Will Formula One Rev Austin Real Estate Up?
Over the past year I have received many calls from people
who want to know how the
Circuit of
the Americas Race Track now completed in
Southeast
Austin will impact their property values. Some are planning to put their
Austin homes on the market, and they are hoping that the Formula
One Track will be just one more contributor to
Austin’s rising property values. Others have no desire to sell. Instead, they are considering doing short
term single family rentals (SFR), anticipating that some of the expected
250,000 Formula One visitors will pay top dollar to stay in their Austin homes
while they’re visiting for the big races.
Still others are convinced that their real estate near the
Circuit of the Americas Race Track in Del Valle will now be worth substantially
more than before the track was built.
While the first two scenarios may indeed play out to be true, it is the
last group of people that I feel for.
Because the truth is that the Formula One Race Track will have a huge
impact on the community directly surrounding it, but increasing the values of
those homes is not one of those things.
Even a cursory look at the statistics from the Multiple
Listing Service for the
community
of Del Valle shows this:
Year #
of Homes Sold Median Price of
Homes
2009 140 $104,550
2010 121
$104,000
2011 150 $91,422
2012 108
(so far) $85,000
