June 1 officially marked the beginning of hurricane season for 2018. The forecast for this year, according to Colorado State University, will be 14 named storms,
How does the presence of graffiti impact a community’s real estate values?
Yes, but…it could go up or down based on the quality and desire of the graffiti.
You are properly asking if homes or condo building have graffiti or tags on them. In that case, it would negatively effect the value of the property. If you are a buyer and looking at a neighborhood and there was graffiti on a building you would immediately think best case I need to paint over it. Worst case there is a bad element here. Could be teenagers, could be gangs, could be drugs.
Basically when graffiti is not removed within a few days it typically breeds more.
Now, how can it increase your value? In South Florida we have an area called Wynwood. About 10 years ago it was an industrial (warehouse) area with values around $45-$50 per square foot. Due to lack of real estate building owners engaged graffiti artists to paint murals on their walls. This is actually art vs graffiti. The thing is most of these artists learned their skill by illegal graffiti.
Now Wynwood sells for over $500 per square foot and has amazing art. Many of the walls get new installations annually. Warehouses are now retail and restaurants and other locations are being torn down to build residential units.
Other areas are trying to take the Wynwood idea (some with success) and revitalize areas. There is a city called Hialeah (where I work) that has identified a portion of warehouses called The Leah Arts District that is building. The walls have art with even more canvas space left and the community organizes events to promote it. A brewery is opening in 30,000 SF and will have a dinning area as well. A local resturant called Kush has taken over an old diner and is in the process or renovating the resturant to open up shortly.
So, graffiti done the right way can function like an art gallery, on the other hand it can act as a repellent to an area. I hope I was of some help.