condo sales when apartments increase (rental, value, construction, property)

[Sandhillian]

What do you think it does to the resell value of an older condo when new apartment buildings go up near by?

[Pat-Bay Area]

New apartment complex or new condo development?

[Sandhillian]

New apartment complexes next to older condo development

In other words, do you think people will be more or less interested in buying condos when there are nearby new apartments to rent?

[Wry_Martini]

It depends.

Do they want to own or rent? This is probably the biggest factor.

Does the older condo building have features that the newer building doesn't have? (room size, amount of storage, secure parking/number of parking spaces, gourmet kitchen, pool/spa, etc)

Does the presence of newer apartment construction mean that the area is expanding, property values could be increasing?

[bmw335xi]

You want residences that are more expensive than yours. If the rent will be higher than the rent you could get in your condominium development, it will benefit you.

[oregonwoodsmoke]

Renters and property owners are two different groups of people.

If the new apartments are subsidized rent, you can expect your condo value to go down sharply. But that is because the neighborhood is about to fall into the toilet, not because there are apartments for rent next door.

If the new apartments are luxurious and good looking with lovely landscaping. It is vaguely possible that your condo will get a small uptick in price, just because the neighborhood has improved. Bt that would only happen if your building also looks nice.

[Sandhillian]

Thanks all for the responses!

[markgeo]

If your condo also looks nice and if you provide some less rental than that apartment then it will not affect your condo value anymore..

Geomark