Location, location, location. The three primary attributes that contribute to a home’s value. Anyone who has bought or owns a home knows that a good school district, access to parks, trails and other outdoor amenities in addition to the ability to walk or ride a bike to the local coffee shop, grocery store or shopping centers all positively impact residential real estate.
But a recent study conducted by nonprofit organization, the Urban Land Institute (ULI), is showing a growing connection between food and home values that is proving to be a significant stimulant to the value of residences.
In previous blogs, we’ve shared the phenomenon of the “Starbucks effect” as well as how homes near markets such as Whole Foods and Trader Joes tend to have a higher value. ULI’s report takes this a step further by making a solid correlation between food and real estate.
In short, what we eat plays a large part in our identification of “home”.
Food creates a sense of community and is an integral part of life. Special occasions, connecting with family and friends, holidays and a myriad of celebrations all revolve around food.
Says ULI Senior Vice President Rachel MacCleery, “The synergy between food and real estate is becoming increasingly evident. Just as food plays a key role in social interaction and creating a sense of community, real estate plays a significant role in shaping how people access and experience food. An emphasis on access to healthy food is spurring innovative developments that are enhancing the overall prosperity, sustainability and livability of our communities.”
The report, Cultivating Development: Trends & Opportunities at the Intersection of Food and Real Estate, notes that an increasing interest in fresh, accessible food not only nurtures the surrounding community but ignites innovation in development projects the likes of farmers markets, farm-to-table eateries and community gardens. And with the increasing important among many for healthy, sustainable, farm-fresh foods, this food-real estate relationship will most likely deepen over time.
Two Silicon Valley examples of the link between food and real estate are the desirable towns of Los Gatos and Palo Alto. Both prestigious towns have flourishing farmers markets, multiple farm-to-table restaurants that offer sustainable, delicious menus and have Whole Foods, Trader Joes and Starbucks. Palo Alto also has multiple community gardens while the 87-year old garden in Los Gatos services both the community and the high school.
The Dawn Thomas Team has intimate knowledge of Palo Alto, Los Gatos as well as numerous other Silicon Valley and Santa Cruz County cities that fit this sought after niche offering a community connected through food. We welcome the opportunity to help you buy, sell or invest in the Silicon Valley and Beyond.