SFR devalued after new Apartment complex comes up?

[Lynn Gupt]

I just got the notification from the city that there is a new apartment complex that will come up right in front of my house. It will be a brand new construction as it is vacant land right now. We are wondering if the property price for my SFR will go down once the construction is complete as I have never been in this situation before. If so, should I be thinking about get rid of the property right away before the construction starts?

[Ko Kashiwagi]

It's really hard to say without more info. It can be a negative factor if there's increased traffic/noise or if it blocks off a view. It can also be a positive factor - possibly an improved infrastructure as it may bring better roads, parks and retail options. It can also be a. sign of economic growth.

As long as there's no clear negative factor, it probably won't change much or could even be positive. New developments happen because there's potential in the area a lot of times.