Do you smell that? It’s the wafting aroma of a freshly brewed cup of coffee. This is perfect for talking about today’s topic, “The Starbucks Effect.” Starbucks has many benefits to homeowners whether you drink coffee or not.
Research, conducted by Zillow, suggests that having a Starbucks near your home may increase its value. They found that homes within a quarter mile of a Starbucks increased in value by 97% from 1997-2014, compared to just 65% appreciation for those homes not located near a Starbucks.
Some builders say that they see a new Starbucks as a sign of promise and an area where they should start building. So is this a chicken or the egg effect? We’re not sure, but we can say that the newest Starbucks in Ann Arbor just opened south of 94th. Before we go, we’d like to also give you a quick market update on the area.
In Ann Arbor, single-family home sales are up 28% from last year, and condo sales are also up by 12%. As for home prices, they are up another 7% this year, and have risen to levels above our peak prices in 2000. Ann Arbor is a great market right now and it appears it won’t slow down anytime soon.
If you want to take advantage of these wonderful conditions, send me an email or give me a call. I would love to help out and answer any questions you may have.