The upside of neighborhood construction

August 31, 2012 11:00AM

No one wants to live near construction — the noise, dirt and general chaos have always been thought to drive down real estate prices. But according to a report from NY1, residents have reason to embrace construction in their area.

Buyers and renters should consider a couple of factors before turning down a prospective apartment just because construction is going on nearby. While an obstructed view could be a deal-breaker, other facets of construction — like new amenities in the neighborhood, or newer housing stock — could be a boon for area pricing, according to the report.

“Buyers shouldn’t discount a property just because there is a construction site next door,” Leslie Hirsch, an agent with Brown Harris Stevens, told NY1. “People are walking down the street and see a hole in the ground or a crane with a building going up but it’s not always a bad thing. A lot of times, new construction could be great for the neighborhood.” [NY1] — Guelda Voien