This two-word problem is dragging down home values around the Texas Rangers’ ballpark

Before you conclude it isn’t wise to live near Arlington’s Globe Life Park, consider two words: parking lots.

Those giant asphalt surfaces around the home of the Texas Rangers and its neighbors, AT&T Stadium and Six Flags Over Texas, make it easy for patrons to get in and get out. But they sure don’t do much for the neighborhood’s desirability.

That’s why real estate web site Trulia puts the Rangers and Globe Life Park near the bottom of its ranking of median home values around Major League Baseball’s 29 stadiums in the U.S. (Trulia excluded Toronto).

Home values within a mile of Globe Life were 28.7 percent lower than the surrounding Dallas-Fort Worth metro area, and apartment rents were 13.5 percent cheaper.

The takeaway is Globe Life Park is a “commuter stadium,” said David Weidner, managing editor of Trulia’s Housing Economic Research.

Even though Weidner considers the ballpark to be attractive with all of the amenities fans expect, he said Globe Life has too many other factors working against it, such as those parking lots, a nearby interstate freeway and heavily-traveled access roads.

“People don’t want to live with a bunch of highways in their back yards,” Weidner said.

In terms of home values, the most successful baseball parks around the country are in urban settings or in older residential neighborhoods (think Chicago or Boston) where it costs a premium to live nearby, he said. Trulia found that those neighborhoods tended to have higher home values than their larger metro areas.

You can read more of Trulia’s findings here.

Rendering of a proposed mixed-use development next to Globe Life Park in Arlington.

As the Rangers prepare for today’s home opener, the team and the city of Arlington also are working on plans for a $200 million mixed-use development around Globe Life Park. That project would include a 100,000-square-foot entertainment complex, a 300-room hotel and 35,000-square-foot convention center annex. It would be constructed in Rangers Lot A at the southwest corner of Nolan Ryan Expressway and East Randol Mill Road.

[Source:- Dallasnews]