New Construction in Development . . . Affect on Property Values?

[AJL118]

If someone would have taken the time to research the ownership of the remaining lots in that subdivision (which I have), perhaps a knee jerk opinion on the problem would have been different. Based on public records available at the moment, there are 4 or 5 different companies owning vacant lots. The wise guys on AF can figure this out. I'm going to sit and watch.

 

[timd354]

I am familiar with the Linton Crest area, though I don't appraise that neighborhood, I appraise other nearby areas. It is located in Bristow, VA which is in Prince William County, VA. Prince William County had one of the biggest run ups in property values in the Washington, DC metro area during the inflation of the real estate bubble and now has had one of the largest decreases in property values since the bubble burst. The median sales price in Prince William County decreased by 43% from November, 2007 to November, 2008. The median sale price in the Bristow, VA zip code of 20136 declined by 24.84% over the same period.

I wonder if the decrease in property values in your neighborhood is caused, either in whole or part, by the smaller houses now being built or whether it is solely caused by the overall severe crash real estate values in PW County and Bristow, VA.

Trust me, if the builders could sell larger and more expensive homes (which in a stable market are more profitable) they would. The fact that the builders are now building smaller homes in your neighborhood is possibly just a symptom of the overall badly declining market in your area and not a significant cause of the decreased values in your neighborhood.

There are also 217 properties in some stage of the foreclosure process or recently in foreclosure in the Bristow, VA zip code according to the data from Realquest. com
Obviously, the large number of foreclosures in the area may well be pushing down values in your area.

If you are going to try to pin the decrease in property values in your neighborhood (in whole or part) on the builders now building smaller homes, you are going to need to have a very well done market study done by a well qualified appraiser for your area.

 

[Webbed Feet]

Bold? Gosh thanks! I do try to maintain my image.

This really is a BOLD statement to MAKE! "You purchased there in part because of all those houses nicer than the one you bought." I am sure if all the houses were the same quality and as nices as their's.. They would have bought. You make a statement based on what? I bought in an area where all the houses were all the same style and size. We have upgraded our home (built a sunroom, added in-ground pool and 3 car garage, and now we have the nices one on the block..I don't think they were laying a guilt trip on you but may just be miss informed!!! Do you really think that Ryan homes told them what ROAR was about or did they keep them in the Dark...This is not my fight but when did it become yours?:new_2gunsfiring_v1:

It's within my place to post as this area of the forum is for real estate appraisers to reply to the public. I am a real estate appraiser. What are you? I am also a real estate broker. The two would rather make me an expert on why people purchase what they purchase and where they purchase it when it comes to real estate. ... So again, what are you? ..

When I read a thread about a subdivision built at a standard higher than, and in compliance with it's CC&Rs, than some lower grade houses being introduced that both violate the standards and the CC&Rs, ..... I am far better equiped at making an educated guess as to the motivations of the people that purchased those lower grade houses in that specific location versus purchasing similar lower grade houses in a location of nothing but lower grade houses than I believe you would be. Bold? Absolutely.

I never said any guilt trip was being laid on me. I specifically meant that one was being laid on the original poster and I still maintain that one was. How some owner of one of those lower quality homes found out about this forum, this thread, and responded like that here I would find to be interesting. Regardless, how nice they may be, what they do for a living, how proud they are of their house, all are beside the point. The builder's involved, according to the posted information, have violated both the local standards and the CC&R's of the project. Perhaps instead of whining at the orginal poster over how unfair life is for those people that purchased the inferior homes, because some of them feel so unwelcome due to ROAR activities, maybe those people should wake up and consider they should also be considering legal action against a builder that sold them properties that violate the legal deed restrictions of the community.