Can street art increase the value of your home? YES, it can!


street art increases property value

Have been a big fan and collector of street art for years. It’s fantastic to see it get the respect it deserves and be valued accordingly.

Validating street art even further, research shows that urban neighborhoods with good street art see relatively greater rises in property prices.

I’ve seen this firsthand living in NYC on the Lower East Side. Also, in Bushwick, where we moved our office, it was amazing to see how street art murals changed the vibe of the neighborhood. Not only did the murals add much needed beauty, the neighborhood felt safer and more vibrant.

5 Pointz in Long Island City will go down as a prime example of how the standard bearers of “what is good art” were asleep at the wheel when they let this building get torn down. I continue to believe that 20 years from now, people will find it unbelievable that MoMA PS1 did not step in to save this work of art.

So the next time you see street art, think twice before you decide to paint over it.  Details below on how England’s University of Warwick conducted their research.

Researchers investigated photos labeled “art” from areas within Inner London uploaded to Flickr between 2004 and 2013. They focused on images that had geotags, which helped to ensure the accuracy of the photo’s location. They also looked at how the average residential property prices in Inner London neighborhoods changed over time.

“It is amazing to see how the digital footprints we leave behind on social media can be used to understand what is happening in the real world,” says study lead author Chanuki Seresinhe, a data scientist at the University of Warwick in England.

The authors say they aren’t yet sure whether the presence of art in an area helps removes negative stigma, or if more “arty” neighborhoods attract more cafes and restaurants, which in turn attract people.

They also say it’s possible that, as property prices increase, more “arty” neighborhoods attract more affluent people with an interest in art, who then seek out art to photograph and display on Flickr.

These findings suggest that online data might be used to reveal new connections between the environment in which we live and important socioeconomic measurements.

It is assumed the “art” in question was not graffiti, but more the works of serious street artists, such as Banksy.

Murals also often mean that no graffiti artists will touch the property.

 

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