Will Warriors move affect S.F. real estate?
A: Keeping the Golden State Warriors in the Bay Area is essential. Since they have been winning and their fan base continues to grow every year, it would have been a tragic loss to see them move to another market.
Yet being an Oakland native, I am sad to see them leave Oakland at a time when our city is thriving.
Having a professional team that does so well means revenue for any city in regards to restaurants, hotel capacity and the greater service industry of the area. It also creates jobs — whether they are with the team or at the Chase Center where they will play.
From a real estate perspective, the most important attribute a team like the Warriors give us is it continues to market the Bay Area as a great place to live. With a winning team comes a fan base with a sense of community that bonds people who are proud of their city.
I don’t believe whether the Warriors play in Oakland or in San Francisco it will change the housing market dramatically, but the term does enhance the strength of the market in the Bay Area.
Going to see the games in San Francisco will be more of a commute for us in the East Bay, however, I’m sure Warrior fans are up to that challenge. Go Dubs! Matt Heafey,
Grubb Co., (510) 541-1754, heafey@grubbco.com. A: This is a very exciting time for San Francisco. The Chase Center just broke ground on Jan. 17 and will be the home of the Golden State Warriors. This will have an absolute positive impact on real estate in San Francisco and particularly in the Mission Bay area where it will be located.
We can expect more jobs and business opportunities generated in and around the city. San Francisco continues to spring ahead as a truly world-class city attracting strong interest in owning real estate. The arena will add additional appeal to living and working here.
I would anticipate many employees and players of the Warriors organization seeking real estate agents in finding their new home.
The 18,000-seat arena will become the envy of sports and concert fans around the world. It will provide enormous economic benefits, such as thousands of new jobs and millions in tax revenues, all offering another reason to live in the San Francisco area.
The arena will include retail, office and lab space, restaurants, a 3-acre plaza and public spaces. This translates to San Francisco’s desirability continuing to grow, bringing more investment and attracting new residences as well as visitors, which will help the hotel, retail and other industries. Overall, it will be a gigantic boon for the city. I, for one, am truly excited and can’t wait. Frank Castaldini, Coldwell Banker, (415)
846-1899, frankcastaldini@gmail.com. A: The recent groundbreaking on the Warriors’ new stadium offers the potential of more gentrification in Mission Bay and real estate price increases. Historically, cities that have had a sports team move in have experienced gentrification and real estate prices rising.
A 2016 study conducted by the Housing Economics Research Team found that stadiums closer to metropolitan centers tend to boost home values more than stadiums in the suburbs.
With the Warriors’ new arena in San Francisco, we can expect to see price increases. Short-term rental incomes may see a boost as well. People with vacation rentals near the stadium could increase rent prices during basketball season or for key games and championships.
This arena will also bring more jobs and media coverage for the area. If you are able to buy real estate around the new arena before it is completed, and the investment fits the profile you are looking for, it’s worth considering. Historical indicators point toward a modest long-term property appreciation and some good shortterm rent potential.