Event-Centered Real Estate – Real Nuisance, or Real Advantage?

Everyone knows that an apartment overlooking the Macy’s Thanksgiving Day Parade route in NYC is an enviable acquisition. After all, it’s 5th Avenue and Central Park we’re talking about. But what about real estate located near less well-known but equally raucous bacchanal byways?
San Francisco’s recent Bay-to-Breakers celebration poses  such example. The annual “race” across the city – literally from the San Francisco Bay to the Pacific Ocean – attracts both serious athletes and free spirits of every, um, proclivity. Citizens and visitors alike don wild attire – or none at all – to supposedly commemorate the city’s resurrection from the ashes of the 1906 earthquake. The same thing (pretty much) happens during San Francisco’s LoveFest, and/or the PRIDE parade in any major city.
Then think about cities selected to host rare events like the America’s Cup yacht race (which will be held in San Francisco sometime in the near future), the World Cup, or the Olympics. Certainly their occupants have to deal with an influx of tourists, crowding, and difficulty getting dinner reservations. But do they get a little boost in home values as well?
Possibly, but it won’t last – that’s the general consensus from cities like Atlanta and Salt Lake City.
Still, there’s a solid-but-intangible advantage to event-central real estate, right? After all, it means that your neighborhood is probably fairly safe and lively – and in some cases it means that you’re part of a community that the city is willing to show off to the whole world.