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Will business property development cause personal property value to go up built within a few blocks of it?

Since I purchased my new home 4 years ago, within 1/2 mile there has been a new movie theather, restaurants, and a new chain furniture store built. Also rght across the street have just buit 4 new houses and they are now for sale. Will this activity affect my home property value in any way? Of note, within the city they are also builing a new town center outdoor mall and condos with a 1 million price tag per unit attached (within 3 miles of me).

Generally the type of development you are describing is good for your property values, because it puts services and activities that residents like to have conveniently near (shopping, dining, movies, etc).

The houses all for sale might temporarily diminish the value of your home, because if too many properties are for sale then there is little demand. However, having more homes around is rarely bad from a valuation standpoint and should be good long term.

The type of development that would be detrimental would be things that would cause problems – like industrial businesses with loud machinery noises or odors, or businesses that have piles of waste or other eyesores. Another problem would be houses built of a type and style that do not fit the style and character of the neighborhood. For instance if all the older homes are brick, but the new homes are cheap stucco.

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