Real Estate

Condos being built nearby - influence on livability and property value

  • Last Updated:
  • Mar 31st, 2019 6:59 pm
[OP]
Newbie
Feb 20, 2009
61 posts
Toronto

Condos being built nearby - influence on livability and property value

The empty lot across the road from my house is going to be turned into low rise condos. I'm worried about a few things - influence on property value (reduced due to reduced privacy?), influence on sellability before and during construction, and frustration of living through the noise/dust. Can anyone provide some first or second hand insight on what it's like from a personal and financial point of view to have substantial construction projects close by?
5 replies
Deal Addict
Mar 27, 2015
1289 posts
432 upvotes
Thornhill, ON
All I can say is get ready and good luck. It won't be fun. We had three 7-story buildings built at the end of my street a few years ago, a 2-year project. We're about 5-8 houses away. The police gave the workers the ok to park on all the side streets (I get that, that's a reasonable request), we're on the corner so we had 8-10 cars in front of our house M-F, all day. The main problem was the workers themselves. The guys who did the grunge work, i.e. those that started the project, were the scummiest, scuzziest, bunch of low-life scumbags I've ever come across. All of them looked like they were just out of jail/in a gang. They barfed on my lawn. They regularly pulled down their pants and peed on my lawn and on the street. They took their clothes off to get changed out on the street. They threw garbage (ciggy packages etc.) everywhere. One guy was dealing drugs - the guys would sit in their cars at the end of their shifts and wait for him (eventually I went out there and told the guys buying that all the neighbourhood knew what was going on and was pissed off and would call the cops - they stopped after that ). This went on for almost a year until things got much better when the more skilled workers - the plumbers, electricians, drywallers, etc. came in. They were a much better class of person and were much more respectful of our neighbourhood - no garbage, no drug dealing, no peeing. One of them asked me about the "whole experience" and I told him this story. He shook his head and said he wasn't surprised.

Looking back, it was a nightmare.

Now that the buildings are done, I don't really notice much difference. Traffic has increased but its not a big deal, we're really close to the 401/and two major roads so its to be expected. We have a lot more people obviously - families, mostly, walking around. With respect to re-sell, who knows, they all have a full view of my home - maybe that's good thing - I've got all these eyes on my house now. I don't think it has negatively or positively effected the price of my home. Its Toronto, condos are everywhere and I said we're near major roads. I'm far enough away that I'm not bothered by the garbage trucks that come to the complex at 7 - nobody's sleeping in if you're closer. But the buildings are looked after, they pick up the garbage and that whole block looks much better. Having said that, I would never want to live through that again.
Deal Guru
Feb 29, 2008
10829 posts
6038 upvotes
Why would you be worried about development? An empty lot isn't great either. Now the construction and dust will be a nuissance but end result should be beneficial. More development typically means more services, more life to the area. It depends what is going in and the location.

Where is the location. There are many factors at play here.
Member
User avatar
Aug 14, 2011
262 posts
134 upvotes
Toronto
strife220 wrote: The empty lot across the road from my house is going to be turned into low rise condos. I'm worried about a few things - influence on property value (reduced due to reduced privacy?), influence on sellability before and during construction, and frustration of living through the noise/dust. Can anyone provide some first or second hand insight on what it's like from a personal and financial point of view to have substantial construction projects close by?
an empty lot is not good, but condo is worse. Theoretically it will reduce the property value based on the privacy and noise factors like you mentioned, and it will be considered a 'negative' as part of a diligent appraisal from a residential real estate perspective. Are you considering selling even before you discovered this?
Real Estate Sales Agent
Banned
Mar 30, 2019
18 posts
7 upvotes
I disagree... A good quality condo - mid to high end, will bring money into your area, and new businesses.
Deal Guru
Feb 29, 2008
10829 posts
6038 upvotes
bosoxfanx wrote: an empty lot is not good, but condo is worse. Theoretically it will reduce the property value based on the privacy and noise factors like you mentioned, and it will be considered a 'negative' as part of a diligent appraisal from a residential real estate perspective. Are you considering selling even before you discovered this?
How could you say that? A luxury condo with retail would lower the value? That makes absolutely no sense

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