Redevelopment of the land currently utilized for the Berryessa flea market should definetely help maintain and appreciate the value of your home.

SJ,
The prior two answers gave you some good insight, but remember that the area that the flea market is located in is not retail area per say, but an idustrial area. It is not just Santana Row that makes it what it has become but also its surroundings. Our properties east of 101 for the most part take longer to appreciate than those west of 101. Those who watch the real estate market know that its over the long run that we can look for appreciation to come. We have already watched some of the building going on at King and Mabury, so keep an eye on those properties for the next couple of years and that will give you an idea of what will happen with your property. As far as the construction going on at the flea market, it could be held up past the original dates for the start of construction. No builder at this time wants to invest additional money in properties unless they believe that they will be absorbed quickly. Everyone for the next year or two will just be polishing their crystal balls!

I dont know if you can compare Santana Row to any new development. Although there are many current planned communities in the works, not many will be able to establish the same effect Santana Row has. I agree with the last part of what Mario said, older homes will suffer a bit during the developmental stages due to having to compete with these new homes. Long term meaning past 5-10 years will have a better effect, but builders are pretty unpredictable when it comes to prices, and to gauge what your house does off what they plan to do would be a mistake.

Prices around the redevelopment of Santana Row are an example of what will happen near the flea market. Prices strengthened in comparison to the overall market. Or let's say, they dropped less than the general market. Though, that comparison is not ideal in that the general market around Santana Row was predominantly single family homes and the new construction was high end condos. As for Berryessa - there will be a large influx of new single family homes to compete with the older stock of housing. This will make prices soft until Berryessa flea market homes are fully sold. Long term, this is good for your neighborhood, in the meantime, it will mean a lot of inventory to compete with. What are your short and long term plans with your housing? This will dictate which strategy you want to take.