Baseball may not enjoy the same status it had in its glory days as the country’s greatest pastime, but in many places it remains as a significant influence on real estate.
Well, its stadiums do.
A new report from real estate listing portal Trulia highlights the impact, or at least correlation, between major league baseball stadiums and surrounding home values – ”surrounding” meaning within one mile.
Researchers for the website analyzed 29 stadiums – they excluded Toronto’s Rogers Centre – and found that the majority (18) were ringed with properties having higher median values than that of the overall city’s. It was mostly newer stadiums (built after 1999) that correlated more positively to home value – though, some older stadiums were accompanied by high median home values.
Marlins Park is one of the exceptions to the age rule; it’s new and the homes around it are relatively cheap.
Built in 2012, the home of the Marlins is positioned within Little Havana, a long-time blue-collar, immigrant neighborhood home to many of the displaced Cubans that settled in South Florida after the Caribbean island’s 1959 revolution – as the name suggests.
Today, the median home value in the area and around Marlins Park is $162,267 – 35.3 percent below the city’s overall median value of $250,767. But it’s hard to draw any sort of casual relationship between the area’s low home values and the stadium. And in fact, the stadium may be helping to bring attention and investment to the area.
According to a report from the Miami New Times, developers are pushing for zonal changes in the area. They want to introduce taller condos and more commercial development to the area, which should elevate values and stimulate the local economy. In a few years, Little Havana could be the new Brickell West.