What do you think when you see this photo? Yes, that’s a freeway right next to a condo development in Placer County. It reminds me of several things: 1) Land development can happen in places we sometimes wouldn’t expect – especially when the economy and real estate market are really booming; 2) We are willing to look past negative factors to live in a particular community or afford a house (especially a first house); and 3) Would you save money on utility costs due to shade from the freeway? (kidding)
For further context, here is an aerial view of the subdivision along Highway 65.
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There is one development here in San Jose that is the same way. Sort of funny, but they can squeeze these little PUDs in anywhere!
Well said. They do squeeze those PUDs in some pretty tight places.
What was the noise level like there? Is there traffic on the freeway at all times? I think you are right, when real estate is booming, you might overlook something like this, but now, buyers and mortgage companies would have several questions about the property and its proximity to the freeway.
There is a fairly constant flow of traffic I think, though very rarely bumper-to-bumper. This freeway (Highway 65) connects to a larger Interstate (I-80). There is definitely noise, but you won’t go deaf by living there. What types of questions do you think a lender might ask here?
My clients would ask about the highway’s effect on marketability. I think it would be a big concern for some underwriters. They would probably want to see other sales of similar properties close to the freeway even if there aren’t any in the subject’s subdivision or complex.
I think you’re right, Bryan. I also think some lenders may seek to ensure that the subject unit is outside of fall distance (if it was next to the freeway). These units have good windows, so some owners may feel fine with the sound (thankfully only two lanes of highway and not four), though I’d like to hear from some owners too.