Major League Soccer Expansion and Property Values: Do Sports Franchises Generate Amenities or Disamenities?
Document Type
Article
Publication Date
2020
Abstract
While amenity effects generated by sports stadiums or facilities have been studied extensively for housing markets, there has been significantly less attention focused on team effects generated by sports franchises alone. The objective of this analysis is to estimate the impact of Major League Soccer (MLS) expansion on property values, using nearby condominium sales from 2003–2016 in Seattle, Washington. Econometric results from hedonic pricing method and repeat sales regression indicate that property values depreciated after the Seattle Sounders Football Club was promoted to the MLS in 2009. The distance-decaying depreciation in condominium values occurs within a mile of the facility.
Publication Title
Applied Economics
Volume
52
Issue
44
First Page
4881
Last Page
4899
Digital Object Identifier (DOI)
10.1080/00036846.2020.1751050
Citation Information
Aakrit Joshi, Brady P. Horn & Robert P. Berrens (2020) Major league soccer expansion and property values: do sports franchises generate amenities or disamenities?, Applied Economics, 52:44, 4881-4899, DOI: 10.1080/00036846.2020.1751050
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