Freeway coming soon will it effect our home value?

[2HOTinPHX]

So the long awaited, highly debated South Mountain Freeway in Phoenix may actually be started at the end of this year. There are those who are still fighting it but I believe it will eventually be built.

Feds approve controversial $2 billion Loop 202 extension

This link will give you a good oversite of where it is at and an actual simulation video of the freeway .

We live in Ahwatukee which is one of the areas it will change the most. It has been referred to the worlds largest cul de sack because of the isolation from the rest of Phoenix by South Mountain and lack of freeway access. We love it out here because it is so peaceful. That may all change now and we will be about 1 mile from the new freeway...

Any thoughts on how this may affect property values or lifestyle?
We had a goal to pay of the house by next year but that plan may be put on hold....

 

[haha]

So the long awaited, highly debated South Mountain Freeway in Phoenix may actually be started at the end of this year. There are those who are still fighting it but I believe it will eventually be built.

Feds approve controversial $2 billion Loop 202 extension

This link will give you a good oversite of where it is at and an actual simulation video of the freeway .

We live in Ahwatukee which is one of the areas it will change the most. It has been referred to the worlds largest cul de sack because of the isolation from the rest of Phoenix by South Mountain and lack of freeway access. We love it out here because it is so peaceful. That may all change now and we will be about 1 mile from the new freeway...

Any thoughts on how this may affect property values or lifestyle?
We had a goal to pay of the house by next year but that plan may be put on hold....

Likely increase property values other than those close enough to get noise and pollution from the freeway, but for those like you who value seclusion it is an obvious loss if you stay put.

Ha

 

[rodi]

I agree with Haha - for those not directly impacted by noise/dust from the freeway - it will increase the home values. More demand for "commutable" neighborhoods.

But I had a cousin who lived near the proposed freeway - rented a place with room for horses, pigs, chickens, etc... I would imagine homes like that will dwindle over time.

 

[grasshopper]

When we relocated to Phoenix metro area in 1998 our realtor showed us Ahwatukee, our thoughts were that traffic could only get worst. With the growth of Casa Grande, and areas south of you guys the beneficiaries of the new road will be them not you I believe. I do think it will unlock some of your RE value.

I left in 2006 for a more idyllic, and beautiful place in SE AZ.

 

[Ronstar]

Saw that on the news last night. Having worked in the highway industry, I have been following this project. I agree with others - your home value should increase since you are a mile away. You'll be able to get to the city faster. But your neighborhood will probably become less peaceful once the road is built.

 

[RockyMtn]

Those most likely to get screwed will be the homeowners whose homes are going to be bulldozed to make way for the highway. They will be paid "fair market value" based on what I heard last night on the news. Depending on when they bought their homes for they could quite possibly get less than what they paid for them.

If you are a mile away you should be ok other than the increased traffic as the ares becomes more desirable for resale. There will be lawsuits and more lawsuits so a long way to go before the first shovel gets dug!

 

[Animorph]

We lived about a block away from a new freeway and sold a little after the freeway was completed, moving to a bigger house for the kids. 10 years in the house and I was able to show a loss when I sold. I would have preferred to have been bought out. It probably cost me $20k.


A mile away, we're close to that now. That's just convenient.

 

[2HOTinPHX]

Thanks everyone for the replies. We will hope for the best and see how this all turns out. I know it could still drag on and on with lawsuits and such but seems like they really want to break ground ASAP now.

It would be kind of nice to have a freeway there instead of Pecos road as it take us about ten minutes to get to the 10 freeway from Pecos road. I can see a lot of trucks using the new freeway on their way to and from Southern AZ so I think that will ruin the silence we currently enjoy...

But if it helps resale values........maybe we will cash our chips out in 10 years or so and look for greener pastures or would that be browner pasture out here in the desert?

 

[2HOTinPHX]

Update the first house was demolished today,,,,

ADOT begins demolishing vacant properties for Loop 202 expansion - CBS 5 - KPHO

 

[gauss]

I am not familiar with this particular area, but I will offer the following as a general comment.

Unless prevented by local zoning/regulation, there will likely be an increase in commercial development. New subdivisions, strip malls, chains, big box stores etc.

This will be consistent with the increase in your property value in that apparently enough Americans finds this desirable to make it profitable.

"If you build it they will come..."

 

[2HOTinPHX]

I am not familiar with this particular area, but I will offer the following as a general comment.

Unless prevented by local zoning/regulation, there will likely be an increase in commercial development. New subdivisions, strip malls, chains, big box stores etc.

This will be consistent with the increase in your property value in that apparently enough Americans finds this desirable to make it profitable.

"If you build it they will come..."

Its the THEY I am worried about....