Does Commercial Development Impact Home Values?
May 21st, 2008 categories: Liberty Township, Ohio, Real Estate News, Real Estate Selling
Last night’s email headline from the Cincinnati Business Courier alerted us to the story. This morning’s Cincinnati Enquire headlined “Town Center Proposed for Liberty Township“. And if you have driven east on Hamilton Mason Road recently- the construction arrows and detours are a sure sign of impending growth.
Home owners always want to know how much (if any) the development will boost their property values. It is a great question!
Unfortunately there isn’t any easy way to estimate the impact. Commercial development is usually good for the surrounding areas: increased tax revenues; variety of businesses attracting a diverse population for shopping and entertainment; increased exposure for the area.
Along with all the benefits comes the inevitable traffic problems which may divert frustrated shoppers to drive through normally quiet subdivisions - in order to cut some time off their trip.
If you currently live on a residential street with the potential of becoming a “cut through” for mall traffic- the value of your real estate may be impacted. Otherwise only time will tell if there is any positive or negative impact to residential real estate.
Remember for every buyer who wants a quiet dead end street, there is also a buyer who wants all the amenities within 2 minutes of their home.
The impact on your particular property will depend on how traffic is routed. The Township’s planners have a lot of examples to review for do’s (Easton) and don’ts (Fields Ertel, Union Center Blvd) in order to minimize congested traffic in surrounding residential neighborhoods.
There is no formula for homeowners, in the path of large commercial development, to estimate long term impact. 
As a property owner, I strongly encourage you to become “engaged” with the process and stay informed. Click onto the Liberty Township site and plan ahead so you can attend zoning meetings.
Still have questions or want to share your thoughts- call me (513-300-4090), send an email or comment below. Stay up with all the latest real estate news and subscribe today.
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