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Some real estate<\/a> pros are finding it’s a benefit to highlight gyms near the condos or homes they\u2019re selling, just like you might do for a good school.<\/p>\n Read more<\/strong>: 6 Resolutions to Get Fit While Landing Clients<\/span><\/p>\n<\/blockquote>\n The gym impact to values may be especially pronounced in luxury apartments<\/a>. The percentage of listings<\/a> of luxury apartments that contained the words \u201cgym,\u201d \u201cweight room,\u201d or \u201cworkout studio\u201d increased to 11 percent in January 2016 compared to only 7.4 percent in 2010, according to data from the real estate site Redfin. (Luxury properties were defined as those in the top 5 percent by sales price.)<\/p>\n \u201cA lot of the people I know who do CrossFit want to live near the gym because they either work crazy hours or because they are motivated people,\u201d Lindsey Hatfield, a real estate professional in Pennsylvania, told MarketWatch. \u201cThey don\u2019t have a lot of time. Living near the gym to cut down on commute time is one way to solve that.\u201d<\/p>\n Case in point: Developers for a Manhattan Lower East Side complex are crediting having a boutique studio of Equinox Fitness Club atop its condo development for boosting its sales. Once the fitness club opened in the building, developers say they saw a 21 percent spike in sales.<\/p>\n Some real estate pros are calling it the \u201cEquinox Effect,\u201d which may be similar to the \u201cStarbucks Effect\u201d reported a few years ago. A past analysis had found a boost to home values within a quarter-mile of a Starbucks location compared to those homes not near a coffee shop.<\/p>\n However, some housing<\/a> experts are quick to say it may not be a gym or a coffee shop that is directly increasing home values but instead just the proximity to a commercial corridor in general, or high-end gyms and coffee houses<\/a> that may be a sign a neighborhood is thriving.<\/p>\n After all, consumers may just be willing to pay more to live in highly walkable communities. An increase in just one Walk Score point can increase the price of a home by an average of $3,250, according to research by Redfin. The study notes that a change in Walk Score from 60 to 80 increased a comparable home\u2019s value in San Francisco by up to $187,630.<\/p>\n \u201cIn terms of some of these boutique gyms like CrossFit, I think part of what\u2019s really appealing besides that it is a gym, is they create a lot of community,\u201d Hatfield says. \u201cI come for the workout and they provide you with a sense of the community. Once you\u2019re involved with that and you have your friends established, all your social life revolves around the gym, and people want to live near that.\u201d<\/p>\n Source: \u201cYour CrossFit and Equinox Obsession Could be Helping to Boost Home Prices,\u201d MarketWatch (March 20, 2017)<\/em><\/p>\n<\/div>\n [ad_2]\n
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