Selling while neighbors rebuild?

kathycedarApril 26, 2011

I'd like to sell our house and move while 2 of our neighbors next door & across the street rebuild (bigger single family homes). Their teardowns are now complete and they project 6-12 months to build. Would the construction negatively affect our asking price? We have a cute little home but the new homes at least will only cut a bit of morning sun. Homes in our neighborhood usually sell in under a month and are a variety of ages. Thanks for your ideas.

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maurenemm

As a buyer, a big issue for me would be the construction noise. Although people often have deal with that whenever they buy new construction in a new neighborhood.

    Bookmark   April 27, 2011 at 9:40AM
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sweeby

It could also be a plus. In our neighborhood, that means tearing down a house worth $X, and putting in one worth (on average) three times as much, raising the property values of the neighbors... (At least, the property tax assessments say the values are higher...)

If you have a sketh of what the neighbors are putting up, that would probably be of interest to potential buyers...

    Bookmark   April 27, 2011 at 7:35PM
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anicee

I wouldn't worry at all. I agree with sweeby and as far as noise...we're talking a couple of months the most and construction noise in my book is much more preferable than loud and messy neighbours.

    Bookmark   April 28, 2011 at 7:58AM
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chrisk327

I'm not sure if its good or bad. Depending on what they are putting up, it could be a boon to you, in that there are nicer, bigger houses now that may help your asking price, and show how desireable your area is.

I'd consider holding off on listing until they are partially built, so people can see what they're getting into. But again this is a plus and minus. If the houses are horribly large and take up a lot of the lot, it may detract from the niceness. if they are well proporitioned nice houses, it sounds good. People fear what they don't know, ie the possibility of an ugly, large box going up. Assuming they are nice, waiting a month or two while they frame up and side the house might help you, or not.

    Bookmark   April 28, 2011 at 12:18PM
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live_wire_oak

It's going to signicantly affect your home's value to be viewed as a teardown rather than as a ready to live in residence. Even if you market it to first time buyers for your neighborhood, the comparison to the newer and larger will still take place in a buyer's mind. It will shift most of the value to the property itself rather than the dwelling. I hope you have a nice lot in a prime location.

    Bookmark   April 28, 2011 at 1:58PM
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sweeby

"It's going to signicantly affect your home's value to be viewed as a teardown rather than as a ready to live in residence."

This is very true... If your neighborhood is like ours, it's nice, older, custom homes (35-50 years old, generally 2,500-3,500 SF) being torn down to build 6,000-10,000 SF palaces. While the older homes are still very attractive and sought-after, there's not much price difference between a nice 3,500 SF older home and a 'tear down' 2,500 SF home, and very little major remodeling being done, because for most folks, it just doesn't make economic sense...

Of course, your neighborhood may not be like that, and your house might still be representative of the neighborhood. (Realtors in our neighborhood have started splitting their data into 'new homes' and 'original homes' because they're just too different to compare....)

    Bookmark   April 28, 2011 at 2:24PM
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krycek1984

It depends on the type of new homes being built.

I would absolutely not want to live in a neighborhood where random McMansions are going up. That can reduce desirability.

    Bookmark   April 28, 2011 at 6:38PM
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