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Increasing our Real Estate Value - Winter/Spring 2007
In addition to a strong economy; the quality of your neighbor’s property significantly impacts the value of your property. Did someone purchase your neighbor’s property as part of a new development or was it purchased by speculators to hold out for another buyer? Each scenario produces dramatically different results and, while we cannot control a purchaser’s intent, we can anticipate the consequences. Our property values increase the most when our neighbor improves his property, or his property is purchased as part of a larger development. New development and renovation of existing properties often have a domino effect for a neighborhood by increasing the critical mass, buying power and aesthetic appeal of an area. Some neighbors may not want the increased exposure, increased critical mass or increased buying power, but few have objected to the increased value.