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How a Coffee Shop Can Increase Your Home’s Value

By Siddharth Mariappan

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Whoever came up with the now-classic real estate mantra of “location, location, location” probably didn’t consider the proximity of a coffee shop significant to home values. But recent studies show that home prices are, in fact, impacted by the nearness of popular establishments such as Starbucks, Whole Foods and Trader Joe’s.

Make Way for Starbucks…. A 2015 article in the Huffington Post titled “Why Starbucks Is the Best Way to Boost Your Home’s Value”, reports that homes located near a Starbucks coffee shop are much more likely to appreciate in value than those that are not. The article, which cites statistics from Zillow, suggests that house hunters may see a new Starbucks as an indication that the neighborhood is becoming more gentrified (and safer) or — more likely—that they just like having a favorite establishment close by. The Zillow study also shows that the closer a Starbucks is to a home, the faster that home appreciates.

And Specialty Grocery Stores. It isn’t just Starbucks that positively impacts home values. A 2015 money.com article, “The Surprising Thing That Will Boost Your Home’s Value,” maintains that the same phenomenon is seen with the closeness of a Whole Foods store. And a 2015 RealtyTrac study, “Better to Own Near Trader Joe’s or Whole Foods,” shows that homes located near Trader Joe’s markets demonstrate an even greater increase in value than homes close to a Whole Foods.

With the growing trend to cut the amount of time we spend in our cars, the proximity of popular restaurants and stores has become increasingly important in the home buying process. (In fact, walkscore.com rates neighborhoods based partly upon proximity to restaurants, grocery stores and shopping.) Living close to a Starbucks could mean more than just easy access to over-priced coffee. For home Sellers, it could also mean putting more money in the bank.

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JAX is Growing! Jacksonville’s access to popular stores that improve home values is growing. We already have two dozen Starbucks, one Trader Joe’s (in Jacksonville Beach) and one Whole Foods (at 10601 San Jose Blvd). And don’t forget that a new IKEA is on its way! If your home is near one of these popular stores, that could be a selling point. To discuss more about strategies for selling your JAX home, give me a call at 904-570-1216 or email me at jonkbrooks@gmail.com.

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