Profile picture for Unassailable

Does the building of a 440 unit luxury apartment complex bring down the value of my SFR?

I was planning on buying a home in san diego but noticed that across the main road (less than 1/2 mile) they are demolishing a retirement park and adding corporate owned luxury condo's. Besides the construction traffic, will this bring down my home value once it is built?
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June 05 2012 - Allied Gardens
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Answers (3)

It's difficult to give you an answer considering we only know so much about the area and building plans. In general, multi-unit buildings will bring down the value to the surrounding single family homes. This is due to many apartments and condos being rented out by tenants which may not take care of the area and unit as they would if they owned it.
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July 12 2012
Profile picture for Unassailable
Thanks for your input. There was a very small mobile home park so it will be a large jump in residence. There already is a lot of traffic and this may make it worse. It is a hard answer to know really.
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June 05 2012
Profile picture for wetdawgs
This is not a simple yes/no.  There are many questions you will need to address.    Is it being built in an area where the traffic will impact the home of interest?    Are the roads designed so they can easily accommodate traffic from 440 units?     If it was already a retirement park (i.e. residential), what increase is 440 condos relative to the residents of the retirement park?



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June 05 2012
 
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