Whole Foods & Trader Joe's Boost Real Estate
According to a Zillow study, the average price of homes nationwide within 1 mile of a Whole Foods or Trader Joe's increased 144% between 1997 and 2014 compared to a national average of a 70% increase in home value between 1997 and 2014. The average price in Boulder increased 191% between 1997 and 2014 while the average price of homes within 1 mile of Whole Foods and Trader Joe's (28th and Pearl) increased 234%.
The article by Zillow concludes by pondering whether both chains are either incredibly smart about finding neighborhoods on the verge of gentrifying or whether the opening of either location positively impacts home values. I would say that both Whole Foods and Trader Joe's are smart about finding neighborhoods on the verge of gentrifying. After all, who would have guessed years ago that the area around the old Crossroads Mall would be considered the hip and central location it is today? Read the full article.
I hope you and your family are enjoying the final days before school starts. Please don't hesitate to contact me if I can help you, a family member or a friend with any real estate needs, even if they just want to ask a question. - Rich