New Jersey Art Districts Boost Real Estate Investments
The presence of art and culture within a neighborhood has become an important selling point in today’s real estate market. Home Qualified’s Ralph DiBugnara investigates. Art districts function as beautiful segways, drawing creative and developers in equal measure. Often found in developing areas, art districts have given rise to restaurants, entertainment venues and housing developments. Burgeoning neighborhoods get a property value increase from the presence of artists and the amenities that follow them.
In addition, America for the Arts, a non profit, recently released a study that revealed some 63 billion is spent by and for artists themselves. Furthermore, an additional 102 billion is generated by arts inspired events.
This revenue is powerful for the economy and serves as a boost for real estate investments in culturally motivated regions. In the spirit of art and spending Ralph surveys three New Jersey neighborhoods famed for their street art.
First up, Jersey City. This second city on the rise celebrates the art and artists that call it home during the annual JCast. The Jersey City Art and Studio Tour includes more that 150 studios, galleries and venues. Featuring the work of hundreds of artists, the even is a testament to the number of creatives living, working and thriving within the city.
In addition, Newark has created a city wide culture that supports and sustains working artists. Mayor Ras J. Barka, in collaboration with the Newark Museum has partnered with street artist Alexandre Farto. Also known as VHILS, Farto was commissioned to create five murals, one for each of Newark’s wards. Because Newark spent an estimated 178 million dollars last year on arts and culture, the city has emerged as a destination for and home to artists of all types.
Finally, we turn our attention to New Brunswick. Construction is underway on the brand new New Brunswick Performing Arts Center. Featuring a playhouse and theatre as well as a ballet and performing arts school the project is the first of its kind for this burgeoning art community.
Looking to buy or invest in the New Jersey area? Consider these and other art destinations. Creativity lends itself to booming local economies and property values making the the arts a major factor in real estate markets