Racetrack Coming..Do Land Values go up??

[Unclebuck257]

We live out in the country, 13 miles from the closest city, and two miles down a county road, off the two lane blacktop. It's nice, quiet and mostly all we hear are the cows, turkeys etc.

This past weekend, we learned that about 400 acres, just real close to our property, had been sold to a husband and wife who are Formula One racing folks, and they plan on building a full blown Formula One racing track on the property.

The northern most edge of that racetrack property meets the southern most edge of our 50 acres, but on the opposite side of the county road from our place.

They will have Formula One sanctioned racing and other type racing also. There is only one other Formula One track in the US and that's Indiannapolis. This will NOT be a Nascar track, as there is already a Nascar track in N Texas.

At first I was upset since I saw our peace and quiet going down the commode fast, but after researching, I realized this could be a real blessing in disguise. It looks like land values will jump up pretty good and quickly from what I've read and researched.

Are there any of you that have experience with living around a racetrack, or owning property around one, and what happens in this situation, that could fill me in.

Any info anyone could give me would be appreciated. Thanks in advance!

 

[MossRoad]

If you are looking at it that your property value may increase so you can sell it for a profit, that may be a good thing. If you think it will be valuable as a home, I doubt it. Formula 1 races will be few and far between if that track is built. It is not like there will be one every week. However, the owners will need to do something to make money, so smaller races, events, factory testing, etc... will have to be held to make money. Have they done any noise studies. Traffic studies. Drainage studies, etc... was there any mention of a drag strip going in to suplement their income? It's not the formula 1 races that will cause you problems. It is all the other stuff that will be going on there that will. Just my opinion.

P.S. Have you ever been in the neighborhood around the Indianapolis speedway? It ain't the nicest.

 

[jinman]

It probably won't hurt you, but you may lose some property to imminent domain. That's the history around TMS. Plus, as Mossroad mentioned, there will be other races. Probably IMSA and SCCA since they run road type courses like formula 1. So your peace and quiet may suffer, but your property will probably go up in value.

 

[RedRocker]

Oh Man!! which direction out of Decatur are you? Just what N. Texas needs, more traffic and noise out in the country. I bought out there to get away from that crap!! /forums/images/graemlins/mad.gif
I'd sure watch the imminent domain thing Jim mentioned, money talks.

 

[Jagmandave]

To answer your question about land values. The answer is a qualified yes - it depends on where you are in relation to the track and what you want to sell the land for (what use, homes, light industrial etc)

They built a Nascar track in KC Ks a few years ago and it's been an unqualfied success in every way. Property values went up, lots of new business opened (A new Cabella's, a huge Nebraska Furniture Mart etc) plus tons of restaurants, hotels and other support business have opened, bringing lots of jobs and more $$$$.

The downside? People who owned some of the land and were forced off, additional traffic (although I have to admit they put in enough roads and interchanges that it really hasn't been a problem except for a couple of hours on raceday), the noise really isn't unbearable because there are two major Interstates right adjacent to the track, and since it's in a bowl, it tends to keep the noise in.

Every situation is different tho, good luck with yours.
Do you know the name of the people? And, is this a for sure deal? Any idea when they plan to open? Have they broken ground yet?

 

[scott_vt]

Unclebuck,
I would think your land value would go up !!!

As far as the track, it will only be used intermitently, so I would look at it as you have 400 acres close by that will only see minimal useage.

You might even enjoy going to some of the races, I know I do /forums/images/graemlins/grin.gif

scotty

 

[JerryG]

If they do. Build you a convenience store. Then buy you some more land a few miles away.

 

[tjkadar]

If they can get a F1 race to come to the track, the property value will go up. If all they attract are smaller, club events, then it could be a wash or the value could decline.

It sounds like these folks are going to invest a lot of money into the 400 acres. I would be inclined to believe the property value would go up.

 

[BubbaJr]

I live about 5 miles from Eldora Speedway in Ohio. They race sprint cars, modified, and some other types. They are positioned in a sparsely populated section of the county with mostly farms for neighbors. This is the track Tony Stewart bought last year.

