Major league soccer expansion and property values: do sports franchises generate amenities or disamenities?

Joshi, Aakrit; Horn, Brady P.; Berrens, Robert P.

doi:10.1080/00036846.2020.1751050

Cited by 10 publications

(7 citation statements)

References 27 publications

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“…We found the Repeat-Sale coefficient estimate is more than four times larger in absolute value than the Hedonic estimate (4.57 = − 0.032/− 0.007, Kriging with 0.1-km buffer). Joshi et al (2020) found a ratio of Repeat-Sale to Hedonic coefficient estimates of 0.57 and 0.56 for condominiums in Seattle within a 0.5-mile buffer, and 1.05 and 1.04 for condominiums within a 0.5-1-mile buffer. In comparison, Humphreys and Nowak (2017) found Repeat-Sale coefficient estimates for single family homes in Charlotte, NC were comparable to a Hedonic model with fixed effects for a 1-mile buffer (0.97 ratio) and slightly smaller for a 1-2-mile buffer (0.77 ratio).…”

Section: Discussionmentioning

confidence: 93%

“…Thus, a key insight relates to the number of observations available for estimation. Humphreys and Nowak had 12,989 observations to support their Repeat-Sale estimation and 41,417 for the Hedonic estimation, and Joshi et al (2020) had 10,398 and 7697 for their Repeat-Sale estimation and 27,427 and 20,060 for the Hedonic. These are far more than the 178 and 2758 observations we have, respectively, for the Repeat-Sale and Hedonic estimation.…”

Section: Discussionmentioning

confidence: 99%

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Property value effects of the Hemlock wooly adelgid infestation in New England, U.S.A.

Boyle

Preisser

et al. 2022

Ecological Economics

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Section: Discussionmentioning

confidence: 93%

Section: Discussionmentioning

confidence: 99%

Property value effects of the Hemlock wooly adelgid infestation in New England, U.S.A.

Boyle

Preisser

et al. 2022

Ecological Economics

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“…On the other hand, there are some other studies that have found that property values around the venue are negatively impacted due to heavy traffic, noise, and trash generated by professional sports facilities around the stadium. Humphreys and Nowak [21] found increased housing prices after team departure, Joshi et al [22] found a reduced property values after the promotion of MLS team in Seattle, and Bradbury [23] did not find positive returns on property assessments after the announcement of a new baseball stadium and the actual construction in Cobb County, Georgia.…”

Section: Olympic Games and Property Valuementioning

confidence: 98%

Effects of the Olympic Announcement and the Actual Event on Property Values: The Case of the 2018 PyeongChang Winter Olympic Games

et al. 2022

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This study investigates the effects of the Olympic announcement and the actual event on property values in the host region using the case of the 2018 PyeongChang Winter Olympic Games. We collected Korean government-issued apartment transaction data in the host city, Gangneung, and other cities. We performed propensity score matching to generate a suitable control group compared to units in Gangneung and exploited difference-in-difference analyses to test the impact of the announcement and the actual event separately. The results show that the Olympic announcement increased property values in Gangneung by 5.5% compared to propensity-matched units, and the effects are mostly shown in units in downtown Gangneung. Units close to the KTX station and the Olympic arena observed additional increases in housing prices. During the actual Olympic event, property values in Gangneung increased by 8.3% after the KTX station opened, but the actual event period and Athletes’ Village opening did not generate additional effects. The additional increases in housing prices close to the opening of the KTX station were found for units close to the KTX station, the Olympic arena, and Athletes’ Village.

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“…Joshi et al. (2020) similarly analyze repeat housing sales to estimate the impact of the promotion of the Seattle Sounders to MLS in 2009 and finds a reduced property values with distance‐decaying effects following the team's promotion.…”

Section: Positive Externalities From Intangiblesmentioning

confidence: 99%

“…Estimates indicate that home prices increased between 6% and 14% following team departures, which is consistent with the teams generating residential disamenities on the host communities (see Section 6). Joshi et al (2020) similarly analyze repeat housing sales to estimate the impact of the promotion of the Seattle Sounders to MLS in 2009 and finds a reduced property values with distance-decaying effects following the team's promotion.…”

Section: 2mentioning

confidence: 99%

The impact of professional sports franchises and venues on local economies: A comprehensive survey

Bradbury

Coates

Humphreys

2022

Journal of Economic Surveys

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Local governments routinely subsidize sports stadiums and arenas using the justification that hosting professional franchises produces economic development and social benefits in the community. The prevalence of venue subsidies generated an extensive and vibrant research literature, which spans over 30 years and includes more than 130 studies. We chronicle this body of research from early studies of tangible economic impacts in metropolitan areas, using basic empirical methods, through recent analyses that focus on sublocal and nonpecuniary effects and employ more sophisticated empirical methods. Though findings have become more nuanced, recent analyses continue to confirm the decades‐old consensus of very limited economic impacts of professional sports teams and stadiums. Even with added nonpecuniary social benefits from quality‐of‐life externalities and civic pride, welfare improvements from hosting teams tend to fall well short of covering public outlays. Thus, the large subsidies commonly devoted to constructing professional sports venues are not justified as worthwhile public investments. We also investigate the paradox of local governments continuing to subsidize sports facilities despite overwhelming evidence of their economic impotence. Our analysis informs academic researchers and policymakers to motivate future studies and promote sound policy decisions guided by relevant research findings.

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Major league soccer expansion and property values: do sports franchises generate amenities or disamenities?

Cited by 10 publications

References 27 publications

Property value effects of the Hemlock wooly adelgid infestation in New England, U.S.A.

Property value effects of the Hemlock wooly adelgid infestation in New England, U.S.A.

Effects of the Olympic Announcement and the Actual Event on Property Values: The Case of the 2018 PyeongChang Winter Olympic Games

The impact of professional sports franchises and venues on local economies: A comprehensive survey

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