The old ballgame is good for residential realty around PNC Park
PNC Park might be even friendlier to property owners than it is to pitchers.
Home values near the North Shore s ballpark, which has a credibility of being more desirable to pitchers than to players, are 33.6 percent greater, on average, than they remain in the Pittsburgh metropolitan area as a whole, according to a research released today by the realty website Trulia.
Rents, too, are 9.8 percent higher near the Pirates park than in the metro area total cause to raise the Jolly Roger for proprietors, but perhaps as welcome as a rain delay to those who must pay them.
The research by San Francisco-based Trulia took a look at home values within a mile of the 29 big league ballparks in the United States. It discovered mean values in neighborhoods around 18 ballparks were higher than in the cities as a whole. Similar patterns were seen for rents in those areas.
In Pittsburgh, Trulia calculated the median home value near PNC Park at $175,461 compared with $131,293 in the metro area as a whole.
That 33.6 percent distinction was the sixth-highest amongst all ballparks in the United States, behind New York s Yankee Stadium, Houston s Minute Maid Park, Boston s Fenway Park, Cincinnati s Great American Ball Park and Detroit s Comerica Park.
Howard Hoddy Hanna III, chairman and CEO of Howard Hanna Real Estate Services in Pittsburgh, wasn t shocked by the findings.
He noted that a one-mile radius around PNC Park would include some major league realty from the luxury condos Downtown to the old Victorian rowhouses on the Mexican War Streets on the North Side to the expensive property on Grandview Avenue on Mount Washington.
Downtown apartments alone are most likely 33 percent greater than the typical cost in Western Pennsylvania, he stated.
Obviously, not every house within the one-mile radius is as pricey as a seat behind home base. A fast check of Trulia listings for the Manchester neighborhood showed numerous houses selling for in between $75,000 and $100,000.
Others, however, were choosing more than $200,000.
The research study also found that newer arenas tend to be found in pricier communities.
Ballparks aren t positioned in places by error. You don t want an arena in a blighted location, stated David Weidner, managing editor of research for Trulia.
Other factors, such as distance to Downtown, might likewise come into play, Mr. Weidner believes the ballparks themselves especially the newer ones add value and improve the areas in which they are built.
Not all ballparks became a field of dreams for homeowner. In Oakland, Calif., for instance, home values in the area surrounding the stadium were 55.9 percent lower than in the metro location as a whole.
The very same applied to Milwaukee and Kansas City, home of the 2015 World Series champs, where real estate values near the ballparks were 52.5 percent and 51.6 percent lower than in those respective cities.
PNC Park s beneficial impact on property values might be of little consolation to house owners in some areas of the North Side who need to compete with traffic, sound, lost parking areas, tailgating and other concerns caused by online game day crowds.
Mr. Weidner acknowledged that it takes a special kind of local to live around among these parks for 81 home games a year. You still have to deal with a lot of noise and a lot of people coming through your area, he said.
Cynthia Shea, vice president of East Allegheny Community Council, said her Deutschtown area on the North Side sees a boost in the variety of people parking during Pirates video games, however she believes the touted property value advantage outweighs the negatives.
Ms. Shea said Deutschtown is ending up being a more popular place to live. Empty lots are disappearing and some remodelled houses are selling for $250,000 to $350,000.
We re getting our share of hipsters moving in, she stated.
She believes there s more driving that increase than the ballpark itself. Individuals also are drawn by proximity of Downtown and Cultural District attractions along with other aspects.
On the leasing side, rents near PNC Park balanced $1,313 a month compared with $1,195 in the city topic as a whole.