The only land values that I have seen increase are the ones adjacent to the track where they can park cars and campers. There hasn't been any commercial businesses start up in the vicinity. The noise isn't too bad except when they keep racing until 1-2am. But that doesn't happen too often.

This may not have a thing to do with Formula 1 racing, but is my experience with a local race facility. If nothing else you could make a road back to your adjoining property, cut a walk through gate in the fence and park cars for 5-10 bucks a pop.

I hope it works out for you.

 

[Jagmandave]

The difference between that and F1 is large. F1 attracts huge amounts of $$$, and all the glitterati that go with it, they will want to be entertained in style, and style costs - and needs infrastructure. It's a big deal if it happens...........
While there are a certain number of us regular folks that attend an F1 race, most of the attendees, race drivers, teams, sponsors etc fly in to meet their million $$ plus motorhomes, then fly home again after the race. In the meantime, they'll need luxury restaurants, spa's, accomodations etc, etc. This is no Sat nite circle race (and I'm not talking down here - it's just the difference in the format I'm takling about )
It's like the difference between the Derby, and a local barrel race........

 

[dubba]

I live 3 miles from NHIS of Winston Cup fame..

When the track came in our taxes went down by 2/3. Maybe not a big deal in your area, but up here property taxes run 3-10k per year.

Our town won't let any business's come in so we haven't realized any benefit there /forums/images/graemlins/mad.gif

I think activity level depends on the track. There is something noisy going around that track all season. Weeknights tend to be quieter cars than weekends. Weekends usually bring out the helicopters, are you on the fight path to the nearest airport? I am. I'm known by the helicopter pilots as the "redneck moon", I think you can figure out why /forums/images/graemlins/smirk.gif

 

[KubotaSteve]

Not too far where I live from they had a speedway (Summit Point Raceway) that is home to the road course type racing. Property values really didn't go up that much versus the noise it created. Paul Neuman and Tom Cruise used to frequent (before TOM went crazy /forums/images/graemlins/grin.gif) that place as did other celebrities racing there. They race the Mazda Miata's, BMW's and other cars that can actually be driven on the road. They also offer driver training courses ranging from basic defensive driving to courses for secret service. They do quite a bit of training for the feds there which keeps it going during the weekdays. As far as property values, it is not the place to have in the county.

 

[Unclebuck257]

Thanks for all the info and replies. I posted this yesterday morning and then had an emergency situation that I needed to attend to, so I couldn't get back on here until this morning.

RedRocker,

I live about 11 miles northeast of Decatur, on Hwy 51, ( going towards Gainsville) and then 2 miles north on a County Road. This track will be near the FM 455 and Hwy 51 intersection.

jinman,

Yeah Jim, I've already thought of that eminant domain thing, but it appears that with 441 acres, they'll have the property they need for track parking etc. The only other thing to worry about will be infastructure changes where eminant domain may come into play. I'm pretty sure they'll have to widen the county road, and possibly pave it too.

I appreciate all the comments from you folks on land values in general too. Truthfully, I love my place and had planned on retiring here. Heck, I'm almost retired now! With this track now coming, that may very well change as the wife and I love the quiet and peace out here, and as someone said, there'll be various types of races every weekend. I'd rather look at that glass as being half full rather than half empty, so I was thinking if land values went up, we could sell out, make some good money, and go somewhere else for our peace and quiet with money in the bank. I guess you could call that making lemonaide out of lemons!! The racetrack is coming, no matter what.

That now appears up in that air too from what some of you have told me in your posts. It's all going to depend on what type of racing etc., that we'll be dealing with at this track.

Thank you again for all the good info in your replies!

 

[rvaitor]

I would find it highly unlikely that there would be a F1 sanctioned event there. Indy has one because that faciliy draws so many people.

I've heard there may be another venue but there are lots of other potential sites. Vegas seems to be getting the most lip service of late.

Good luck anyway.