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Affects a race track might have on residential homes

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ivvy24

Freshman Member
Joined
Jan 21, 2008
Professional Status
Certified Residential Appraiser
State
Missouri
I was recently asked what affect a large race track would have on residential homes located nearby. Has anyone came accross this problem. I appreciate any comments. The race track will be for drag and car races. :new_rainfro:
 
Joined
Mar 30, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
I was recently asked what affect a large race track would have on residential homes located nearby. Has anyone came accross this problem. I appreciate any comments. The race track will be for drag and car races. :new_rainfro:

I live not 2 miles from a dirt track, and I can tell you that I know when its race night.

In this area, it does NOT have an impact on most homes. Between the race track, trains, and the Football games, the WHOLE town has an noise issue.:laugh: But we like it.

if you use Google Earth, enter this address
north apple st, 72012
you should be able to see the dirt tract.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
There is a major subdivision just west of Texas Motor Speedway (appx 200,000 crazy fans on race weekend), as well as just east of TMS. No effect on prices. There is a nuisance factor on the 3 weeks a year (traffic) but the track contains the noise quite well.
 

Restrain

Elite Member
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Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
That being said, if it's a drag strip, built back against a hlll, with an open end, any homes at the open end are going to feel they're facing a megaphone for the race track.
 

Rufus

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Joined
Apr 3, 2008
Professional Status
Licensed Appraiser
State
Indiana
The Indianapolis Motor Speedway has a positive influence on residential properties located nearby. There is a slight decrease in value street by street the further from the track for those properties located west of Georgetown Road. People that buy in the area bounded by 25th Street, Georgetown Road, Crawfordsville Road, and Lynhurst Drive are typically race fans. They also make money by allowing parking in their yards during race season.
 

Scott Lanz

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Joined
Dec 13, 2002
Professional Status
Certified General Appraiser
State
Minnesota
Interesting topic. I am currently working on a project next to racetrack including a top-fuel drag track. I live 7 miles away and I can hear every race. All of the neighbors in a certain distance get season tickets. You learn to live with it after a while.

I would say it has a little negative impact on the housing, but not drastic.
 

Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
There is a local speedway very close to a large residential subdivision in my area. The south end of the subdivision is very close to the track while the north end is pretty well isolated from it. They practice on Fridays and Race on Sat. night. There is no measurable difference in values from the north to south. Personally, Id like to live there and be 5 min from the track: I'd probably go more if I did.
 

Wendy

Senior Member
Joined
Feb 23, 2004
Professional Status
Certified Residential Appraiser
State
Florida
We have three tracks in my county (you'll might know one - Daytona). Not much housing around the big track, but the two others are a bit more rural. Well, as rural as central Fla gets.

No impact from the tracks that I've been able to prove. People seem to enjoy the idea. :shrug:
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Look to the number of sales of each subject property to see how many times it turns over in a given period of time.

Most RE agents that I know in our area and the small towns that have dirt tracts show the home between Monday A.M. to Friday A.M. and forget to tell the buyers about the track and the noise.
 

Joker

Elite Member
Joined
May 28, 2002
Professional Status
Certified General Appraiser
State
Ohio
Wendy,
You might find that those tracks have a positive influence. If you could remove the tracks you may see values decline even farther.

Does anyone know how much money race fans are willing to pay to rent a house for a week? Especially if it is near the track.
 
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