New Wegmans Could Boost Area Property Values
Proximity to "high-end" grocery stores can raise property values, experts say.
Could the new Wegmans grocery store being built in Kingstowne help raise property values? It's possible, according to a WTOP report that says high-end grocery stores like Wegmans and Whole Foods make surrounding neighborhoods more desirable.
High-end grocery stores also attract more companies to an area, WTOP reports. Proximity to a specialty grocer can raise property values by 17.5 percent, according to a 2007 study identified by WTOP.
Terri Brevig, a Kingstowne resident and real estate agent with Prudential, said that she thinks the new Wegmans could make property around it more attractive. While she says homebuyers don't typically ask her about grocery store options when looking at a home, they're interested when she brings up nearby supermarkets.
"I think it's a nice selling point," she said. "It's definitely a 'value-add.'"
The 140,000 square-foot Wegmans will be part of Hilltop Village Center, located near the intersection of Telegraph Road and Beulah Street. Construction began last month on the site, which formerly held a gravel quarry. The Wegmans is expected to open in 2014.