Bloggers - Your opinion please - Pricing question.

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Real Estate Agent with RE/MAX Alliance

Hello everyone! I have never lived through this before and I would like to have your opinion if you have a moment. There is a new Target about to open in my farm, and I am wondering how will home prices be affected when the store is open. What has happened in other areas? What´s your experience?

My farm is a middle-upper class community in Colorado, with average price around $300k. The only other big store in the neighborhood is Home Depot. Then, there is Safeway and King Soopers, and of course small stores adjacent to the grocery stores. The closest other Target or Walmart is around 10 miles away.

What's your take on this?

Thanks in advance!

Tere

 

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Rainmaker
428,548
Dick and Dixie Sells
Sells Real Estate, LLC - Trinity, FL
Realtors, Tampa Bay Florida Homes For Sale

Target is a great store and I think your homeowners will be glad to have it!  As long as the traffic pattern is planned out.(and your house doesn't back to the store) it should be a plus for the area.

Sep 08, 2009 06:09 AM #4
Rainer
57,343
Tatyana Sturm
Exit Realty DTC - Aurora, CO
Denver Realtor, GRI, Denver/ Aurora CO Relocation

When southlands was going up in my neck of the woods, everyone thought it would increase their value, and it didn't.  It may add convenience but I don't think it will ad value to a home, there is targets and wal marts everywhere.

Sep 08, 2009 08:36 AM #5
Rainer
7,150
Craig Davidenko
SavannahRealEstate.com - Savannah, GA

Well now you have the things you need a little closer.......a variety of quality products at discount prices. Target will definitely not hurt your value so as long as your front door isn't facing the loading docks!

Sep 08, 2009 08:42 AM #6
Rainmaker
171,914
Dana Wilkinson
Connect Realty, The Woodlands, TX - The Woodlands, TX
Broker-Your TX agent for The Woodlands-Spring-Conroe-Montgomery

Hopefully, the commercial development is completely separated from the residential area and done attractively.  In which case, I would think proximity to some shopping would be desirable, and as others have mentioned, as long as the traffic is handled properly.  Let us know in about a year.

Sep 08, 2009 09:09 AM #7
Ambassador
158,240
LifeOhm
LifeOhm - Life Coaching for Real Estate Professionals - Portland, OR
Monica at LifeOhm

It will be interesting to hear what happens, it seems like it should help the area but it will also bring more traffic.

Sep 08, 2009 09:38 AM #8
Rainmaker
1,264,048
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

NIMBY (not in my back yard).  People like the stores they just do not want to live too close to them.  They draw traffic and noise.  But there are a lot of factors.

Sep 08, 2009 09:44 AM #9
Rainmaker
157,850
Tina Gleisner
Home Tips for Women - Portsmouth, NH
Home Tips for Women

Fascinating discussion, especially as we have a new Target ... with road infrastructure in process so that is a little messy right now.

Sep 08, 2009 09:46 AM #10
Anonymous
Anonymous
Mark Clausen

I live and work in a somewhat rural area just outside of Austin Tx. The local grocery chain recently announced that it will be opening a new store in our community and it's widely viewed as a victory for the community.

Sep 08, 2009 09:51 AM #11
Rainer
228,938
Stephanie Reynolds
Integrity First Financial Group, Inc. - Santee, CA
East County San Diego Homes 619-838-4408

As ChuckO stated, companies like Target do studies of the local demographics prior to agreeing to build a store in any given area. Since your towns closest is over 10 miles away, I can see nothing but this store helping the housing market. People like to buy homes where they can continue to shop at places they like to shop. Target is one of those places! As long as the residential area is defined as a separate area of town and not out the front window, it should only help the residential prices.

Hopefully the planning has been done in such a way that it will not cause major traffic delays

Sep 08, 2009 09:57 AM #12
Rainmaker
654,143
Joetta Fort
The DiGiorgio Group - Arvada, CO
Independent Broker, Homes Denver to Boulder

I live in Arvada, and can see the Target at 80th and Wads out my bedroom window. The homes in closest proximity to Target have lower values. Unfortunately, the appraisals on homes further into the subdivision are affected by the lowered values of those homes.  So I think it lowers the value of the entire neighborhood. The only store I've seen buyers get excited about being near are Great Harvest, Vitamin Cottage, Whole Foods, and Sunshine Market.

