By Geoff Williams, FrontDoor.com | Published: 8/10/2009
TALLYING THE COST OF LIVING
"At this point, I don't think I am paying too much more to live next to the stadium. At this time it is less about the money I am spending and more about the time I am wasting (and time is money)," says Reo, from Arlington. "If there is a big game, waiting lines in a restaurant can be rather long and, of course, if you need to go somewhere near the stadium, forget it. Drive further away to be able to get in the door without hours of traffic."
Reo acknowledges that the housing slump has affected their property value, but says the fact that they are in a growing neighborhood puts them in a better position than other areas.
"As the community prepares for the Super Bowl, we are hard at work creating new retail, hotel and restaurant establishments," she explains. "Roads and areas are also receiving much attention that will improve the look of this part of the city which, in the future, may increase the value of the property if people are looking to move into this area. But time will only tell, and of course, we hope that this is the case, so we might actually sell the home in a few years."
Over in Baltimore, Lynch says living near the sporting venues isn't much more expensive than living elsewhere in the state. "If you go to the beach, you'll notice spiked prices on everything, but not here," he says. "There are so many bars and restaurants that they compete with each other, creating a lot of good deals and specials."
Lynch says the stadiums add value to the neighborhood, which already benefits from beautiful parks and its proximity to the harbor and downtown.
"The stadiums definitely help the property value because they have fueled much of the development in our neighborhood and add a lot of income to the bars and restaurants," he says, adding that a new casino and soccer stadium will replace some of the area's run-down warehouses.
Renovated homes in Lynch's historic neighborhood range from $250,000 to $500,000. And there are two things that are a bit expensive for the area: A gym membership costs about $80 a month, double what it costs in the suburbs, and property taxes.
"Baltimore city's property taxes are about twice that of anywhere else in the state," he said. "But city living is so much different than suburban living around here that it doesn't seem to hold many people back. "
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