Affects a race track might have on residential homes

[David Beasley]

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.

Depends. If it is more of a local venue, probably not much rental potential. If it is an IndyCar, NASCAR or NHRA drag race, there is quite likely some potential, that will be based on the popularity of the series in question or event that is occurring. Example: Homes near Bristol TN rent very well around either of that track's 2 NASCAR dates, but are the hottest (no pun) around their August night race because it is the most popular of the 2 dates, and quite frankly, is a harder ticket to get than the Super Bowl. Now, if you're talking Fayetteville NC for this weekend's $10k to win Lucas Oil Sportsman dirt race? Likely not going to see any up-tick in rentals near the track at all.

That said, I've seen 3 bedroom homes near Bristol rent for $800 a week, 4+ bedrooms go for over $1000 for the week of the August/night race there. I've seen 3 bedroom condos on Lake Norman rent for almost $1200 a week during the Summer Speed Weeks at Lowe's Motor Speedway (the "All Star" race and the Coke 600).

To the OP,

Google the individual track's name and see if any news stories about noise and nearby homeowners exist on it. Lots of people don't mind, some do. Tracks are being closed in the NE due to new subdivisions being built nearby and their HOAs taking on the tracks and winning. "Noise" was the big thing that stopped NASCAR from building a track near NYC, even after they had already paid a small mint for the land. Homeowners' complaints about "Noise" from the proposed NHRA drag strip near Concord NC (Lowe's Motor Speedway, formerly Charlotte Motor Speedway) held up that town council's approval for the drag way (top fuel cars are far louder than anything most people have ever heard)...but the owner (SMI/Bruton Smith) threatened to take away the existing NASCAR races - which pump millions into the local economy - and magically, the homeowners were told to sit down and shut up and the town council approved the track and its race date, and even sweetened up their tax/incentives deal on the entire complex (there's also a dirt oval on the property). There appears to be no rush to sell residential properties near the track, even after that episode.

 

[444nutman]

I grew up next to a race track as a kid in Delaware. I dont know how it affects value but as a kid I loved it. The only problem is when I was on restriction I had to sit in my room and listen to the cars wishing I could go. The funny thing is the race track was across the road from a prision.

 

[Lawrence R.]

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.

The houses directly across the street from the racetrack in neighboring Darlington charge for rental, and for parking. They make mucho bucks 2-3 weeks a year. One homeowner said it pays his entire year's mortgage, insurance and taxes on the house, and he goes on vacation and spends the weeks in a hotel every race.

I also know if that racetrack went away, the whole town would fold up and call it quits.

Consequently, there is an NHRA strip in Darlington, too. Nobody gives a crap about it, though.

I would guess a small track wouldn't make too big a diff--but it is all market to market.

Our small dirt tracks are generally out in the "country" so as to disturb very few people and they have little to no impact on the farms and homesteads surrounding them.

 

[DonRico]

There is a similar situation here in Central Jersey. We have a drag strip in Old Bridge that has been around since the early 60's. Back then it was in the wilderness, no houses within miles.

Developers bought the surrounding farms and the new homes were marketed for their proximity to the employment centers in North Jersey & Manhattan. Their Open Houses were scheduled for days when the drag strip was not in session. Folks eagerly bought up these new homes. Then the race season started. Oh the outcry from these new homeowners! Their weekends were ruined, their property values were affected.

They made the drag strip owners built noise abatement walls and curtail racing hours.....even though they had been in business for 20 years before the first development sprung up. There's still an ongoing battle between the homeowners and the track operators to this day. With all the publicity, any new buyers are doing the due diligence (unlike the original settlers) and home values are taking a hit.

The whole thing reminds me of the people who bought homes directly under the flight path of Newark Airport.....and now annually petition the FAA to redirect the final approaches!!

 

[BillyGoat123]

I'm not an appraiser so I hope this post doesn't get deleted in this forum, but I'm very interested in the topic. I'm surprised that most of the replies seem to be of the consensus that the property values are not really reflected negatively. Would it be inappropriate for me to ask how your able to make those determinations? Does a neighboring land owners displeasure with the sound automatically make the property less valuable? Thanks.

 

[Mike Boyd]

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.

To each his own. I would probably hesitate buying in the same TOWN with a race track of any kind. You can tell I'm not a racing fan. There is a horse racing track less than a mile from where I live. I do not hear hoofbeats or cheering. However, homes adjacent to the tract are typically lower in price than other areas of town.