Market Conditions in 11753>Question Details

David, Home Buyer in New York, NY

hi can someone please tell me the effect on new homes built in a development to the existing homes. What?

Asked by David, New York, NY Thu Nov 27, 2008

would be the average percentage increase in the developments home prices?

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THERE COULD BE A PLUS TO ALL THIS ALSO. It depends on locations,
If you have a Good spot where your old house is and someone needs to purchase it because of a community is starting to develop there and you have land and location they will buy it from you to build new.Like any thing else if its in demand its worth something.Just like collectors of coins paintings etc If the location is in demand, great.,
I'm from the Midwood section of Brooklyn my neighborhood is in demand for the Syrian Jewish community,they wanted my house and other also so they started buying up the old houses for good money. The would then renovate the old one or just rip it down to build a new one. This goes on for blocks and blocks. The neighborhood is now starting to look like millionaire row. It is beautiful.
0 votes Thank Flag Link Fri Nov 28, 2008
If new homes, or a new phase, is under construction, selling an existing home in the same neighborhood can be challenging. After all, why buy a 'resale' when I can pick out styles and colors to my own taste and it's new. Also, builders often add incentives for buyers including very attractive financing. If one buys in one of these neighborhoods, plan to be there 5 to 7 years, until the neighborhood "builds out."
0 votes Thank Flag Link Fri Nov 28, 2008
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