House Values and Race Tracks(Nascar)

[Edward OConor]

Just because ISC is touting it doesn't make it fact. The NY track in Long Island is effectively history. Washington isn't ponying up for a track and it probably won't happen.

I am a NASCAR fan and live on Long Island and would have loved to have a local track. Putting one here was idiocy due to the limited access to the island (only through NYC). Roughly 6 bridges one tunnel and then about 100 miles to the track on the old Riverhead Grumman site. Now if Robert Moses was still alive...

On an average friday night in the summer it takes 3-4 hours to get to the Hamptons. Add NASCAR traffic to the Long Island Expressway (parking lot), you would have to leave June 1st to make a race for June 3rd.:new_all_coholic:

 

[Restrain]

The traffic sounds like downtown Dallas at rush hour.

 

[Jim Bearden]

OK lets reverse engineer the question with a different scenario. In the 90'sdue to downsizing the military Lockheed closed a major plant in the LA area. Now what happened was a negative impact on local business's. I'll never forget an interview on local TV the man said because the plant close his donut business was so far down he may have to close. The location was not bad it was just that a ton of Lockeheed employees stopped by and business was great.

Now let's compare your situation you have a huge population growth for one or two weeks. Now let's compare the two a business has great business every day while another has great business for 2 weeks but because of the size of the store you can only so much business but the rest of the time business is OK. Overall that blip in business only marginally improves the value of the store, but that does not relate to increased value in real estate. I would think the traffic and noise would diminish value.

 

[Dale Smalley]

Come to Homestead in Nov for the final race and see for youself. The area has been a boom now there is an oversupply but they are still building like there is no tomorrow. I guess that's life in the fast lane. THe track was in the middle of nothing when they opened now there is construction everywhere but they dont deserve all the credit.

 

[Tara Ellis]

I am doing what I feel should be done when studying this out. Asking fellow appraisers their thoughts and the trends they are seeing as well as calling the County Assessor's in which the tracks are. I have contacted a couple so far, everything they are telling me is pre/post speedway - values have remained stable - in line with the local markets.

I post on another message board... where they say tracks decrease property values. But they are anti anything that moves around here. A new walmart inked a deal... they got all in a tiff about that...They trust Zillow or Trulio websites...

So why are tracks a bad thing by residential???

 

[erick anderson]

Yeahhhhawwwwww....I just loves me some NASCAR! Does anyone ever feel like the media is trying to force us to like NASCAR...Isn't it the same old race track with new drivers going around in circles for hours on end....can someone explain why they love it so much?

Exactly...in marketing it's called "branding". NASCAR is now a brand name.