The 'SunTrust Park Spark': Cobb Homes Rise in Value with Braves Move

SMYRNA, GA -- The Atlanta Braves' entry into Cobb County is not only set to provide dividends to surrounding businesses and municipalities, but it has been a boon for homeowners, according to new real estate data.

Before the team announced in 2013 that it was leaving downtown Atlanta, homes in a two-mile radius of the new stadium site sold for 7 percent more than similar homes outside that same area, according to an analysis by Knock, an online home sales startup.

After the announcement, homes within two miles of the new stadium site sold for 8.5 percent more than homes outside the same radius, the company said.

Call it the SunTrust Park spark: Surrounding homes have risen in value since the Braves' move. And sales show no sign of stopping in the near term, Knock CEO Sean Black said.

"Developers continue to build in the area, and people continue to buy," Black said in an email interview. "Approximately 13% of nearby homes that sold within the last 180 days were newly constructed - and those new homes went for a median price of $450,000. People are seeing the value in the area, and they’re investing in it."

While SunTrust Park is certainly the main draw, developers are banking on the surrounding entities, from restaurants, a live entertainment venue and upscale residential space at The Battery Atlanta, to attract big crowds and buzz long after the Braves have crossed the bases on a given day.

The Battery is being branded as “the South’s preeminent lifestyle destination,” Black said.

Plans around SunTrust also call for an Omni Hotel and craft brewery.

"Our take is that these offerings will cater more to young professionals who are seeking exciting and authentic experiences in their own backyard," he said.

"Metro Atlanta is undergoing a period of high demand, due to the influx of new residents -- so we are seeing home values increasing drastically in several areas," Black said.

The Braves open play in their new stadium on April 14 against the San Diego Padres. Single-game tickets are sold out.

Image courtesy of Knock