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Looking for Comps located on a NASCAR track

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ROBERT JONES

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Feb 12, 2002
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Certified Residential Appraiser
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New Jersey
We are the lucky recipients of the first sale in a project of a condominium located directly upon and overlooking a newly constructed NASCAR race track. If anyone has any experience with a similar project can you email me? [email protected]

thanks
 

c w d

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Florida
Oh....I don't guess you'll be finding any comparables. *cackle* In absence of available data perhaps you could compare it to other comparables located close to some external obsolescence similar in intensity?
 

David Beasley

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Dec 12, 2003
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Certified Residential Appraiser
State
North Carolina
What track is NASCAR building in NJ? First off, NASCAR doesn't build or own tracks, they simply sanction the races at various tracks. ISC (International Speedway Corp) is NASCAR's sister "track company" and is run by Lesa France Kennedy (sister to NASCAR CEO Brian France). NASCAR is privately held, ISC is publicly traded. Are they the same? For informal intents and purposes, yes, but technically they are not.

But NASCAR itself has released no information on any of their upcoming schedules about a race in New Jersey. Certainly not in regards to their top level Sprint Cup Series. Maybe it is for their junior series, the Nationwide Series or the Craftsman Truck Series (soon to be the Kobalt Tools Truck Series)? I only ask because the "desirability" of such a place will absolutely depend on the level of racing series that competes there.

Either way, similar track side condos exist at Texas Motor Speedway near Dallas/Ft Worth and at Lowe's Motor Speedway near Concord (Charlotte) NC. Closer by, I *think* there are condos located at the Dover Speedway, but am not sure. I know they've built a large motel and casino overlooking the Dover track in recent years.

Maybe you could find appraisers in the Dallas/Ft Worth and Charlotte/Concord areas to see if any of them have any experience with these types of specialty properties? I personally have not. I've watched races from a condo at the Lowe's track, but I appraise farther east, so they're way out of my market. Good luck, as it sounds like it is going to be a challenge.
 

Gary Troescher

Freshman Member
Joined
Jun 20, 2004
Professional Status
Certified Residential Appraiser
State
Mississippi
Try This

They are building Condo's Suites now and around and sometimes right on top of college football stadiums. This is a new kind of market happening all around the NCAA
 

Mountain Man

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Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
There is a big condo complex at the Atlanta Motor Speedway... seems to be a good market.
 

leelansford

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Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
We are the lucky recipients of the first sale in a project of a condominium located directly upon and overlooking a newly constructed NASCAR race track. If anyone has any experience with a similar project can you email me? [email protected]

thanks

If I were among the pool of potential purchasers of a condo unit in that neighborhood, it sure would be a big negative.

To each his (or, her) own.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
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North Carolina
There is a big condo complex at the Atlanta Motor Speedway... seems to be a good market.
There is one in Charlotte too. Likely they also have them at Texas motor speedway. Be sure to address access issues during events.
 

c w d

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Oct 2, 2006
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General Public
State
Florida
Well, I guess this is where one would need to define the market to the reader. If this is a trend among condo-builders and buyers and they're attracting a specific market then would there be a negative affect on value? Or would it be a matter of marketability? If these condos are being built because of their proximity to the track then I would bet it's going to have a large percentage of rentals or second homes. Sounds like it's going to be a condotel.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
These are not "residential" but are hospitality suites. At the TMS one, there is ONE that is occupied as a residence. Otherwise, only during events, special parties given by the owners, etc. For example, teams, sponsors, high-dollar investor types are the owners.

Before proceeding, check with your lender so that they know exactly what they are dealing with.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
These are not "residential" but are hospitality suites. At the TMS one, there is ONE that is occupied as a residence. Otherwise, only during events, special parties given by the owners, etc. For example, teams, sponsors, high-dollar investor types are the owners.

Before proceeding, check with your lender so that they know exactly what they are dealing with.
If one owns a beach house that is only used a few times a year when one wants to host a party, is it any less residential because of that use? I think the use of comparable sales in Georgia and Texas will make it fairly clear the type of property it is.
 
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