Similar to how individuals search for apartments and condos near great schools and restaurants, it seems like nowadays, a new community “shop” is attracting attention of potential renters and homebuyers: gyms, crossfit and workout studios.
A recent MarketWatch report shows that:
Tweet ThisIn all the other apartment buildings and housing developments, the percentage of gyms grew to an average of 6.7% in January 2016 compared to an increase of just 3.9% in previous years.
CrossFit is now a major attraction for a variety of workout enthusiast. Living near the gym to cut down on commute time is one way to solve not having enough time for a workout.
Real-estate agents are constantly calling out proximities to gyms in real estate listings or when touring condos or homes with clients — something previously only done with exceptional schools and restaurants.
Real Estate Trends: The “Starbucks Effect”
The connection between real-estate prices and strong lifestyle brands has been made before. The “Starbucks Effect” has supposedly helped the value of homes for sale within a ¼ mile of a Starbucks location, helping them rise faster than those not near the coffee shop.
To back that statement up, between 1997 and 2013, homes within a quarter-mile of Starbucks increased in value by 96%, compared with 65% for all U.S. homes, based on a comparison of Zillow Home Value Index data with a database of Starbucks locations.
In Closing
That being said, it might not be just a “Brand Effect” that boosts home values, but rather it could be proximity to a commercial corridor that contains all sorts of businesses, whether it’s a gym, coffee shop, restaurant, shop or workplace.
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