Here in Downtown San Diego, we’re truly blessed to live so close to a Major League Baseball stadium (Petco Park). Whether or not you’re a big baseball fan, you cannot deny that the stadium has contributed to the development of the East Village real estate landscape. Since Petco Park completed construction in 2003, we’ve seen 9 new Downtown San Diego condo complexes rise up in the East Village, including The Legend, Icon, and Park Terrace.
In a 2013 study by Jed Kolko, chief economist at Trulia, Jed examined the correlation of property values and MLB stadiums. San Diego has the 5th highest price per square footage of all 30 MLB cities, and registers a 1.9 ratio of “stadium area median” compared to the “metro price” as a whole. The “stadium area median” includes all properties within a 0-2 mile radius to the stadium, which in our case, includes just about all of the 92101 zip code.
Later in the study, Jed compares property values of cities with “winning” baseball teams (using pre-season odds from a betting site) to their not as “winning” counterparts. While some of the most expensive PP/sqft were associated with the best teams, the correlation was not air tight, as evidenced by the Padres being in the top 5. I think you’ll have to chalk up our expensive pricing to our perfect weather and amazing city, and not so much our lovable Friars.
So check out the article for yourself, it makes for some interesting reading. For more information about our local Downtown San Diego condos, especially the condos around the ballpark, feel free to contact us. We look forward to helping you find your next home.