Document Type
Working Paper
Publication Date
5-7-2015
College/Unit
Chambers College of Business and Economics
Document Number
15-06
Department/Program/Center
Economics
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.
Digital Commons Citation
Humphreys, Brad R. and Nowak, Adam D., "Professional Sports Facilities, Teams and Property Values: Evidence from Seattle’s Key Arena" (2015). Economics Faculty Working Papers Series. 139.
https://researchrepository.wvu.edu/econ_working-papers/139