New Development - The New Twins Baseball Stadium?

Asked by Ben Aughenbaugh, Mon Jul 23, 2007

Do property values increase or decrease in the immediate vicinity of new stadiums?

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5
Nate Roise, , Minneapolis, MN
Mon Jul 23, 2007
They generally increase.

How much they increase, of course, is subject to a variety of factors including proximity to the stadium, market conditions, nature of the property, etc. But both commercial and residential property in cities with new stadiums like San Francisco, San Diego, and Denver (an important non-coastal market) have increased. Price per square foot marched steadily upward. Of course, they can't do that forever.

However, we are experiencing a challenging/flat real estate market here in Minneapolis, so even though the stadium has been approved and is under construction, prices have not increased much, if at all. There is definitely a renewed interest in the area, and the stadium is having a positive effect on sales.

I expect any gains to occur when the market recovers (most experts are predicting 6-9 months) and the stadium nears completion. More announced projects could have the effect of dampening appreciation, depending on how much inventory is added to the market.
2 votes
Josh Lund, , Minneapolis, MN
Fri Jun 26, 2015
Hello Ben,

Stadiums bring people, people bring demand. Demand makes prices go up! Housing is booming in Minneapolis right now. Here is another example, right by the MN TWINS stadium is going to be T3. http://www.t3northloop.com/

If you need help with a realtor we have preferred ones on our team, if you need mortgage info, we would be glad to see if we can help.

Thanks much,
Josh Lund
MN District Branch Manager
NMLS # 387408
Gold Star Financial Group
Mobile: 612.802.3265
Office: 952.884.5442
eFax: 877.666.0007
Apply now at: http://www.joshlundmortgage.com
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0 votes
Corey Collins, Agent, Minneapolis, MN
Tue Sep 25, 2012
It all depends (not the most popular answer)!

When looking at monetary numbers, the value of a property usually increases 8 times out of 10.

But it is always important to realize that for some properties depending on its location to the new stadium may have a change in quality of living which may make a property less desirable and reduce its value when it comes time for resale.
0 votes
Kristina Smi…, Agent, Minneapolis, MN
Fri Nov 5, 2010
Values would have increased before the stadium was put up. Presumably values would remain close to what they went up to for a good couple years, until the "New Factor" wears off. Properties by the Metrodome for example are definitely not as hot as they where years back when it was new, and if anything age has brought the reverse! Keep in mind, not everyone enjoys roudy fans hollering outside their windows! I linked below an article to check out that goes over some research done on a similar issue.
0 votes
Angela Niece, Agent, Twin Cities, MN
Sun Sep 30, 2007
It really will depend on the type of property that you have. If I was a buyer, I would bet on a price increase. If I was a seller, I would sell not versus waiting in a declining market.
0 votes
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