Buying across the street from a major new mixed use development

[Michael Weis]

In expanding my horizons beyond my high tax town, I have found a house in a nearby town that has much lower tax rates and seems like it has good potential. What is giving me pause is that as part of the town's effort to revitalize, a major mixed-use development is being built directly across the street from this particular property. It will have commercial, residential (condos and rental apartments) and will have hundreds of units when it's complete. I know it's hard for anyone to judge this particular deal, but all other things being equal, does it make sense to purchase across the street from a major development like this, or will it be too many new units coming on the market all at once that will undermine my efforts to rent it out?

[Woodrow Walton]

Most of the major developments that have occurred in Columbus, OH in the past few years have had a tremendous impact on the property values of the nearby homes. If you anticipate that this development will become a big attraction and have a positive impact on the community, then I would anticipate this to play in favor of the desirability and value of the nearby homes.