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Will the Mission bay redevleopment plans increase property value along the creek?
Will the planned affordable housing and very low income housing units decrease property value?
Mon Feb 4 2008, 14:10 - 94107 - Home Buying - 4 answers
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| Sally Rosenm… was FIRST TO ANSWER | ||
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There are all levels of affordable housing being constructed. The goal is to create mixed economic communities that will break down the structure of rich and poor enclaves. In the short term a buyer there will have to deal with noise and an unfinished neighborhood. If you hang on the resale will be great because of the proximity and the huge base of incoming workers into the area.
BMR's in and of themselves do not affect prices. Prices are only affecrted by supply and demand and all other factors are perception and not actual. I'm not saying that an every individual will value the same property the same but as a trend or in the overall market if the supply is increased higher than demand prices will come down. Mon Feb 4 2008, 16:56 Web Reference: http://www.JedLane.com
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Neeraj, you have some valid concerns. Overall the area is good though. With the acess to the 80 and 280 you can't go wrong.
Mon Feb 4 2008, 16:06 Web Reference: http://www.gregorygarver.com
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Thanks Sally. I understand that in any city affordable housing units are mixed into condo buildings. What scares me is when almost all the residential complexes being planned on the other side of Mission Bay creek are labeled affordable housing or very low income housing. It sounds as if the entire buildings will be BMR rather than units mixed in together.
Mon Feb 4 2008, 14:59
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Dear Friend,
In case you do not know, there is affordable housing throughout the city. Property prices have not been hurt because of it. What can hurt property values are things like drug dealing, murders and things that make a neighborhood unsafe. Also, naturally, a poor economy, recession etc. I would encourage you to look down in Mission Bay. Many developers are offering free upgrades, payment of a year's worth of dues and other incentives to get you in to their complexes. I believe they are hurting because of the plethora of units and Buyers fears about the economy/recession/subprime mortgage problems. Good luck in your search! I am available to answer questions more fully via email or telephone. Sally Mon Feb 4 2008, 14:41 Web Reference: http://www.sallyrosenman.com
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