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Professional sports facilities, teams and property values: Evidence from NBA team departures
- Source :
- Regional Science and Urban Economics. 66:39-51
- Publication Year :
- 2017
- Publisher :
- Elsevier BV, 2017.
-
Abstract
- Professional sports teams and facilities can generate negative or positive amenities to be capitalized into nearby property prices. We investigate the effect of the departure of two National Basketball Association teams in Seattle and Charlotte on nearby residential property values. Both arenas continued to operate after the teams left, so these departures represents a natural experiment to identify the net effects of a sports team separately from the effect of a facility and other events that take place in the facility. Results from a repeat sale regression model and hedonic price model indicate that the departure of the teams was associated with excess appreciation of condo prices near Key Arena and single family home prices near the Charlotte Arena, suggesting that the teams generated disamenities in these markets.
- Subjects :
- Economics and Econometrics
Natural experiment
Basketball
05 social sciences
Residential property
0211 other engineering and technologies
Hedonic pricing
021107 urban & regional planning
Advertising
02 engineering and technology
Urban Studies
Property value
0502 economics and business
Single-family detached home
Economics
050207 economics
Marketing
Subjects
Details
- ISSN :
- 01660462
- Volume :
- 66
- Database :
- OpenAIRE
- Journal :
- Regional Science and Urban Economics
- Accession number :
- edsair.doi...........13b61bccdad63a7c68c01ca84572800b