Perhaps this shouldn't come as a surprise, since aficionados of street racing appear to be a well-heeled. jet-setting lot. But while checking stories about races courses in Long Beach, Ft. Lauderdale, and now Abu Dhabi, it seems that these successful and highly visible races drive more than cars -- they also propel the housing market.
In international venues where Formula 1 tracks are being constructed, luxury condo developments are right behind them. In downtown locations like St. Petersburg and Long Beach, existing apartments and condos charge premium prices on the leasing and resale market for their proximity to the action.
Obviously, it is much too soon to see if this phenomenon manifests itself in the Baltimore market. We won't be able to tell who benefits until the fleet goes roaring by. But it is one of those ancillary considerations that isn't calculated until a successful event establishes itself as a tradition.
Hopefully, the Baltimore Grand Prix will be an unqualified hit from the first green flag and real estate values will rise as a result.
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