I am planning to buy house in City of Fairview,tx and there is a mall being built right behind the property.

Asked by John, Allen, TX Sun Jan 27, 2008

what would happen to the property value?

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Niccol98, , Fairview, TX
Mon May 3, 2010
I am a Real Estate Appraiser and have been for just over 20 years. I own one of these townhomes and was one of the first to purchase here. I am finding it is a neighborhood that is not really kid or dog friendly even though many owners do have dogs. The majority of owners seem to be retired. Values remain stable there, however I personally would not buy there but primarily it is because I don't fit the mold of the typical owner in this neighborhood and my husband and I are 47 & 50. I would drive through, speak to owners if you see them out, etc. No HOA in affect yet, property management controls HOA fees, etc.
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Scott Strick…, , Plano, TX
Sun Mar 8, 2009
Hi John,

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!
Scott Strickland
Keller Williams Realty
214-533-8534 Direct
Web Reference:  http://Scott-Strickland.com
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Viktor Taush…, Agent, Dallas, TX
Thu Oct 2, 2008
Just stay away of commercial properties or apartment complexes.
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Tim, , Texas
Thu Oct 2, 2008
David Hitchings's stateman is not true at all. Village of Fairview will not be backing the mall called Village at Fairview. First of all it is not just a mall, it would have many residential units (on top of retail plus garden style condos) in the mall area. Overall, there would be multi-family homes on the northern part of the outdoor mall area, then the proposed Fairview Parkway borders the mall. Then, there are multi-family homes and a number of single family homes and a small park within a subdivision called "Villas in the Park". The Village of Fairview comes after these. The great thing is that it would be possible to walk or bicycle to the outdoor shops, restaurants, movie theater and grocery (Whole Foods) from Village of Fairview through a green zone which will cut through "Villas in the Park". There are some houses on Allen side directly backing the large Event Center and its parking lot in Village at Allen. That might be a concern.
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Heather Ande…, Agent, Allen, TX
Tue Jun 17, 2008
The City of Fairview boasts one of the highest household income in the state of Texas. It's a great little town with great property values. The Village of Fairview and Village of Allen will do wonders for the area. If you purchase a home that is not backing up to a major road or backing up to the actual shopping complex itself, you should be fine. You can find out more about those malls here: http://villageatallen.com/ and http://villageatfairview.com/. Shopping centers get run down because there is something newer and better that is built. However, there is very few land available in Fairview or Allen to build large developments like these so the city will take care of it and won't let it be run down. Let me know if I can help in any way. Check out my website at http://www.janusREgroup.com for lots of property photos and fun browsing features for buyers.
Web Reference:  http://www.janusREgroup.com
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David Hitchi…, , 75252
Mon Mar 17, 2008
John if your speaking of Village of Fairview, then yes your home most likely will be backing to 1,000,000 sq. feet of retail space. I agree with those who said it will not be good for resale. I have spent much time in this neighborhood, alot of pre-foreclosures at this point. This is one of very few neighborhoods in Fairview that you can purchase for under 250k. Right down the road, David Weekley and Ashton Woods are building comparable product that will not back to commercial property.
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Dallas Texas, Agent, Dallas, TN
Sat Mar 15, 2008
In many instances most Dallas home buyers don't want a commercial property directly behind their property, based on traffic, noise and etc.

Contact our office or visit our website, we look forward to working with you !
Web Reference:  http://www.lynn911.com
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Home Ferret, , Plano, TX
Mon Mar 3, 2008
It would skyrocket!!! Since the mall is close and everything is moving in that direction, it will be good. Good luck!
Web Reference:  http://www.homeferret.com
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Melissa Hail…, Agent, Plano, TX
Mon Jan 28, 2008
Fairview is a wonderful community and the city planners are working diligently to keep the country/small town feeling in their town. The newly proposed "Village At Fairview" will be near 75-Central and Stacy Road in the only commercial zoned area of town. More information is available from the Fairview Economic Development at: http://www.fairviewtexasedc.com/

Regarding your home purchase, you will have peace of mind if you check with a Realtor who services that area. They will be able to pull up the homes location, proximity to the mall (and any traffic associated with it) and comparable home sales information. Then based on that information, a Realtor can help guide you through the decision making process so that you make the best choice for you and your family.

If you need any further information, please feel free to call me at 214-418-0180 and I would be happy to assist you. Our offices are based in Wylie and I specialize in acreage/country properties throughout Collin County.

Melissa Hailey
Coldwell Banker Jane Henry Realtors
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T.E. & Naima…, Agent, Dallas, TX
Sun Jan 27, 2008
That outdoor mall in Allen/Fairview is going to be the next Firewheel mall, may be better. I think it would do a lot of good to the community. However, as long as the property doesn't really back to it, that should not be a problem for resale. But if it is so close that you will hear the delivery trucks, weekend parking etc... that could be annoying and hurt you in the long run.

Not knowing what the exact location of the house is, what is your Realtor recommending?
Web Reference:  http://www.sumnerrealty.com
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