These day’s, you can’t go too long in a conversation about Hamilton, Ohio without the new Spooky Nook Sports Complex coming up. There is certainly a lot of hype and excitement for what Spooky Nook will do for the City of Hamilton, but with anything this big, it also has its doubters and naysayers. We wanted to provide our thoughts on what the new complex will mean for Hamilton in general, but more specifically, the impact it will have on our local real estate market.
Spooky Nook in Hamilton?
Before we get too far, I want to provide context for the non-Hamiltonians or for the locals who are just coming out from under their rock to check out this article :). The former site of Champion Paper Mill, which has been abandoned for years now, is being renovated and turned into what will be Spooky Nook Sports Champion Mill. According to Duard Headley of The Cincinnati Inquire, The new $144 Million facility will be the largest indoor sports complex in North America! Are we talking about Hamilton, Ohio? I don’t think we hold any other titles like this, oh wait, except for our water, which won “The Best Tasting Tap Water in the World” at the Berkeley Springs International Water Tasting Competition. Okay coming off of the high horse, but seriously this is a pretty big deal for Hamilton.
Sam Beiler, founder of Spooky Nook Sports and owner of two existing facilities in Pennsylvania thinks the new complex in Hamilton could see 1.25 million visitors annually and upwards of 20,000 people in a single weekend day once its fully open. Just for context, Hamilton’s population is currently just over 60,000 (World Population Review). That means an additional 1/3 of our current population could be coming and going from the complex each day on the weekend. Wow!
This is definitely a cause for concern, and maybe some of the flack the city is taking over the complex is warranted. The most common complaints I’ve heard are:
- How will they handle the traffic? Yea better figure that out, we don’t need any more traffic!
- What about the strain this will have on our utilities/infrastructure? Over my head…
- Where the hell will all these people stay? There’s not enough hotels! No clue…
All of these are very valid concerns, and frankly, I wouldn’t want to be the one who has to figure out all of the answers to these complex issues. No one knows what the future will hold or how we will overcome these challenges, but personally, we’re confident in The City of Hamilton to do whats right in order for us to be prepared. I’m pretty sure they’re not just going to wing it and hope this 100+ million dollar investment works itself out. Maybe we’re naive, but watching the progress Hamilton’s made over the last 5-10 years has given me confidence that the right people are working together to figure this out.
Spooky Nook’s Impact on Hamilton Real Estate
Okay, now let’s talk a little sticks and bricks. Since the news of Spooky Nook coming to Hamilton, we’ve been curious what the impact would be on real estate market. We network with a ton of investors and agents all over the city and this has been a common topic of discussion in our arena as well. We couldn’t find much factual information in our quick Google searches, so we decided to perform some research of our own and we’d like to share it with you.
In order to speculate on the impact Spooky Nook will have on the Hamilton real estate market, we took a look at the market in Lancaster, Pennsylvania, where they opened their original location. They opened in 2012, so using the Zillow Home Value Index, we compared values in Lancaster from 2012-2017, against its two closest peer cities (with respect to population & distance from Lancaster). You’ll notice we originally picked the closest 4 cities, but found that the data in that next layer out was too far of an outlier. We also compared Lancaster to the values in the entire state of PA during that same time frame. We would have liked to compare this 5 year stretch to the previous 5 years, but Zillow’s data only dates back to 2011.
While these results can’t be directly correlated to Spooky Nook entering the market, it is encouraging data. This simple analysis basically validated our assumption that Spooky Nook would have an overall positive impact on the real estate market itself. Lancaster as a whole, out appreciated its two closest peers by 32% for the cumulative 5 years after Spooky Nook entered their market. They also out appreciated the state of Pennsylvania by 9% during that same time. It would have been nice to compare this to the 5 years prior to 2012, but like we noted before, the data just wasn’t available.
We’re pumped about the future for the Hamilton real estate market and think its a great time to buy and hold real estate here. Interest rates are also at historic lows, so this could be a golden opportunity to buy your first home or begin investing. There will also be a ton of opportunities in the gig economy (Airbnb, Uber, Door Dash) due to the sheer amount of people coming in and out of the city. For those of you with a side hustle or looking for some extra income, there will be countless opportunities for you to stack some additional coin.
We do know that real estate isn’t for everyone and we’re a little biased. If you have an unwanted or troubled property, now is also a great time to get out from under it. We’re always looking to buy so that we can add rental properties to our portfolio. We buy all kinds of houses in any condition. We’re able to close fast, typically less than 2 weeks and we PAY CASH. We haven’t hit the lottery or have any rich dead uncles (that we know of), but we’re able to pay cash because we have private investors who are tired of sub-par returns in the stock market. They give us their money to put into real estate in exchange for a fixed interest rate return that is backed by a cash flowing asset, win-win for everyone!
We are not “flippers” looking to pay pennies on the dollar. We are local Hamiltonians who focus on buying rental properties. This allows us to make fair market value offers based on comparable sales and needed repairs and if the offer works, we make the transaction simple, smooth, and fast! If your curious, give us a call and we’ll at least get you an offer for you decide if its right for you and your situation.
If you’re looking to get top dollar for your property and it’s in good shape, putting it on the MLS is probably your best bet. We know some rockstar agents in Hamilton who can help you get your property listed. To compare selling with an agent vs a professional homebuyer (us) check this out. Either way, we’re happy to help chat about the right solution for you!
While I think we can all agree that Spooky Nook with have a big impact on Hamilton Ohio, it still remains to be seen whether it will be positive or a burden. We’re bullish on the overall impact and while we expect some learning curve, I think we’ll look back and be glad that our city officials brought Spooky Nook into our backyard. If you found this article interesting or view things through a different lens, please share it with someone or provide your thoughts in the comments below. We enjoy hearing different perspectives and having open dialogue on all things Hamilton & Real Estate. Hope to catch a game or visit a networking event with you at the new Spooky Nook Sports Champion Mill Complex!