Good news is here as Trader Joe's announces its plans to open its newest store on US 1 in Fort Lauderdale on October 15th, 2015.
What some may not know, is the economic impact stores like Trader Joe's and Whole Foods has on the surrounding real estate values.
A study done by RealtyTrac and reported by RealtorMag.com pitted Whole Foods and Trader Joe's against one another to see if there were increases in property values when a new store went up. If so, which store gained more value for the surrounding homes. Here is what they found.
"A new study pitted two rival grocery store chains – Whole Foods and Trader Joe's – against one another to find out which grocery store increases the value of nearby homes the most.
To determine if it's better to buy near Whole Foods or Trader Joe's, RealtyTrac looked at home values, appreciation, and property taxes across the country in ZIP codes with these grocery chains. There's good news for home owners living near a Trader Joe's, according to the study.
Home owners near a Trader Joe’s have seen an average 40 percent increase in home values since they purchased compared to home owners living near Whole Foods who have seen a 34 percent appreciation. Homes near a Trader Joe's tend to have a higher value on average at $592,339 – 5 percent greater than the $561,840 average value for homes near Whole Foods.
For comparison, the average value of homes nationwide is $260,068 across all ZIP codes nationwide.
In property taxes, home owners living near a Trader Joe's pay an average of $8,536 in property taxes each year, 59 percent more than the $5,382 average for home owners living near a Whole Foods. That is also much higher than the national average for property taxes, which is $3,239 across all ZIP codes, according to the analysis. "
Source: "Better to Own Near Trader Joe’s or Whole Foods?" RealtyTrac (Aug. 11, 2015)
So, who's ready to celebrate the grand opening of Trader Joe's?
Blog by Warren Vess at Warrensoldit.com, Castelli Homes of Fort Lauderdale, The Galt Ocean Mile, Las Olas, and Wilton Manors.
Warren Vess is Fort Lauderdale Gay Realtor, selling Fort Lauderdale homes, condos and specializing in rentals in the Greater Fort Lauderdale, Wilton Manors, Oakland Park, Victoria Park, Middle River Terrace, Poinsettia Heights, Las Olas, The Galt Ocean Mile and other areas. Visit his website at www.warrensoldit.com