What if your neighbor got $236 Million? What would this mean for yoru property value? The Miami Herald 14 acres in Downtown Miami sold last month to an Asian group for $236 Million! Imagine the increase in value that the neighboring properties will experience! This sale provides a good lesson that your neighbor’s use of their property may increase or decrease the value of your property next door! Imagine if you owned the property next door to the Miami Herald, you’d be pretty psyched! I know this because I represent owners will +/- 200,000 SF of property within one mile of the Herald. This sale has increased their property values because it shows people from all over the world view Downtown Miami as the place to invest!
But imagine on a smaller scale that your next door neighbor keeps his house in excellent condition. The lawn is always freshly mowed, he plants nice flowers for landscaping and has very nice lighting. This will improve the value of the neighborhood. On the other hand imagine if your next door neighbor does not keep their property in good condition – it could be for several reasons, maybe you live next to a home going through a foreclosure proceeding, the owners abandonded it and the bank hasn’t taken title. The yard is overgrown with weeds and the place is boarded up. This will negatively impact your property.
Its always important when investing in an area to know how the neighbors keep their properties and also what the potential plans are for development in the neighborhood. These are factors that will improve or decrease the value of your property!
For more information on Downtown Miami opportunities, or to understand more about property values and ajdacent (neighboring uses) be sure to follow me … Professor Real Estate! Feel free to ask me questions!