Will business property development cause personal property value to go up built within a few blocks of it?

Since I purchased my new home 4 years ago, within 1/2 mile there has been a new movie theather, restaurants, and a new chain furniture store built. Also rght across the street have just buit 4 new houses and they are now for sale. Will this activity affect my home property value in any way? Of note, within the city they are also builing a new town center outdoor mall and condos with a 1 million price tag per unit attached (within 3 miles of me).

Generally the type of development you are describing is good for your property values, because it puts services and activities that residents like to have conveniently near (shopping, dining, movies, etc).

The houses all for sale might temporarily diminish the value of your home, because if too many properties are for sale then there is little demand. However, having more homes around is rarely bad from a valuation standpoint and should be good long term.

The type of development that would be detrimental would be things that would cause problems - like industrial businesses with loud machinery noises or odors, or businesses that have piles of waste or other eyesores. Another problem would be houses built of a type and style that do not fit the style and character of the neighborhood. For instance if all the older homes are brick, but the new homes are cheap stucco.

It probably will affect it, most likely in a positive way. Over time it may become negative, but that's probably when the neighborhood has reached it economic life and needs a facelift.

If those new homes across the street are comparable properties (obviously they are new, yours isn't, but similar square footage and amenities), if they sit for alot of days on market, it could negatively affect your property.

However, being near commercial development could be a huge property value increase if the sprawl continues your way. If your home is on the major thoroughfare where the commercial structures are going up, your property value could skyrocket. The value won't be in the home, but the land it sits on. There is property near me that wasn't worth much a few years back. But once Home Depot bought a small farm and plunked a store on it, property values around there shot up.

The real acid test is whether your house is becoming a white elephant, out of place for the neighborhood with no commercial value, or a potential developers dream.