How Much Research do Buyers do On Adjacent Properties?

As I was pursuing the new listings in the Charlottesville MLS this morning and remarked on Twitter:

I see homes coming on the market and I wonder if buyers will know about adjacent developments coming that will affect them.

Three quick examples to make this point:

1: The Redfields neighborhood on the south east part of Charlottesville.

Redfields may be growing. Or not. But a Wegmans and Costco are coming nearby.

2: Montgomery Ridge in the northern part of Charlottesville.

Monticello United has just gained approval from Albemarle County to build a few soccer fields along Polo Grounds Road; this is great news for soccer players and families and perhaps not great news for those already suffer through long waits at the 29/Polo Ground stoplight.

3. Rio Heights, along the Rio Road

Lochlyn Hill on Rio Road, which looks like a cool neighborhood, is going to change the dynamics for the adjacent neighborhoods.

Three easy examples of forthcoming changes that buyers of homes in those areas need to be aware of … whose responsibility is it to inform the buyers so they can make educated, informed decisions about how they will want to live in five to ten years? Or what their neighborhood might look like to the next buyer?

Ultimately, a buyer needs to do his own due diligence; when working with my buyer clients, I tell them that I try my very best to know what’s happening and what might happen, but realistically, if they don’t own the land around them, it’s going to change.

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