Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 12-04-2015, 07:04 PM
 
686 posts, read 792,782 times
Reputation: 788

Advertisements

We have 2 large fields by our house that have been cleared and they are putting in 200-300 homes on each. Where we live lot sizes are small and expensive. Lucky for us,(until traffic increases) We live in the original part of the area in a non busy neighborhood with a nice size home and 1/2 lot.


My question is: Do large 200-300 home developments( $450k+ homes) increase home values in the area where someone lives? I know the actual amounts would vary depending on location, but generically speaking.
Quick reply to this message

 
Old 12-04-2015, 09:31 PM
 
Location: Brentwood, Tennessee
49,932 posts, read 59,558,485 times
Reputation: 98359
Quote:
Originally Posted by Familyman6 View Post
We have 2 large fields by our house that have been cleared and they are putting in 200-300 homes on each. Where we live lot sizes are small and expensive. Lucky for us,(until traffic increases) We live in the original part of the area in a non busy neighborhood with a nice size home and 1/2 lot.


My question is: Do large 200-300 home developments( $450k+ homes) increase home values in the area where someone lives? I know the actual amounts would vary depending on location, but generically speaking.
Generally, the developments themselves don't drive up value, but the extra retail and other services they might attract would. Somebody obviously thinks your area is a good investment.

That many homes may require new schools, and if the schools in your area are good, that would increase value.

Be prepared for that traffic, though.
Quick reply to this message
 
Old 12-05-2015, 08:00 AM
 
Location: NC
9,339 posts, read 13,916,035 times
Reputation: 20836
If the homes are a lot higher priced than yours it might help your values. However if they are the same price as yours, keep in mind that people are not always rational and most will want to buy a new home rather than an older home. So it might cause your values to either stagnate or (depending on the amount of housing inventory) decline. (I'm not an RE professional, just an observer.)
Quick reply to this message
 
Old 12-05-2015, 08:39 AM
 
Location: Stuck on the East Coast, hoping to head West
4,640 posts, read 11,869,519 times
Reputation: 9885
This happened to us, actually. We have a single family home with lots of amenities (pools, trails, tennis courts, basketball courts, etc). Houses were built in the 1980's.

They have since added townhouses (1990's +) and additional single family homes (1990's + still building). They have no amenities and try to buy into our neighborhood amenities (we have very limited memberships available). My HOA controls all of that and we regularly vote on who gets to use our collective neighborhood property.

We have new shopping centers (wegman's, target, pier one, many, many more) + new elementary school + new high school to be finished around 2017. These were in the making before a lot of the new builds.

I think we're in the sweet spot. Houses in my neighborhood and the townhouses go for around $350,000 (without updates to single family, townhouses usually are updated). The newer single family start at $450,000 and go much higher.

The saying in my area is that, if you don't want a townhouse, my neighborhood is that last affordable single family home neighborhood in the area. The amenities definitely help.

I think the best part is that everyone (buyers included) know we aren't new build. Sellers in my area will tell buyers if you want an upgraded house, go across the street and spend at least $100,000 more. Sometimes they do. Most times they don't.

Prior to this, we lived in a neighborhood and the opposite happened: The new builds had better everything: roads, amenities, access to shopping. It really hurt home values.
Quick reply to this message
 
Old 12-05-2015, 11:28 AM
 
8,539 posts, read 12,261,785 times
Reputation: 16432
It's a myth that new, more expensive houses will automatically raise overall property values. Sometimes it will, many times it won't. Another big myth is that new development is good for a community's tax base. New residential development generally is a net loss to a community--it generally costs more to service than it raises in taxes. Yet, developers continue to push the "tax base" argument.

Instead, look at the quality of life issues. Most people would rather live next to open space than next to 400-600 houses, with the inherent extra traffic and taxes needed to support that development. (But the latter is a long-term issue that most people don't realize.)
Quick reply to this message
 
Old 12-07-2015, 01:05 PM
 
686 posts, read 792,782 times
Reputation: 788
I forgot to mention the new high school that is going to be in the third field they cleared. So from what I can see so far they will build 500+ homes and open a new High school within the next 12-18 months or so.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top