Property Value question

SeaGoat · #1 02/18/15, 05:37 PM

If the property that backs up to you turns commercial does your property values go up or down?

farmerDale · #2 02/18/15, 05:47 PM

Here, it would go up. WAY UP. Thankfully though, it will never happen.

DAVID In Wisconsin · #3 02/18/15, 06:08 PM

It varies by location and each instance.

Snowfan · #4 02/18/15, 06:29 PM

Like DAVID said, it would depend on the industry, potential customer traffic, truck traffic, projected noise levels, air, soil or water emissions, 24/7 or regular business hours operations. I'm sure the list goes on.

rambler · #5 02/19/15, 10:28 AM

Yes.

Um, I mean, your house/home value likely decreases.

Your property, if it is allowed to be zoned commercial as well, likely goes up in value in the future if it too can be developed commercially.

So, yes, it goes down today as a house, but yes it goes up long term as a land investment......

Paul

SeaGoat · #6 02/19/15, 11:27 AM

Well considering we are a mini neighborhood that outlines two sides of the property I dont know that there is much of a possibility that all these houses will be rezoned.
Each house sits on 1 acre and there are about 25ish houses.
The property is in question is going for $6,900/ acre.

Im trying to decide if we need to hurry hurry and sell the house before something happens and before what little value our house holds sinks even lower or if I should sit tight and wait.

SeaGoat · #7 02/19/15, 11:28 AM

Well considering we are a mini neighborhood that outlines two sides of the property I dont know that there is much of a possibility that all these houses will be rezoned.
Each house sits on 1 acre and there are about 25ish houses.
The property is in question is going for $6,900/ acre.

Im trying to decide if we need to hurry hurry and sell the house before something happens and before what little value our house holds sinks even lower or if I should sit tight and wait.

AmericanStand · #8 02/19/15, 12:08 PM

Whats going in there?

SeaGoat · #9 02/19/15, 12:19 PM

Im not sure yet. It use to be an old cow pasture. I think they held cattle auctions there.
The property is 66 acres and the area is slowly "up and coming". In town we are getting a YMCA and Im going to guess some new mainstream shops and restaurants down a new cut through that connects two of the major hwys.

Out here on the outskirts of town we have a few distribution type centers. Im guessing if it does go commercial it will be something of that nature.

Michael W. Smith · #10 02/19/15, 12:41 PM

The Commissioners (or whomever is changing it from residential to commercial) would know.

You could go to a meeting if it hasn't been done yet and ask questions - but in all likehood, it really doesn't matter what your opinion is - because if it's something that is going to benefit the community (or more likely benefit the commissioners), they won't care what you think.

As to the property value, it really depends on what is going in and what the business does.

If it's something like a manufacturing business or retail business, your property value will likely go up. If it's a recyling sorter business - where they sort glass, plastic, etc - you can probably expect a property value decline.

ET1 SS · #11 02/19/15, 12:47 PM

If you went into the Zoning / Planning office, and had a cup of coffee with them. I bet they would love to have a long conversation with you, and discuss your concerns.

rambler · #12 02/19/15, 12:54 PM

That's cheap per acre, here farmland sells for more than that to plant corn, soybeans, etc.

If business that comes in employs people housing demand goes up, and your property will be worth more in the long run, as either housing or to be commercialized.

If something like the recycling sorter comes in that is automated with 5 employees and emits debris or fumes, then your property goes down.

Its possible a developer is buying it and reasoning it while he can and it will remain a pasture for several years as an investment.

If you plan on living in the area, and whatever moves in doesn't emit dust or smells or noise that bothers you, wouldn't it be better to have lower property values and thus pay less taxes? That would be a win for me. I don't understand the eternal search for higher property values.

My farmland has been in the family over a century, it was once valued at $50, and now valued at $10,000. Its all the same dirt to me, I sure wish it were valued at $50 yet.... This year I will pay close to $50 an acre in property taxes.

Please, lower my valuations!

Paul

ET1 SS · #13 02/19/15, 01:14 PM

Quote:

Originally Posted by rambler

... I don't understand the eternal search for higher property values.

I agree.

Years ago one property we owned had two rental houses on it. One of those renters was working on his car, that he needed to get to work. A neighbor came over and was mad at me, for letting the renter work on his car. He insisted that with a car being worked on, it was lowering his property value. In his mind, this was equal to me stealing from him. He got very hot about it, and nearly assaulted me, because I was stealing from him [by allowing a tenant to work on a car].

Quote:

... My farmland has been in the family over a century, it was once valued at $50, and now valued at $10,000. Its all the same dirt to me, I sure wish it were valued at $50 yet.... This year I will pay close to $50 an acre in property taxes.

Please, lower my valuations!

Paul

I paid $350/acre and $900/acre for these two parcels of land in 2005. Our taxes run $1.05 / acre.

SeaGoat · #14 02/19/15, 01:35 PM

We plan on selling so we can move and have more property. We bought just before the housing crash. We dont want to loose anymore value on the house than we already have.
If something moves in behind us that is going to lower it even more we are Im afraid we are going to loose everything weve put in it