Sep 08, 2009 10:18 AM #13
Rainmaker
279,636
Steven Pahl
Keller Williams Tampa Properties - Tampa, FL
Real Estate Consultant Tampa, FL 813-319-6423

Should help, except for any homes they may be directly adjacent to the commercial property.

Sep 08, 2009 11:02 AM #14
Rainer
40,704
Amanda Smith
Allison James Estates & Homes Elite - Hemet, CA

I think it makes the overall area more desireable, however, in my area we have had 2 Super Walmarts open and the neighborhoods directly next to the stores seem to have gone downhill.  Teens are loitering, there is trash, graffiti and then there is always the traffic and noise.  I don't know if it is like that everywhere but that is my observation.

Sep 08, 2009 04:38 PM #15
Rainer
118,127
Ginger Moore
Wilkinson & Associates Realty - Gastonia, NC

Yes, Target is a great store. I guess none of us want to live too close, but it sure comes in handy when you need to purchase a few items, rather than drive the extra 10 mile to the next nearest Target.   I would think it will make the area more desirable.  People love to shop and get a good bargain at Target.

Sep 08, 2009 08:03 PM #16
Rainer
37,213
Jerry Gray
Allen Tate Realtors - Winston-Salem, NC

Tere....You will be amazed with Target and how they treat their customers. Customer service is paramount. They will make you feel special and important. I give you a great example...My wife was at a Target store near our home in Winston Salem at Christmas. She was meet by friendly staff. May I help you? She was told what isle the items she was looking was on. The store was packed. When she went to checkout, all checkouts were staffed, and staff had walkie talkies to let know what line was the shortest. She was told her business was appreciated. Target is on the mark, your neighborhood will a welcome addition.

 

Sep 08, 2009 09:09 PM #17
Rainer
22,837
Tere Cardenas
RE/MAX Alliance - Denver, CO
MBA - Colorado

Thank you SO MUCH to all of you! You have great points of view and you have helped me prepare for the questions that will come in the next days and weeks. Tere.

Sep 08, 2009 10:26 PM #18
Rainer
48,130
Sara Goss
HatmakerGroup.com GMAC Real Estate - League City, TX
Realtor - Houston Bay Area, Texas

Have the residents spoken with the developer and/or Target regarding the look of the store, if that matters to them? Stores don't all look the same, our subdivision got a better looking bigbox because we demanded it.

Sep 08, 2009 10:31 PM #19
Rainmaker
197,630
Mark Velasco
Realty Source, Inc (Luxury Homes Division) - Whittier, CA
Friendly Hills Homes for Sale - Whittier, Ca. Real Estate - Listings

Let the market determine your price Tere. It could go up, down, or stay the same. Let the comps tell you.

Sep 09, 2009 12:13 AM #20
Rainmaker
819,445
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

People here love it, now our Target remodeled and offers groceries.  What is so bad about a Target? They are the cleanest stores I know of.  Heck, our stupid Walmart has police patrols in the later hours of the evening.  Kids knocking down old ladies to steal their Pepto Bismol & socks.  Nonsense.

Sep 09, 2009 12:28 PM #21
Rainer
25,765
Diane Loveridge
Keller Williams - Hollywood, FL

Tere,

I would think the difference is whether the new Target is part of a larger community revitalization effort. If so, I would expect it to help. If not, I don't think it would make much of a difference, except to those people who live directly next to the store.

I bought a house years ago down the road from a hotel that was being remodeled and a pedestrian overpass under construction. It turned out to be a great investment. Right now I own a house down the street from a newly constructed Target, and it has not helped home values. Of course this is a difficult time to expect a rise in values, so then again...

Sep 09, 2009 03:00 PM #22
Rainmaker
266,421
Carrie Sampron
Home Smart Realty Group - Highlands Ranch, CO
ABR SFR & Kathy Sampron (303) 931-3629 Highlands R

Tere:  Great question.  We will be prepared for the questions as well since we work on the west side of Highlands Ranch.  Take care - Carrie

Sep 14, 2009 05:25 PM #23
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Rainer
22,837

Tere Cardenas

MBA - Colorado
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