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The Impact of Stadium Announcements on Residential Property Values: Evidence from a Natural Experiment in Dallas-Fort Worth

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Author Info
Craig A. Depken () (Department of Economics, University of Texas at Arlington)
Michael R. Ward () (Department of Economics, University of Texas at Arlington)
Carolyn A. Dehring () (Department of Insurance, Legal Studies and Real Estate, The University of Georgia)

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Abstract

We investigate the impact of a potential new sports venue on residential property values, focusing on the National Football League's Dallas Cowboys' search for a new host city in the Dallas-Fort Worth area. We ¯nd that residential property values in the city of Dallas increased following the announcement of a possible new stadium in the city of Dallas. At the same time, property val- ues fell throughout the rest of Dallas County, which would have paid for the proposed stadium. These patterns reversed when the Dallas stadium proposal was abandoned. Subsequently, a series of announcements regarding a new publicly-subsidized stadium in nearby Arlington, Texas, had a deleterious effect on residential property values in Arlington. In aggregate, average property values declined approximately 1.5% relative to the surrounding area before stadium construction com- menced. This decline was almost equal to the anticipated household sales tax burden, suggesting that the average expected amenity e®ect of hosting the Cowboys in Arlington was not signi¯cantly different from zero.

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Publisher Info
Paper provided by University of Texas at Arlington, Department of Economics in its series Working Papers with number 0602.

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Length: 23 pages
Date of creation: 2006
Date of revision:
Handle: RePEc:txa:wpaper:0602

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Related research
Keywords: economic impact; event studies; sports; property values; stadiums;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Elena G. Irwin, 2002. "The Effects of Open Space on Residential Property Values," Land Economics, University of Wisconsin Press, vol. 78(4), pages 465-480. [Downloadable!] (restricted)
  2. Carlino, Gerald & Coulson, N. Edward, 2004. "Compensating differentials and the social benefits of the NFL," Journal of Urban Economics, Elsevier, vol. 56(1), pages 25-50, July. [Downloadable!] (restricted)
    Other versions:
  3. Carolyn Dehring & Neil Dunse, 2006. "Housing Density and the Effect of Proximity to Public Open Space in Aberdeen, Scotland," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 34(4), pages 553-566, December. [Downloadable!] (restricted)
  4. Peter F. Colwell & Carolyn A. Dehring & Nicholas A. Lash, 2000. "The Effect of Group Homes on Neighborhood Property Values," Land Economics, University of Wisconsin Press, vol. 76(4), pages 615-637. [Downloadable!] (restricted)
  5. John Siegfried & Andrew Zimbalist, 2000. "The Economics of Sports Facilities and Their Communities," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 95-114, Summer. [Downloadable!] (restricted)
  6. Carlino, Gerald & Coulson, N. Edward, 2006. "Compensating differentials and the social benefit of the NFL: Reply," Journal of Urban Economics, Elsevier, vol. 60(1), pages 132-138, July. [Downloadable!] (restricted)
  7. A. Craig MacKinlay, 1997. "Event Studies in Economics and Finance," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 13-39, March. [Downloadable!] (restricted)
  8. Man, Joyce Y. & Bell, Michael E., 1996. "The Impact of Local Sales Tax on the Value of Owner-Occupied Housing," Journal of Urban Economics, Elsevier, vol. 39(1), pages 114-131, January. [Downloadable!] (restricted)
  9. Espey, Molly & Owusu-Edusei, Kwame, 2001. "Neighborhood Parks And Residential Property Values In Greenville, South Carolina," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 33(03), December. [Downloadable!]
  10. Jordan Rappaport & Chad Wilkerson, 2001. "What are the benefits of hosting a major league sports franchise?," Economic Review, Federal Reserve Bank of Kansas City, issue Q I, pages 55-86. [Downloadable!]
  11. Coates, Dennis & Humphreys, Brad R. & Zimbalist, Andrew, 2006. "Compensating differentials and the social benefits of the NFL: A comment," Journal of Urban Economics, Elsevier, vol. 60(1), pages 124-131, July. [Downloadable!] (restricted)
  12. Lansford, Notie H., Jr. & Jones, Lonnie L., 1995. "Marginal Price Of Lake Recreation And Aesthetics: An Hedonic Approach," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 27(01), July. [Downloadable!]
  13. Cassel, Eric & Mendelsohn, Robert, 1985. "The choice of functional forms for hedonic price equations: Comment," Journal of Urban Economics, Elsevier, vol. 18(2), pages 135-142, September. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ahlfeldt, Gabriel M., 2008. "If Alonso was Right: Residual Land Price, Accessibility and Urban Attraction," MPRA Paper 11707, University Library of Munich, Germany. [Downloadable!]
  2. Xia Feng & Brad R. Humphreys, 2008. "Assessing the Economic Impact of Sports Facilities on Residential Property Values: A Spatial Hedonic Approach," Working Papers 0812, International Association of Sports Economists. [Downloadable!]
  3. Immergluck, Dan, 2007. "Large-Scale Redevelopment Initiatives and Home Values: The Case of the Atlanta Beltline Project," MPRA Paper 8613, University Library of Munich, Germany. [Downloadable!]
  4. Karen Fierro & Thomas Fullerton & K. Donjuan-Callejo, 2009. "Housing Attribute Preferences in a Northern Mexico Metropolitan Economy," Atlantic Economic Journal, International Atlantic Economic Society, vol. 37(2), pages 159-172, June. [Downloadable!] (restricted)
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