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I bought my house new in 2010. As long as they were still building out the neighborhood the value of my home was capped at something slightly less than the new
by annoyingnoob 5y ago
I bought my house new in 2010. As long as they were still building out the neighborhood the value of my home was capped at something slightly less than the new units. Once the building stopped the values started going up. I have a single family home. Now they are building apartments and condos nearby in large buildings - those units sell for more than I paid for a single family home in 2010. The fact that they are selling apartments for so much really drove up the value of my home. The inventory of expensive units did more for my home value than anything. Not sure my experience squares well with this article.
- b9a2cab5 5y agoThey were simply selling apartments at market price. You fundamentally cannot increase the price of a good by selling it. What's more likely is that housing prices in your area have gone up so much that even apartments are now more expensive than what you originally paid. If there had been sufficient supply built in the market then prices wouldn't be so high. China has solved this problem by telling NIMBYs to fuck off and just confiscating their property to be redeveloped. I don't see why upzoning can somehow be considered bad.
- annoyingnoob 5y agoThere has been continuous building in my area for at least 15 years. Many of those expensive apartments and condos are not selling fast because they need to find the right buyer.