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... It's a very desirable, upscale area located in a rural community - a home just sold 2 houses down from the one we are looking at for $540K. Other than that one there are no other houses on the market in this area. ....
Once the apartment complex is under construction, do you think more will be on the market for you to choose from? Maybe at reduced prices?
Once the apartment complex is under construction, do you think more will be on the market for you to choose from? Maybe at reduced prices?
The complex is already under construction which is why I am surprised that there isn't more already on the market - foundations are all poured and visible so you can get a good idea of the layout and where buildings will be. Perhaps its not as big a deal as I think it will be, but I do appreciate all the feedback. Has certainly given us some things to think about. The house we are looking at is actually a relocation so they aren't selling because of the apartments. The other house that sold about a month ago was only on the market for about a month. Nothing else in that neighborhood (probably about 60 houses) is currently on the market.
If the apartments are luxury apartments that are typically found in urban regions, then I would buy. If they are more run-of-the-mill lower to middle class apartment fare, then no, I would not buy.
Only luxury apartments have any chance of increasing the value of house properties within its vicinity.
Location: Chapel Hill, NC, formerly NoVA and Phila
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I would definitely NOT buy there. First, it's an upscale home. Second, it's in a rural community. Third, you're buying into the unknown since it hasn't been built yet.
You can change most everything you want about the house you are buying, but you cannot change the location. Don't settle. Wait for another home in the neighborhood to go on the market that doesn't back up to the apartment complex. Be patient.
I suppose I shouldn't buy one across the street from an apartment complex... who wants a bunch of strangers looking at your kids or whatever. With that said the original reason I didn't sign an offer was that the home has baseboard heat with no ducting, a dealbreaker for me. Also a finished garage. I prefer unfinished garages because it's another area I can inspect to detect potential problems, also like to hang things on the walls.
At the end of our street (which is down hill) and over a fairly large berm is the back of an apartment complex. I think the houses down there can only see the roof of the nearest building. HOWEVER, there are bright security lights which shine directly into those homes all night long.
The lighting in this town has to be dark-sky compliant so I am not worried about the glare of lights, but some of you have brought up things to consider. We will see. When we look at it this weekend I will try to snap some pics to share so you can all see what the set up will be.
Where I live in Colorado. NEVER.
Where I used to live in Sudbury, MA. Yes.
Im curious from your perspective/experience why yes in one location and not the other?
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Yes/no, it depends
