In Newport Beach there are 75 Parks, Dog Parks, Community Centers, Pools, and Sailing Bases according to the City of Newport Beach website.
Laguna Beach has approximately 24 parks, 20 beaches, and numerous hiking trails that you can view on the City of Laguna Beach website.
On top of that there are private tennis clubs, golf courses and more. Clearly, there is no shortage of places to play in our beach cities. But do these parks and recreational facilities impact home values? After all, they need maintenance, which costs money and requires resources. So do the pros outweigh the cons?
Based on the findings, you’re likely to feel extra satisfied the next time you visit any of our local parks.
The American Planning Association has conducted extensive research on the link between parks and property values. One of the great examples that helped blaze the trail is Central Park in New York City. Over 100 years ago Frederick Law Olmsted conducted a study on the real estate values adjacent to Central Park and found that after the park was created, home values skyrocketed.
Time and time again other cities have experienced similar results in more recent times. And when property values go up, so do property taxes, which can be used to help the community, maintain the parks, and create more parks.
Have you ever heard of the term GRAMPIES? It stands for Growing (number of) Retired Active Monied People in Excellent Shape. The publication Parks & Recreation Magazine gave some great insight on this portion of our population. It turns out that by the year 2050, census projections show that one in every four Americans will be age 65 or older. Due to their active lifestyle, recreation is a priority.
In fact, Americantrails.org has stated that living near a park is better for your health because people who live near them tend to be more active. In our area, cities like Newport Beach & Laguna Beach are prime places to cater to and attract GRAMPIES.
Finally, in terms of real estate, location has always been used by realtors to sell homes and feature. Being near a park make homes more favorable, which can cause them to be more valuable.
We see it locally all the time – beachfront homes in Newport and Laguna are some of the most expensive homes in the nation. Homes by the Back Bay are sought after by people who like to bike, run, walk, ride horses, paddleboard, etc. Golf course homes attract buyers who enjoy the golf lifestyle. Households with young children often gravitate toward homes near playgrounds and baseball or soccer fields.
Turns out you can love where you live and benefit from it too!
By Holly Schwartz
Holly Schwartz is a Realtor with Villa Real Estate who lives in Eastside Costa Mesa and has been featured on HGTV’s House Hunters.
