Professional Sports Facilities, Teams and Property Values: Evidence from Seattle's Key Arena

Brad Humphreys and Adam Nowak
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Adam Nowak: West Virginia University, College of Business and Economics

No 15-06, Working Papers from Department of Economics, West Virginia University

Abstract: Professional sports teams and facilities can generate negative or positive amenities to be capitalized into nearby property prices. We investigate the effect of the departure of a National Basketball Association team, the Seattle SuperSonics, from Key Arena in Seattle in 2008 on nearby residential property values. The arena continued to operate after the team left, so this departure represents a natural experiment to identify the net effects of a sports team from the effect of a facility and other events that take place in the facility. Results from a repeat sale regression model indicate that the departure of the SuperSonics was associated with excess appreciation of condo prices near Key Arena, suggesting that the team generated disamenities in this market.

Keywords: repeat sales regression model; property values; professional sports (search for similar items in EconPapers)
JEL-codes: H71 L83 R13 R58 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2015-05
New Economics Papers: this item is included in nep-cul, nep-spo and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:wvu:wpaper:15-06

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