Updated almost 9 years ago on .
Property Value Changes after Development
I'm wondering what anyone's experience has been with their property values after a nearby development has finished.
A little background:
I have a duplex 1 block off a main thoroughfare in Madison, WI. Madison is a medium sized community so the traffic isn't crazy bad. Directly across the street they are developing on what was a large vacant lot when I bought the duplex (This is the Union Corners lot for people that know Madison, it is approx 2-3 city blocks x 1 city block in size). The street (not main thoroughfare) that bordered the lot was full of homeless people sleeping in their cars and winnebagos when I moved in. That has been cleared out and they just built a local specialty clinic on one end. They are currently building apartment or condo buildings that I think will have office/retail space below them. After that they are putting in a specialty grocery store (farmers market style store called Fresh Thymes). And lastly they will be building co-op style condos. From what I understand is that these condo's will be unique with more of a community feel to them offering: community dinners and activities etc....
The main negative is that it will increase traffic and parking in the area which is already decently busy for the size of the town. The positives are more jobs directly in the area and the crime has gone down since they moved the homeless (it wasn't horrible but we'd get a car break in here and there, 1 gunshot into the air and some loud arguments in the street).
Has anyone had direct experience with this or have an idea of what I can expect for my property value?