What Decreases Residential Property Values More-Commercial Zoning Or Commercial Construction?
Many existing residential communities are situated on land adjacent to commercially zoned land not yet developed. Sometimes, opposition results with the introduction of commercial construction plans which propose development upon the undeveloped land. Homeowners claim loss in their property values to follow the proposed construction. However, the market evidence strongly suggests that the mere act of commercial construction is not what causes adjacent residential values to decrease. Instead, the more deciding factor in residential value loss is the result of prior commercial zoning. This zoning or re-zoning may have occurred years before the proposed commercial construction. Are Value Discounts Greater For New Homes Or For Existing Homes? When residential properties are located adjacent to busy thoroughfares and/or commercial zoning, the market evidence seems to suggest that the resulting value discounts are greater for new homes than for older homes. This makes common sense if one acc
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