How would your house work if it were rezoned to a commercial property? Would it make a good dentist's office or other commercial property? That might be an option for a future sale. I wouldn't want a McDonalds or a Wal-Mart next to me, but I don't think that values necessarily go down just because they move in.

The city will not allow us to rezone since we are part of a subdivision--our house is in a cul-de-sac. The rezoned property is adjacent to our back and side yards. Great idea, though.

I don't know how this would work for your family, personally, but financially...you could sell now and rent for a year or two until the RE market bottoms out.

A three acre site isn't very big. What do you anticipate will be built there? Could be something relatively passive like an office building or a church? Could you and your neighbors have a say about what can be built? Could those of you most affected buy it yourselves and donate it to the city for a park?

Can you shield your property from the commercial site by using strategically placed landscaping? Appropriate use of evergreens would shield views as well as damping noise.

If taking on the extra costs of having a mortgage will stress you financially that doesn't sound like a good plan.

/tricia

The city has rezoned 3 acres RIGHT next to our yard commercial and it is now for sale...

I would check with your city planning committee. They may have something in mind?

LOLOL. I once went to the city hall to get the plans on a project I felt would seriously have some impact on my mother's home value. I was neither for, nor against it since it didn't directly involve the purchase of her home or her relocation. This was highly public, and in the government offices were drawings of the new Utopia after the renovations were done. What I wanted, however, was to see the actual written proposals. I got out of my work gear, put on a business suit, heels and lugged in my leather briefcase. They denied there was ANYTHING ever written down in the way of plans or proposals. What? LOLOL. Yes, sure, the government is going to give them major grants on a picture?

So much for going to your city hall and asking questions, especially if you have a port authority or other planning body who is not subjected to the sunshine laws.

LOL Calliope,

Two or so years ago I was asked by my neighbors to speak on the group's behalf at our local Zoning Commission. OK, so I did my little speech & sat down. Two days later, a woman from the Commission phoned me & asked me to speak at a joint Planning & Zoning Commission meeting the following week. I agreed but was surprised since my position was against the Zoning Commission's plans. Well, a couple days before the scheduled meeting I received another phone call from the same woman. This time though she was singing a different tune...told me that the two committees had decided to have a 'closed door' session & I wouldn't be able to speak. So much for public discussion.

/tricia

My DH and I and some neighbors worked for two years to defeat an overblown proposed 'reshaping' of a 20-acre commercial property near our old home. It was a LOT of work, and a lot of nights spent at meetings of various government boards, but we prevailed.

TIME is your best strategy in such things. Developers want to rush in and...develop! Every day they own something they can't build on is time in your favor.

If you would like to move to a more stable neighborhood would a 60,000 - 75,000 mortgage (difference in your equity and your desirable neighborhood price) be stressful considering you would spread it out over 30 years? Don't forget that there will be an annual tax benefit to you that you are not receiving now.

And I think it would be easier to sell now rather than later. Either way I would definitely start planting some fast growing vegetation to benefit yourselves or future buyers.

Have you thought about buying the property yourself so you can control it or is that out of the realm of possibilities?

If you do put the property up for sale, anyone that does due diligence will find out about the rezoning. I would think that would really affect the offers that they would make on the home. That would mean even less money for the new home. I would plant landcaping or put in fencing, and sit tight and hope for the best. An office building is not a big deal and is actually a good neighbor since no one is there at night.

We fought a few years ago a large grocery store that wanted to locate down the street in the middle of an established residential district. The intersection was already problematic, and the additional traffic would have been a nightmare. We did prevail, and an office complex is going in there now.