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WILL STARBUCKS BOOST YOUR HOME'S VALUE?
Dated: October 20 2022
Views: 45
This was the “hot home-buying tip” splashed all over the airwaves recently — one that Southwest Florida real estate watchers probably assumed it had to be one of those weird, crazy coincidence feature stories that crop up from time to time. It was a little surprising that Zillow, the big national real estate firm, was said to be the source. It was all over the TV and radio newscasts, usually providing the cutesy end-of-broadcast segment. Furthermore, it hit dozens of news blogs, led by headlines like “Starbucks will boost your home’s value” (Fortune) and “Starbucks increases neighborhood, home values” (cnbc.com).
Yeah. Sure thing—just like the one about a rock on Mars that looks just like a monkey. Here in Southwest Florida, we’ve seen Internet stories like this come and go before.
But then, after delving into the actual source, it turns out that this tall tale does have an unchallengeable basis. Zillow’s research shows that in the 17 years leading up to 2021, homes within a quarter mile of a Starbucks location grew in value by 96%. That’s more than 30% greater than the average increase! It was enough to puzzle even the most skeptical Southwest Florida Central New Jersey homeowner.
But there is a logical reason that explains it—a little different from what the headlines might lead us to believe. It won’t make some fast food execs very happy…
First of all, Zillow did come up with the research. Why is not exactly clear (other than to grab a bunch of headlines), but their blogger Melissa Allison is the author of the ‘hot home-buying tip:’ “Buying near a Starbucks has benefits beyond easy access to your double-tall, non-fat, bone-dry cappuccino,” she wrote, followed by the head-scratching statistics. She also clarified that the effect was not common to all coffee vending shops. Homes near Dunkin’ Donuts locations appreciated only 80% during the same period. And there was a U.S. map pointing out the cities with the most pronounced ‘Starbucks
effect’ (Boston and Philadelphia).
The best’ hot home-buying tip’ to come out of this?
Don’t start looking for a Starbucks sign; give me a call!
The MikeDowner.com website is the most comprehensive online source for Southwest Florida real estate information and services. Whether you are looking for the latest sales, trends, or homes for sale in Collier County and Lee County in Florida, Mike Downer and Coldwell Banker Realty have it all at your fingertips. Browse information regarding short sales, foreclosures, new construction, investment property, land sales, or commercial locations throughout Southwest Florida at www.MikeDowner.com or call Mike at 239-722-6453. #homesforsale #investment
Michael Downer
Your Luxury REALTOR®, Trusted Advisor — Quintessential Naples Team at Downing-Frye Realty®Michael "Mike" Downer is the REALTOR® you want in your corner when buying or selling real es....
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