• psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

Home Values To Increase By $54 million if we get NBA Team

Will an NBA team make Virginia Beach and Hampton Roads better, more attractive places to live because the presence of the team provides visibility, cachet and entertainment? Further, will this bid up property values?

According to the economic impact  report prepared by James V. Koch, Board of Visitors Professor of Economics, Old Dominion University The answers to these two questions are yes.

Though nearly all of the previous studies have focused upon the economic impact of an NFL team on a region not an NBA team

Further, the studies have generated highly variable estimates of how large this “amenity” effect actually is. Given the variability of the estimates (as applied to Virginia Beach, for example, the methodology of one outlying study would produce an estimate of a $1.0+ billion amenity-induced increase in assessed valuation because of the NBA team), it seems prudent to adopt a conservative estimate. If we set aside the $1.0+ billion estimate as an outlier and then apply the methodologies of the other studies, then we emerge with a cluster of estimates around $20 million for the City of Virginia Beach and $30 million for Hampton Roads when those estimates are tailored to our area..

The bottom line is that there is a traceable amenity value to hosting an NBA team and as time passes, the presence of that team causes property values to rise. Note, however, that this is a one-time stimulus to property values and does not cumulate each year.


Read the full study here


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: