How could a large condo development affect my rehab across the street?

How could a large condo development affect my rehab across the street?

Flipper/Rehabber · Boston, MA · Member since 2010 · 14 posts · 5 votes
Hi all and Happy Thanksgiving!! I have a simple question: How could a large condominium development affect my single family rehab across the street? Originally, when I places this house under contract back in March 2014, I offered it as a wholesale to well established real estate developers in Boston since the house is located on 14,000+ sq. Ft of land for a potential 6-8 condo, and no one saw the opportunity. Now a different developer has proposed and hold town meetings on developing a larger development (32 condos) right across from my house in Hyde Park. Is this good or bad for the value of my project? Thanks in advance for your thoughts.
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  • Real Estate Broker · Gibsonia, PA · Member since 2013 · 828 posts · 260 votes
    11y

    In my opinion, it's a good thing. Hopefully it will drive your area up in value.

    But a condo is a condo.. House is a house.

    They are different buyers. 

    Condo buyers don't want to maintain a house and are willing to pay condo cost.

    Homebuyers don't want to pay the condo fee, want the yard ;)

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