Hi Oni,
We actually own investment condos in Villages of Devinshire (directly behind the new Target). We also have a condo listed in that community. My wife and I have sold and rented condos and townhomes in probably every single community in and around your complex over the past 5 years and we are very familiar with that market. You also have a Kohl's store approved for phase two (the northern most end) of that Target Shopping Center and will probably end up with a small retail strip with possibly a Starbuck's drive through and a couple of other small retail shops just south of your townhome complex on the same side of Hwy 9 as your townhome. Some Buyers will probably love the convenience and some would probably not want to be quite so close. It's a lifestyle choice. Your property would probably sell better after the project is complete instead of during construction...but if you have to sell now there is no sense in waiting.
If you would like to discuss this further feel free to call me at 770-722-6922 or my wife Debi at 770-906-0317. We'll be happy to visit your property, give you a comprehensive Market Analysis, and create a custom marketing plan designed to highlight the best features of your home and get you the best price in the shortest amount of time on the market.
Tina is also spot on in mentioning that foreclosures and number of rental units, as well as associtaion guidelines for rental in the community, will most likely have an effect on your price, time on the market and your target market. It may be that if you have to sell, and can't get the price you want, that renting temporarily may give you the income you need to get to the next place you want to be and then you can sell when the market improves. Just a thought.

Regards,
Deryk Harper
Broker Associate
Keller Williams Realty North Atlanta

Fri May 2 2008, 14:06

Oni
You have some great answers here. The only thing I would add is that you should put yourself in the shoes of a buyer. Go online and see what your competition might be if you listed. Talk with a Realtor and have them show you their analysis and see if you agree.

In the larger picture multi-family unitts are built in buffer zones, so the value of the property will more likely be affected by the overall market, rather than just one item.

Fri May 2 2008, 13:34

Oni,

In my humble opinion, having the Super Target going up there alone by itself, is a good thing with regard to your home selling prospect. Having said that, the market does what the market does, and the only real way to determine how it is affecting the market in your neighborhood is to check comps. It is time to do some homework, or get your agent to do his/hers. Check comps of active listings but more importantly SOLDS. There are so many listings out there that are overpriced because agents are telling sellers what they want to hear rather than the truth.

I wish you the best of luck in getting your home sold, but worse comes to worse, shopping will be more convenient.

---
Carlos

Fri May 2 2008, 13:04

Without seeing your townhome, I would say there are other factors more important than the Super Target construction that will affect your sale price. The construction of other townhomes like yours in the area give buyers more to choose from. With all the townhomes on the market now, yours will need to stand out to be sold. It can stand out by being in perfect condition or having the best price or having the best location. Maybe the Super Target will attract a buyer who will work there. If you are thinking of moving, my suggestion is to invite a couple of real estate agents out to see your property and give you a market analysis. That way you will have something upon which to base your decision. Also consider where you will move... you probably can get a great deal on a house now and save more than if you wait. Interest rates remain low now and that may not last too much longer. Check out the link below for further information.

Fri May 2 2008, 12:29

Don't focus so much on how it will affect your sales price. Focus instead on the reason why you are thinking about selling. Are you thinking about "buying up", that is buying a more expensive home than you are currently in? If that is the case, then this is the BEST time to be selling and buying. Right now the housing market is like gambling in Vegas. You're down one day (sale of your home) and up the next day (purchase of new home). For instance, if you bought a home in 2005 for $200K and you sell it now for $190K you might view it as losing $10K, but if you buy-up and purchase a home for $300K that sold in 2005 for $350K you'd actually be ahead...you'd be $40K ahead...the market will turn and when it does you'll be glad you sold and bought when you did!

Find out what your home is worth for FREE by filling out the form at the following URL: http://www.rkihomes.com/Home_Evaluation/page_1583777.html

Fri May 2 2008, 12:26

Oni - That would mostly depend on potential buyers perspective of the super target for prospects. Another factor may be the location of your specific townhouse in proximity to the super target and any associated increase traffic or construction noise (externalities). Market areas, neighborhoods, subdivisions, and complexes go through different stages as do individual properties - growth, stability, decline, and revitalization. External obsolescence also have an effect on sale price and value and is catagorized as environmental, economic or locational. An area expierencing growth could put a higher demand on properties in the area. Prior to establishing a selling price and listing your property you may want to consult with an appraiser for an accurate market analysis to reveal any economic, social or other factors that affects market value, marketability, market trends and conditions for a realistic selling price.

Fri May 2 2008, 12:24

Oni,

The biggest impact construction can have on an area is traffic. This is a big turnoff for many buyers. If the main street in front of your subdivision is already busy with several buisness locations then the impact may be very little.

Many may see this as a positive for your community. Easy access to shoppping!

Fri May 2 2008, 12:08

I do agree with Cindy about the fact that Target doesn't build new buildings unless they see a growth area. You know Windward, you've seen how it's changed even over the past 3 years...even Costco is there now! And, from what I understand, Kohl's is supposed to go into the space across from the new Target. Further south on Highway 9 is new retails centers and the refurbishment of the old Ingles shopping center too. I don't think we've "boxed out" certain buyers...I think we've made it more attractive to people who want the convenience of all shopping (grocery and beyond). And don't forget, Alpharetta (especially Windward) is a major work center in Atlanta...major kudos here!

I can't tell you in this market that it raise the price of your unit, but that factor alone certainly shouldn't hurt it. The other things to be mindful of are the condition and upgrades of your particular unit and the location within the community i.e. do you back to the road, another unit, greenspace etc. I would also be mindful of any foreclosures in the community as well as the number of rentals vs. owner-occupied units. These are just a few of my thoughts.

Fri May 2 2008, 12:06

Oni, it is going to be limited to a certain buyer now. While before construction you had a wider base of buyers now you will need to find someone who maybe wants to be close to work- especially with today's gas prices! Check out the vicinity, see if there is anything else in the area promoting growth through construction and start marketing to them with flyers. Are you close to schools? Is there a new office building in the area? What about a hospital or college? Target does not build in places that are not growing. Concentrate on the work force and good luck. The right buyer WILL appear. Cindy Vedder

Fri May 2 2008, 11:52