX: NWS, NWSLV] subsidiary Move,
Inc., and Vivid Seats, the largest independent ticket marketplace
for live sports, concerts and theater events.
The study examined home prices within a walkable distance – one
mile – of 68 outdoor concert venues with the home prices in the
surrounding ZIP code. According to the analysis, 20 venues stood
out from the pack showing at least a nine percent premium for
walkability to the venue, compared with the surrounding ZIP.
"Many factors can impact home prices, but our analysis shows
that home values can benefit from being in close proximity to
outdoor concert venues," said Jonathan
Smoke, chief economist for realtor.com. "Walkability to
restaurants and shopping has become an increasingly important
feature for home buyers over the last few years, especially
millennials. Our analysis shows this desire for close proximity
also extends to live music."
The location where it pays the most to be walkable to the venue
is Capital City Amphitheater in Tallahassee, where the median homes
within walking distance are 78 percent more expensive, at
$177,500, than the surrounding ZIP
code, 32301. Homes located within a mile of OKC Zoo Amphitheatre in
Oklahoma City – ranked second on
the list – are 68 percent more expensive than the surrounding ZIP
code of 73111 at $49,500. Homes
within one mile of the Greek Theatre in Los Angeles, ranked third, are 63 percent
higher at $2.1 million than the
surrounding ZIP code, 90027.
"Live events like concerts add so much to a community. The added
foot traffic aids local business while the culture and vibrancy of
the event add excitement. Plus, for residents of the neighborhood
there's the added benefit of simply walking to and from the venue,"
said Julia Litz, a spokesperson from
Vivid Seats.
Top Venues Where Walkability Means Higher Home
Prices
|
Ranking
|
Venue
|
Home Prices
Within 1 Mile of Venue
|
Home Prices in
ZIP Code
|
Venue vs. ZIP
Code
|
|
1
|
Capital City
Amphitheater (Tallahassee, Fla.)
|
$177,500
|
$100,000
|
78%
|
|
2
|
OKC Zoo Amphitheatre
(Oklahoma City)
|
$49,500
|
$29,500
|
68%
|
|
3
|
Greek Theatre - Los
Angeles (Los Angeles)
|
$2,100,000
|
$1,285,000
|
63%
|
|
4
|
Investor Amphitheatre
(Gainesville, Ga.)
|
$199,450
|
$125,000
|
60%
|
|
5
|
Cincinnati Playhouse
In The Park (Cincinnati)
|
$319,750
|
$219,750
|
46%
|
|
6
|
Oregon Zoo
Amphitheatre (Portland, Ore.)
|
$700,000
|
$494,950
|
41%
|
|
7
|
The Levitt Shell
(Memphis, Tenn.)
|
$210,000
|
$150,500
|
40%
|
|
8
|
Surly Brewing
Festival Field (Minneapolis)
|
$316,500
|
$232,250
|
36%
|
|
9
|
Weesner Family
Amphitheater at the Minnesota Zoo (Apple Valley, Minn.)
|
$249,900
|
$193,500
|
29%
|
|
10
|
Ravinia (Highland
Park, Ill.)
|
$605,000
|
$487,500
|
24%
|
|
11
|
Tallahassee Pavilion
(Tallahassee, Fla.)
|
$120,000
|
$100,000
|
20%
|
|
12
|
Sawyer Point Park
(Cincinnati)
|
$260,500
|
$219,750
|
19%
|
|
13
|
Madera Fairgrounds
(Madera, Calif.)
|
$237,000
|
$205,000
|
16%
|
|
14
|
Red Hat Amphitheater
(Raleigh, N.C.)
|
$300,500
|
$260,000
|
16%
|
|
15
|
Clarke County
Fairgrounds (Berryville, Va.)
|
$315,000
|
$273,950
|
15%
|
|
16
|
Wolf Trap Farm
(Vienna, Va.)
|
$882,500
|
$780,000
|
13%
|
|
17
|
Ascend Amphitheater
(Nashville, Tenn.)
|
$307,000
|
$275,000
|
12%
|
|
18
|
Ravina on the Lakes
(Peoria, Ill.)
|
$177,000
|
$160,950
|
10%
|
|
19
|
Concord Pavilion
(Concord, Calif.)
|
$575,000
|
$525,000
|
10%
|
|
20
|
Bayfront Park
(Miami)
|
$392,500
|
$358,500
|
9%
|
Methodology: The realtor.com/Vivid Seats analysis was developed
by comparing realtor.com's residential sales and deed database with
outdoor venue location from Vivid Seats' outdoor concert database.
About realtor.com®
Realtor.com® is the trusted resource for home buyers,
sellers and dreamers, offering the most comprehensive database of
for-sale properties, among competing national sites, and the
information, tools and professional expertise to help people move
confidently through every step of their home journey. As the
official site of the National Association of REALTORS®,
realtor.com pioneered the world of digital real estate 20 years
ago, and today helps make all things home simple, efficient and
enjoyable. Realtor.com is operated by News Corp [NASDAQ: NWS, NWSA]
[ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit
realtor.com.
Forward-Looking Statements
This document contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's views and
assumptions regarding future events and business performance as of
the time the statements are made. Actual results may differ
materially from these expectations due to changes in global
economic, business, competitive market and regulatory and other
factors. More detailed information about these and other factors
that could affect future results is contained in News Corp's
filings with the Securities and Exchange Commission. The
"forward-looking statements" included in this document are made
only as of the date of this document, and we do not have any
obligation to update publicly any "forward-looking statements" to
reflect subsequent events or circumstances, except as required by
law.
About Vivid Seats
Vivid Seats is the largest independent marketplace for tickets
to live sports, concert, and theater events. Founded in 2001, the
Chicago-based company offers
industry-leading affordability across one of the widest selections
of premium tickets and event packages. Vivid Seats supports all
orders with a comprehensive buyer guarantee and an in house
customer service team to ensure the safest and most convenient
purchase experience. Fans that want to sit closer and see more of
their favorite live events can order directly on VividSeats.com or
by phone at 866.848.8499.
Media Contact:
Realtor.com
Lexie Puckett Holbert
805.557.3151
Lexie.puckett@move.com
Vivid Seats
Courtney Cohen – SSPR
312.750.0871
ccohen@sspr.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/realtorcom-and-vivid-seats-data-mash-up-reveals-top-outdoor-venues-where-home-prices-are-a-hit-300295024.html
SOURCE realtor.com