My wife and I recently moved from Plano, TX to Fairview TX, so I feel I have a little insight that might help. One of the main reasons we wanted to move here is the new and under construction commercial development, comprising the new mall still under construction (http://www.villageatfairview.com/
), and the new retail nearing completion on the south side of Stacy (http://villageatallen.com
), featuring a new Target, Best Buy, Uncle Julio's, etc.. Our previous location in the middle of west Plano meant we had to travel about 4-5 miles to find many places to eat/shop (up and down 75/Central or The Toll Rd./Frisco areas). Although many people seem to think commercial development hurts their property values, the proximity to all this Retail/Restaurant development actually helps values, in my opinion. Of course, backing to a commercial property is generally viewed as a negative, both from a Purchasers and Real Estate Agents/Appraisers viewpoint. However, some purchaser's I've dealt with would often prefer a commercial development to the rear (depending upon the actual view), vs. a lack of privacy from 2 story homes to the rear. As a licensed Realtor and Appraiser for over 20 years, I fully expect your appraisal to show a negative for this development, assuming your property actually backs to this mall or commercial development. However, many mitigating factors will also come into play (rear greenbelt buffer zone, rear retaining wall, actual views of what?, noise?). Developers will often afford a home backing to commercial development with a larger lot or other perks (i.e. Cul-De-Sac lot, additional finish out items) that would offset, or partailly offset, these rear views. Even if you do back directly to commercial, your proximity to this Retail should help in many other ways that don't always "show up in the numbers". There are two sides to the Real Estate equation-Marketability and Market Value. They go hand in hand. Although the appraiser and the buyer may place a negative number on the property due to proximity to Commercial Development (and some buyer's may not want to even look at your home if it backs to commercial, traffic, etc.), if your home sells in 3 days for top dollar, who cares!? This can often be the case if you have some of the offsetting factors noted above (larger lot, Cul-De-Sac), or superior quality/design and appeal factors, etc. A wordy answer, I know. But all this Retail in close proximity to the small, bedroom feel of the smaller sized Lovejoy ISD (due to the larger lot sizes in most of the Lovjoy ISD), creates a niche market in the DFW Metro area we could not resist. And the small town feel of the winding, two lane roads and proximity to Central Expressway doesn't hurt either. Good Luck!
Keller Williams Realty