does property value go down if a condo is built in the neighborhood?

Asked by Nathan, Cape Coral, FL Fri Feb 8, 2008

A developing company has requested to have the empty land across the street from my home rezoned from single family residential to multi-family residential. The plans are to build four 4-story condos with a total of 54 units and a clubhouse and pool. The developer has told me that the finished condos will look similar to another project they have here:

Can anyone tell me of their experiences with such buildings going up in other residential neighborhoods? Is this a guarantee to hurt my property value no matter how nice the condos look? Or is it possible that this is not the worst case scenario for this land.

Keep in mind that I live directly across the street from this land, and it is a completely single family home neighborhood with no major thru roads. Thanks for any advice!

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