Community Chat

[SilleeMee]

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.

[cherry]

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

[NicksmomESQ]

   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.

[chrystaltree]

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.

[Bri36]

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? 

[SilleeMee]

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.

[SilleeMee]

---

@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

[occasionalrain]

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.

[SilleeMee]

---

@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

[millieshops]

@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.