Will new development impact local home values?

 

Great question!

 

I have a buyer client right now who is interested in a property that has a horse farm across from it on more than 40 acres. The property has land that can be subdivided and built upon. Can we be sure that the land won’t be rezoned from residential use to commercial or
“other”?

 

It seems like the land would stay zoned as residential and if someone were to develop the land, then it could be a subdivision of new single family homes or townhouses. If so, the value of nearby homes would not be adversely impacted by the new construction since new
construction in the Boston metro area and this particular area would be more expensive than existing homes.

 

In your situation, take a look at the town’s master development plan and also take a close look at how the town has been zoning in the past 10-15 years. How can you figure that out? Do some primary research at town hall. Ask questions about the zoning for the area you are interested in. See if you find instances of “spot zoning” within the town and ask the zoning department if the mistakes for “spot zoning” have changed from past practice.

 

Spot zoning is when you see a normal residential area and all of the sudden there is an auto body repair shop or some light commercial building in the middle of the area.

 

Overall, do some research and ask your agent to assist (if you are using one), and try to minimize the risk by getting answers. If it all looks good after your research, take it from there.

 

Best luck!
 

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Willard D. Cunningham
Willard Cunningham, Broker/Principal
(617) 921-4758
cell/direct
will@willardgrp.com
http://willardgrp.com/bio
MA License# 9077116
WILLARD REALTY GROUP, Inc.
1953 Massachusetts Ave.
Ste. 400775
Cambridge, MA 02140
http://willardgrp.com/
MA License: 9011

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