Realtor.com® and Vivid Seats Data Mash-Up Reveals Top Outdoor Venues Where Home Prices Are a "Hit"
Homes within walking distance of Tallahassee's Capital City Amphitheater, OKC Zoo Amphitheater in Oklahoma City, and the Greek Theatre in Los Angeles take the No. 1, 2 and 3 spots
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.
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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
[email protected]
Vivid Seats
Courtney Cohen – SSPR
312.750.0871
[email protected]
SOURCE realtor.com
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