5/12    A tiny little city I live in is going through a major redevelopment
        process. In 2008, they're going to tear down a huge plaza that was
        built in the 70s, along with with all the mom&pop stores and
        replace them with a super mega parking structure, hi-end shops
        by the marina, an art gallery, etc. At the same time they're going
        to tear down a mostly empty parking lot to build a 300+ apartment
        building with lots of mixed use retail/office space on the first
        floor. My property is 0.5 mile from the land. Is the construction
        going to devaluate my property?
        \_ Not unless the new construction is blocking your view or something.
           Sounds like the changes will put you in a more desirable area in
           general.
           general.  (Assuming you actually live in a currently desirable/
           in-demand area.  If there's no demand, and this construction doesn't
           create it, and it raises your property taxes, then yes, your property
           value could go down)
        \_ No, expect your value to go anywhere from up to way way up.  Even
           if you lost a view, the rest should more than make up for it.
           The only downside is if the new mega mall fails and ends up
           dormant.  Just curious, what city is this?
           \_ Marina del Rey. The mom&pop stores are in Fisherman's Village.
              The massive apartments&condos&mixed use buildings are along
              Via Marina. The construction could take several years so
              I'm a bit concerned with noise, traffic, and pollution.
              \_ Marina del Rey?! That's not exactly what I think of as
                 a "tiny little city". I am not sure the megamall is going
                 to make a blip compared to what's already around there
                 (a tiny little city called "Los Angeles"). The real
                 question is whether the new development will be perceived
                 as an improvement, which it probably will. I doubt it
                 will impact property values much, though, as MdR is
                 already sky-high.
                 \_ According to http://www.city-data.com it is 0.9 sq mile.
                    \_ Thank you master of the obvious. The point being
                       that a suburb of LA cannot in all honesty be
                       evaluated as a "tiny little city" even if it really
                       is a "tiny little city". In this case the size of
                       the city isn't a factor like it would be if, say,
                       that megamall is the only one around for miles. MdR
                       is going to be desirable no matter what based on
                       location, not because of (or in spite of) some
                       development unless the development, say, blocks all
                       access to the marina or something. My opinion is
                       that high-end retail will do very well in MdR and
                       will probably be a boon. An exception is if these
                       condos/apartments aren't "luxury" apartments.
                       \_ You forgot to mention tsunami and huricane which
                          will render coastal cities completely worthless
                       \_ Very good Mr. Expert. Who are you and what is your
                          credential wrt Los Angeles?
        \_ You're looking at an investment. If you try to sell while construction
           is just beginning or looks unlikely to complete, then yes, you may lose
           value. Stick it out, though, and your property should improve in value
           nicely. Sorry to hear about the mom&pop shops, but the mixed-use sounds
           like good urban planning.