Can a small coffee shop in the Upper Beaches really affect the price of Toronto Real Estate?
Starbucks picked the corner of Main and Kingston Road to open their latest store. Great! And now, according to 'The Starbucks Effect' theory, we can just sit back and watch Toronto Real Estate values take off in the Upper Beaches!
For those who don't already know, The 'Starbucks Effect' theory says that the mere presence of the distinctive green Starbucks sign is enough to guarantee your local property values will be going UP! They would argue that the over-roasted coffee beans can foretell the future. That they are infallible when it comes to predicting neigbourhood 'gentrification'.
Others would simply say that Starbucks does it's homework. They pick locations because the neighbourhoods are already up-and-coming. That their location analysts look at the Official Plan for Toronto Real Estate and see where there are development opportunities for intensification and population growth. Overlay a traffic-study and some demographic research for your target market and 'voila', you have a winning location.
So the argument is really a case of 'which came first, the chicken or the egg'. The Starbucks sign? Or the already up-and-coming Upper Beaches neighbourhood. Either way, it bodes well for the Upper Beaches and Kingston Road Village.
How will the change take place?
Right now Main and Kingston Road may appear a bit isolated. That's changing fast. So far, North Beach Condos at 601 Kingst0n Road, has been the most significant development to date. Starbucks will capitalize on their positive influence and add to it by bringing in more foot traffic. In fact 'walkability' or 'walk score' is one indicator of a healthy community.
What's likely going to make even more of a difference is the proposed development on the North side of Kingston Road. There's a good chance that 'something' nicer, larger and no-doubt more expensive than the existing structures will rise from the ground in the next year or so. And that by itself will contribute to raising Toronto Real Estate prices in the Upper Beaches. Here's a link that will show you the current asking prices for Beaches and Upper Beaches Real Estate.
Whether you believe that opening a new Starbucks will change the future - or you believe that Kingston Road Village is coming into it's own with Starbucks riding on it's coat tails, there's no question that positive change is on it's way.
Read a review of North Beach Condos at 601 Kingston Road, only 30 steps to the new Starbucks.
Let me know if you'd like to find out what your Toronto Home - or Toronto Condo - is worth today. I'm happy to provide a FREE home evaluation.