CoolTown Studios looks at a recent study in Portland, OR that shows that certain retail establishments- cafes, movie theaters, wine bars- increase property values in neighborhoods by up to 30%.
"Their study concludes that property values within a block and a half would be affected accordingly by the following businesses:
- Neighborhood theater - 14-30% higher property values. Some positives cited by the study include an increase in pedestrian traffic (safety) at more hours of the day, and the fact that such theaters have no parking which encourages a more local crowd. Neighborhood theaters also tend to play avant-garde, foreign and indie films, which attract more creatives, which then attract higher home values.
- Specialty grocery store - 20% higher property values. One explanation could be that because people will pay a bit of a premium for healthier groceries, they also have the income to pay a premium to live nearby. Then again, who doesn't want to live within walking distance of their favorite grocery.
- Wine bars - 11-21% higher property values. A quiet third place, something many people wouldn't mind living near."
FULL STORY: Small movie theaters raise property values 30%?
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