topic Re: Is this a good thing?........................................................................... in Community Chat

Is this a good thing?...............................................................................

SilleeMee — Sun, 07 Jan 2018 18:15:53 GMT

There is news about an expansion of the university hospital to branch out and include a large teaching campus with dorms and the whole nine yards of a regular university plus medical campus doctors' offices/clinics.This is supposed to start building sometime in the next few years and it is very, very close to my neighborhood.

How do think it will affect my house as far as market value and attraction for potential buyers? Will this development be a good thing or bad thing? I'm concerned.

Re: Is this a good thing?...........................................................................

cherry — Sun, 07 Jan 2018 18:17:38 GMT

I think it will be good. Rents are high near universities. Your property will benefit because of this

Re: Is this a good thing?...........................................................................

NicksmomESQ — Sun, 07 Jan 2018 18:25:39 GMT

It depends how close to your neighborhood it will be. A hospital several miles from my home expanded a few years ago. The homes within walking distance shot up in value. Doctors purchased some of the homes & converted them into offices & labs.Medical students & young doctors rented or bought the others.

The area today is very busy & looks nice.Some shops & restaurants have opened to accommodate the medical staff & patients.

Re: Is this a good thing?...........................................................................

chrystaltree — Sun, 07 Jan 2018 18:28:06 GMT

You property will increase in value because a project like that will bring a whole lot of high income workers, physicians, professors, reseachers etc. They'll want to live close to their place of employment. Of course, there'll be more traffic too and the construction phase will be a nightmare but ultimately, it will be a good thing.

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Bri36 — Sun, 07 Jan 2018 18:31:01 GMT

Your market value will increase dramatically as long as traffic doesn’t impact your street

I don’t know close it will be to you. Is your property in danger of being bought for the new construction?

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SilleeMee — Sun, 07 Jan 2018 18:33:01 GMT

On a nice day I could see walking to that area but if the weather is bad, maybe not. It's not far for me to walk...maybe a mile. The whole area to be converted is currently considered as less-than desirable, a lot less. So whatever improvements they do to that section of city should help attract better businesses and people. Right now it's mostly dive bars, motels, used furniture and pawn shops. That brings in a lot of riffraff.

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SilleeMee — Sun, 07 Jan 2018 18:36:43 GMT

@Bri36 wrote:
Your market value will increase dramatically as long as traffic doesn’t impact your street

I don’t know close it will be to you. Is your property in danger of being bought for the new construction?

Traffic might be an issue because the one main artery through my neighborhood can easily be accessed for quick routing. My house is not in the area to be considered for expansion, but about a mile or two away. @Bri36

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occasionalrain — Sun, 07 Jan 2018 18:43:37 GMT

It's a good thing if you will be able to sell your house at a profit but bad if you continue to live there. increased traffic, 24 hour sirens, transient students, loud parties...are some of what you will have to endure.

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SilleeMee — Sun, 07 Jan 2018 18:47:41 GMT

@occasionalrain wrote:
It's a good thing if you will be able to sell your house at a profit but bad if you continue to live there. increased traffic, 24 hour sirens, transient students, loud parties...are some of what you will have to endure.

What you have just described is pretty much how my neighborhood is now. There are sirens every day all day/night and many houses are rentals with young people partying. So not much will change as far as that goes. @occasionalrain

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millieshops — Sun, 07 Jan 2018 19:01:57 GMT

@SilleeMeeYep - I think overall a new medical facility should be a positive for your area - lots of teaching hospitals do have positive effects. I would worry less about the medical students than I would if an undergraduate college were coming into the neighborhood.

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QueenDanceALot — Sun, 07 Jan 2018 19:03:16 GMT

@SilleeMee wrote:
@occasionalrain wrote:
It's a good thing if you will be able to sell your house at a profit but bad if you continue to live there. increased traffic, 24 hour sirens, transient students, loud parties...are some of what you will have to endure.

What you have just described is pretty much how my neighborhood is now. There are sirens every day all day/night and many houses are rentals with young people partying. So not much will change as far as that goes. @occasionalrain

@SilleeMee

Which makes me think that the new center will only improve the neighborhood and the problems.

I wish you a giant increase in home value!!

Re: Is this a good thing?...........................................................................

goldensrbest — Sun, 07 Jan 2018 19:11:22 GMT

Your house value will go up!

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Peaches McPhee — Sun, 07 Jan 2018 19:11:36 GMT

Your values will increase if your situation is the same as the one we have locally. We have a major medical center with a neighborhood of single family homes within walking distance. Real estate prices are much higher here, in the "white coat" (meaning doctors) neighborhood than similar areas. Doctors in training will want to settle their families in real homes for the duration of their training.

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Noel7 — Sun, 07 Jan 2018 19:12:49 GMT

We have several areas like that in San Francisco and the property worth goes way up.

One, in a new area called Mission Bay, has attracted a lot of money.

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Noel7 — Sun, 07 Jan 2018 19:31:45 GMT

@occasionalrain wrote:
It's a good thing if you will be able to sell your house at a profit but bad if you continue to live there. increased traffic, 24 hour sirens, transient students, loud parties...are some of what you will have to endure.

Medical students are past getting a BA and not known for loud parties or drinking. Show up at med school with a hangover and you are in deep you know what.

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Bri36 — Sun, 07 Jan 2018 19:24:50 GMT

Hopefully you’ll get an influx or upscale restaurants and stores now

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SilleeMee — Sun, 07 Jan 2018 19:37:41 GMT

I've lived in this city on and off since the late '60s. The part of town which is in dire need of improvement is where this campus is set to go. In the late '60s it used to be a better area as far as shopping and other reputable businesses. Then after the first large mall was built that part of town went downhill fast. It never recovered and trashy business started occupying the buildings and small strip malls. There were motels that were vacated and eventually torn down but a few are still there and house shady people. I am looking forward to cleaning up that mess. It's about time!

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Snowpuppy — Sun, 07 Jan 2018 20:02:34 GMT

Prices soar for real estate because landlord owners quickly convert to student housing and rent by the bedroom.

Most cities with student housing know that anything within walking distance to campus is quickly converted. One of my co workers was forced to move out of his apt when it transitioned to all student housing. Far more income when rented by the bedroom.

I'd beat the rush and start looking now.

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Noel7 — Sun, 07 Jan 2018 20:09:20 GMT

@Snowpuppy

She has a house, not an apartment. If she wants to move, her house will be worth more if she waits.

The area is bound to attract small business and restaurants near the medical school development.

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deepwaterdotter — Sun, 07 Jan 2018 20:18:03 GMT

Kudos to your local officials for attracting a desirable tenant to an undesirable area. Half of the town where I live is booming and building, the other half is ignored and falling apart. Fortunately I own a home in the better area, but am sad to see the plummeting property values and increasing criminal element in the other area.