Does proximity to a high end mall increase or decrease property values?

[aphex]

So my wife and I happened to buy a townhouse 4 years ago for an excellent price. Since that time, the price (on paper) has doubled, then settled back down to reasonable price (I couldn't believe what people were paying for these places when the market was at its peak).

Anyway, we live about 1-2 minutes from a major intersection of roads, cities, and counties.

I-75 (N/S) and University Parkway (E/W). Its the seperation line between Sarasota County and Manatee County, also the seperation between the cities of Sarasota and Bradenton. In addition, there is a small International Airport on University Parkway where it hits the Gulf of Mexico, about 5 miles West of this intersection. As a result of the housing boom, the commercial viability directly around us has exploded and all the streets have been expanded to handle the increased traffic.

There is already a shopping center nearly infront of our development, with Home Depot, SuperTarget, Staples, Carrabas, and a bunch more. The same builder is also planning another 2-3 strip malls (with Kohls, Fresh Market, Circuit City, Bestbuy, Sports Authority, Pet Smart) as well as a high end regional mall across the street (anchored by Neiman Marcus, Nordstroms, Tiffanys, Cartier, etc..) - Hoping they throw an Apple Store in there as well...

My wife and I would love to be so close to such excellent shopping, but we worry that the MAJOR increase in traffic could effect property values.

What's your opinion on the subject? I know its speculative, but we're not sure if the traffic can hurt more than the proximity can help.

 

[BassBomb]

I believe it decreases the value, BUT your house will still increase in value over time, just not as much as it should.

It still can be considered a great selling point, it just wont warrant any increase in value

 

[aphex]

To help visualize, here is a link to the Development companies Flyer for the project (10mb PDF): http://benderson.com/html/port...y%20Center%20FLYER.pdf

I live in Carolina Landings, directly behind the Home Depot.

 

[meltdown75]

Looks like a fairly large woodlot between yourself and the Home Depot. Technically, from a property assessment point of view, you wouldn't even qualify for "proximity to commercial" if I were valuing the property. Not sure how the system works down there in FLA.

From a market value point of view, I would think your location relative to the commercial developments would only have a positive influence, due to the convenience it adds to your life.

Traffic issues are something else entirely... if your lot abuts a busy street, it is definitely a negative aspect...

 

[Jumpem]

I don't know the real answer.

But for me it would decrease it greatly. I would never buy a house in an urban area. I have a 20 mile drive if I want to go to Home Depot, and 40 if I want to go to a mall.

 

[BassBomb]

Yea that is farther than I was expecting. You should see no value loss being that far IMO

 

[aphex]

Originally posted by: BassBomb
Yea that is farther than I was expecting. You should see no value loss being that far IMO

So only if it abuts the property would there likely be a loss in value?

 

[Deeko]

I live a mile away from This.

(For those of you who don't click links, largest mall in the country in terms of stores, including numerous strange high end stores I've never heard of nor want to hear of)

The traffic sucks, there's nothing to do in town unless you're a 14 year old girl, and my apartment costs WAAAY more than it should. If that helps.

 

[runzwithsizorz]

Schools, shopping, transportation, views, roads, and for us older folk, hospitals, are ALWAYS a + in property value.

 

[mrSHEiK124]

Originally posted by: aphex
<snip>
I-75 (N/S) and University Parkway (E/W). Its the seperation line between Sarasota County and Manatee County, also the seperation between the cities of Sarasota and Bradenton.
</snip>

EWWWW, old FL folk

 

[her209]

Stores = more traffic

 

[Deeko]

Originally posted by: her209
Stores = more traffic

Yes. Especially around christmas. Don't get me started....:|

 

[meltdown75]

Originally posted by: her209
Stores = more traffic

yeah... and?

traffic in a given area doesn't mean squat if your property is tucked away from it all.

 

[Tiamat]

thats quite a large wooded area, I think the only thing you have to be concerned about is the traffic.

 

[smack Down]

Originally posted by: meltdown75

Originally posted by: her209
Stores = more traffic

yeah... and?

traffic in a given area doesn't mean squat if your property is tucked away from it all.

Sure unless you have to drive to get to work.

 

[Doodoo]

I like being close to everything. Within 5 miles I have 3 large grocery stores and two malls along with many restaurants. Beats having to drive 20 minutes just to pick up some milk.