A recent study shows that if your home is within 500 feet of a billboard in Philadelphia, on average it is worth $30,000 less than your neighbors who are in the same neighborhood but more than 500 feet from a billboard. The study, Beyond Aesthetics: How Billboards Affect Real Estate Economic Prosperity, uses 2010 sale price data and was conducted by Jonathan Snyder , Certified Master Planner.
Really? We're not entirely buying it.
Last week, the US District Court upheld an ordinance on billboard bans in Mount Laurel, NJ based upon safety and aesthetics. You can read the article in Philly Burbs but the municipal ban on large roadside bulletins has been imposed by the Township "based on a list of concerns that included traffic safety and aesthetics."
Um, wait just a second...Could you imagine Philadelphia without its billboards? The playful With Love, Philadelphia love letters, the fun Tastykake campaigns, and yes, our totally biased favorite, the Somers Team billboard over on Spring Garden Street.
Billboards can be informative, inspiring, spark a sense of local pride, and are entertaining eye candy for the passengers along for the ride. If you happen to live near a highway, well, billboards are just a part of your skyline, the same way that bridges and tall buildings are. Ads are everywhere, from our various devices to our streets, and we hardly agree that living near a billboard should make your home any less valuable. Also who can forget the classic Blade Runner visuals with futuristic neon signs of corporate advertising? Those billboards amongst the other cool visuals in the film are considered by some a catalyst of creativity for cutting edge real estate developers.
What do you think? Is living near a billboard less appealing to you? How would it factor in your home buying decision? Realtors, have you experienced this?
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