There is a vacant lot here in town with the start of single family on one side and apartment complexes on the other. It is currently zoned Estates, Single-Family, 1 acre or more, but it is very unlikely that anyone will build a single-family residence there because: 1) they haven’t already and it is hard to find land in the area and 2) of the hard edge the 3 story apartment building and parking alley with dumpster cause by butting up to the property.
The current owners wish to build row houses on the lot where the backs would form a wall to the apartment complex and the fronts would face the residential. They say that this is sort of the in between?? of apts. and SF), however the SF home owners in the area have gotten together to fight this rezoning for reasons of property value.
There is no doubt that the homes closer to the apt. complexes sell for less a square foot than the ones down the street away form the complexes, but the questions are:
1)Does anyone know about the impact row houses would have on property values verses the vacant lot and apts. that are currently there?
2)Or does anyone know how I could measure this?
3)Does anyone have any known precedents, thoughts on reasons one way or the other, or just any general observations about this?
Obviously this is a case sensitive topic where certain externalities apply in one location and not in the other, but I am more looking for general guidelines.
I would put up photos, but I think it is best to keep the property confidential.
Thank for your help.