Do the Red Sox Help Real Estate?

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It’s well known that the Red Sox have one of the most iconic stadiums in the world. It and Chicago’s Wrigley Field are the two oldest baseball stadiums in America, and with the Red Sox huge fan base and illustrious history it makes sense that people would want to live near it. In a recent U.S. News and World Report article that discusses how sports effect real estate, they noted that Fenway Park is a huge draw for real estate here in Boston:

Iconic stadiums like Fenway Park in Boston (opened in 1912) and Wrigley Field in Chicago (opened in 1914) are a key part of their neighborhoods, attracting residents (and tourists) who want to be part of the baseball culture.

Boston’s Fenway-Kenmore neighborhood has home values 66.3 percent higher than the metro average, and Wrigleyville sees homes valued at 22.3 percent more than the rest of the Chicagoland.

In other cities a ballpark or football stadium is more of a perk than a motivator, but in Boston residents know what they’re looking for when they move to Fenway-Kenmore, explains Adam Mundt, leasing manager for Metro Realty Corp in Boston.

“It adds an element of excitement because there’s more foot traffic – a lot more people. During that time of year there’s a lot more action going on. … The people that go to live there expect that,” Mundt says.

The neighborhood has seen a revitalization in the last five years, Mundt says, noting both commercial and residential development are attracting residents and visitors, as well as capitalizing off the proximity to Fenway Park: “A lot of new construction, a lot of great, new restaurants came into the area, and it’s become a lot more lively.”