Quote:
Originally Posted by eremite06
I was a real estate appraiser in another life. Actually this new house sounds like an "overimprovement." This will not diminish the values in the neighborhood, but will negatively affect the value of the overimprovement.
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I saw the house in question a couple of weeks ago when we went to a meeting at Paradise. I thought "What the heck is that?"
I am a real estate appraiser in my current life and eremite06 is spot on. This home is over-built for the neighborhood and its value will be diminshed, in the short term, by the surrounding properties.
However...there's always a however...the natural life-cycle of neighborhoods is on-going in this situation. The razing of existing older structures that are not up to current market standards, and the buidling of new dwellings to market standard happens everywhere there is an active market.
As it becomes less expensive to buy an older home just for the land and to build a new home on that land than to buy in a new home the newer sections of TV, more and more you will see the neighborhood change from primarily older homes with a sprinkling of newer homes, to primarily newer homes with a sprinkling of older homes.
Change is the one constant in life. Everything is dynamic...even neighborhoods. And the more active the market, the more profound and rapid the change.