Appraisal Articles 2019 Free Appraisal Articles for Appraisers and the Public
The development of a $1.9 Billion dollar professional football stadium down the street from your current business location is usually a good thing. There are always those who may garner a real property value increase due to the stadiums location but then realize that the traffic from the new venue may destroy their ability to do business or it may make renting their building to a tenant or tenants more difficult. You can have a huge real property market value uptick and still lose your tenants or lose the utility of your building for its current use at the same time.
Appraisers are always asked "how much of a property value Increase can I expect?" It's not something that can easily be answered because, as you know, each property is different and each will benefit more or less from the stadium development.
If you own a single-family residential home located 5 miles away from the planned stadium I wouldn't hold my breath regarding appreciation, the stadium may provide some great entertainment to you if you can afford to pay for it but you will likely pay more in taxes for its construction than you will ever gain from your homes appreciation.
The many industrial properties that adjoin or are in close proximity to the planned Las Vegas dome site may increase in value dramatically over the next few years. If you look at other professional stadiums, I have, you will find that there are (look at the AT&T stadium in Arlington, TX for example) 30 to 50 restaurants surrounding it. Las Vegas is full of Strip based restaurants but do fans traveling in and out of the dome want to deal with the Strip just to get some food? Yes, they will sell you food inside of the dome, but they can't offer you that many choices.
Industrial land often sells in Las Vegas for a price near $ 10 per square foot but fast food restaurant ground sells closer to $ 25 per square foot. There appears to be some upside potential for those willing to transition their properties from industrial to commercial, and much of the area surrounding the proposed Las Vegas dome stadium has already been planned for a tourist commercial use.
Arrowhead Stadium in Kansas City, MO is isolated from most private development, and the Bank of America stadium in Charlotte is isolated by highways. The Los Angeles Chargers stadium (StubHub Center) adjoins Cal State University and still has nearly 15 fast food restaurants close by.
Properties have to be evaluated on a case-by-case basis and owners have to follow how the areas near the planned stadium are transitioning. If the stadium had been planned for the Strip side of the freeway there would likely have been much less potential for stadium-related development given the relatively high prices from the influence of the Strip, but west of the I-15 there are more possibilities.
For more appraisal information contact Glenn J. Rigdon MA, MRICS, ASA who is a Las Vegas / Henderson Nevada based real estate broker and commercial appraiser who can be contacted via email or via his business website known as Appraiser Las Vegas (http://www.appraiserlasvegas.com), or you can also click on “Contact Us” on the home page of this website or visit my public profile at LinkedIn at http://www.linkedin.com/pub/glenn-rigdon-ma-mrics-asa/1a/30b/879/
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