We just moved into our new build home, which eas built in an older development. This development averages 24,000 sq ft lots on a total of about 200 acres. The roads are narrow and have no sidewalks. Currently there are multiple dead ends that were designed for future development.
It just came to our attention that there is plans for a new style development for a total of 376 residential units in 155 acres (like 216 traditional style homes and the rest would be "patio homes"). There will be greenspace (mostly retention ponds with paths in between). The lot sizes in this area will be under 8,000 sq ft. The current smallest lot sizes in the immediate area are over 17,000 sq feet.
This new development will have a total of 5 entrances (3 off of our current development and 2 off of a county road). The predicted prices of these homes would be 300-350 for the traditional homes. To give an idea our home set us back 305 not counting the sweat equity I did in clearing land and appraised about 325.
What should we expect these new homes to do to property calue for us?
It just came to our attention that there is plans for a new style development for a total of 376 residential units in 155 acres (like 216 traditional style homes and the rest would be "patio homes"). There will be greenspace (mostly retention ponds with paths in between). The lot sizes in this area will be under 8,000 sq ft. The current smallest lot sizes in the immediate area are over 17,000 sq feet.
This new development will have a total of 5 entrances (3 off of our current development and 2 off of a county road). The predicted prices of these homes would be 300-350 for the traditional homes. To give an idea our home set us back 305 not counting the sweat equity I did in clearing land and appraised about 325.
What should we expect these new homes to do to property calue for us?