Real Estate Perks

Proximity to Starbucks perks up home values across Dallas and nation

If you think coffee is only good for getting you moving in the morning, this new study will wake you up. Apparently, it can also provide a jolt to nearby home values.

That’s according to Zillow CEO Spencer Rascoff and chief economist Stan Humphries. In their New York Times bestseller, Zillow Talk: The New Rules of Real Estate, they crunched the numbers and found that houses located within a quarter mile of a Starbucks location appreciated more than houses overall.

Rascoff and Humphries knew the traditional guidelines for finding real estate that would appreciate the most: good schools, easy access to major job centers, a quick drive to the grocery store. But they wanted to dig deeper.

This trend held true nationwide, although results varied by region. In North Texas, there was a 7.2 percent difference during the time measured.

“We were looking for other markers that could tell us where home values would appreciate the most, and in doing the research, we found that if you live near a coffee shop, chances are your house outperforms other houses further away,” Humphries said. “When we dug even deeper, we found that living close to a specific coffee shop — Starbucks — was the best indicator your house would outperform other houses in the area.”

This trend held true nationwide, although results varied by region. In North Texas, there was a 7.2 percent difference during the time measured.

“Homes in the Dallas-Fort Worth metro appreciated 49.7 percent between January 1997 and December 2013,” Humphries said. “But if you look just at homes in the Dallas-Fort Worth metro and within a quarter mile of a Starbucks, you see the Starbucks effect: Those homes appreciated 56.9 percent.”

Humphries said they were surprised by how decisive the results were.

“Over the past 17 years, we found that homes within a quarter mile of a Starbucks doubled in value, whereas the average home in the U.S. appreciated 65 percent over the same time,” he said.

The “secret sauce” for the Starbucks effect could be the coffee giant’s methodology for picking store locations.

“Their approach is actually similar to how homebuyers [are advised] to search for a home,” Humphries said. “They analyze data — in their case, they assess traffic patterns and nearby businesses — and then work with local experts in the area to advise on specific location and store design.”

So the next time you spot a Starbucks, tip your latté to the chain for caffeinating more than just sleepy patrons.

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A version of this story originally was published on Candy’s Dirt.

Zillow experts have discovered that homes near Starbucks appreciate more quickly.

ScenicReflections.com

Zillow experts have discovered that homes near Starbucks appreciate more quickly.

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GP News

Grand Prairie expands to the south with new master-planned community

Rendering courtesy of Provident

Goodland Grand Prairie

The City of Grand Prairie is growing fast and expanding to make way for a new master-planned development south of US Highway 287 and along Tollway 360, in Ellis and Johnson counties.

The community development, called Goodland, is the result of Grand Prairie’s recent 1,500-acre annexation extending its southern border toward Mansfield. Overall, with the added land, Goodland will be a 5,000-acre site featuring 15,000 residences including townhomes, custom homes, and gated communities for 50,000 residents.

According to a release, it will be a “city within a city” and a 45-minute drive from Dallas-Fort Worth. Beyond housing, there will be shops, restaurants, schools, public and private event venues, regional sports fields and complexes, dance halls, churches, trail systems, city parks, ponds, and preserved green spaces.

“This is a significant step in our city’s development,” says Grand Prairie Mayor Ron Jensen in a statement. “Unlike many of our neighboring cities, we have the unique advantage of new development opportunities to our south that will drive the growth and prosperity of our city. We recognized the opportunity and took decisive action.”

Leading the development is Provident, a Dallas-based real estate firm that has created other master-planned communities across Dallas-Fort Worth, such as Preston Hollow Village and Hillstead in Collin County. Provident has plans to work nature into the space design with more than 1,600 acres of creek corridors and floodplain land.

Plans are ongoing for a centralized mixed-use walkable Town Center, complete with civic buildings and other commercial development. Further south on the property near Highway 67, light industrial uses and other private employment campuses are already underway, projects that will contribute vital tax dollars for city growth and future expansions.

“This level of placemaking is quite rare, and certainly not easy to execute, especially in a brand-new community," says Provident Managing Director Rylan Yowell in a statement. "We are committed to a long-term vision with a desire to be good stewards of the land."

A new four-lane road called Goodland Parkway will link Goodland to Grand Prairie at Tollway 360 and US Highway 287. It's set to open by December 2025.

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