Market Conditions in 31207>Question Details

JacobCoy9, Renter in Macon, GA

Did the Mercer Village Plaza affect the value of properties in the surrounding area?

Asked by JacobCoy9, Macon, GA Sat Aug 10, 2013

In 2010, Mercer build the small plaza downtown from its Macon campus. Did that improvement alter the cost of surrounding houses at all? Would appreciate any answer ASAP. Thanks, -Jacob

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These two statements are correct. Our office has a home close to Mercer in the College Hill area that has had a drastic price reduction. 4 bedroom, 2 bath, built in 2006, only $139900, Call for more details- 478-957-6650
0 votes Thank Flag Link Mon Aug 12, 2013
It's tough to say for certain that the Mercer Village Plaza is the cause of those increases, but it certainly has helped. Mercer's efforts to encourage faculty and staff to live downtown has also helped increase the area's popularity. That said, it isn't a huge impact.

It also depends exactly which neighborhood you're focusing on. Across the interstate, I dare say it has had no impact. The neighborhoods around the park have benefited more from rehab work than directly from the Village itself. It does seem with increased press about the College Hill Corridor, that demand has increased, and that has helped stabilize values.

Also, it should be cautioned that tax values are not true market values, so you should avoid relying on those assessments for appraisal values. No appraiser will reference tax values when creating an opinion of value. They are getting better at appraising nearer to a market value, but they are still off.

Hope that helps!
0 votes Thank Flag Link Mon Aug 12, 2013
Yes. There was a recent article in the Macon Telegraph stating that College Hill (the area you are referring to) had a tremendous effect on the areas property values. Here is an excerpt from the article:
"The study, funded by a Knight Neighborhood Challenge Grant and conducted by Middle Georgia State College’s Center for Economic Analysis, shows that property tax revenue generated in College Hill from 2002 to 2011 increased by 57 percent. That compares to an increase of 30 percent in all of Bibb County over the same time period."

Read more here: http://www.macon.com/2013/08/01/2586489/officials-celebrate-…
0 votes Thank Flag Link Mon Aug 12, 2013
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