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The malls have had their day and will probably become excellent sites for residential development once their owners realize the value no longer exists for them. It doesn't take a real estate agent to see the handwriting on their walls.
Tony and Suzanne Marri...
John DL Arendsen
Ryan Huggins - Thousan...
Thousand Oaks, CA
In the past Malls tended to generate lots of interest in areas - however I think they will become a thing of the past in the coming years
And yes, I watch the news daily - FoxNews is my choice
Panama City, FL
John DL Arendsen
It's the new reality and I'm sure new ways of using these retails spaces will be found over time. Too hard to really measure impact on value.
Panama City, FL
John DL Arendsen
Malls still serve a purpose, mainly for Jr. High and High School kids to have a place to hang out and buy overpriced trendy clothes. Our malls have a couple good restaurants, so it would be a shame if they closed down. Outside of those restaurants (Cheesecake Factory) and a class at Williams Sonoma, I can't remember the last time I stepped into our "big" mall. The other mall, the Janss mall, has my gym and a coffee bean and a Pollo Loco that I go to almost daily. Would be a shame if that closed down.
There are jobs issues and "walkability score" issues (for those that buy into that crap), plus ease of access to good food issues for me. I was devistated when Ruth's Chris decided to not open a location in our big mall. I have to drive 30 minutes to get a good steak now.
We have 2 malls within 50 miles. Both have been on life support for the past 10+ years. So I see little change in impact pro or con.
Yes, I've been hearing a lot about this over the last 2-3 weeks...and the Jersey mall that hasn't been done and gone through 5 governers or something.
We have 2 malls in our city in the downtown area) - one is high end, one is lower. The high end one always seems to do better (at least that's how it seems).
But, I suppose one could go and then I suppose since both are downtown, they would build more apartments (as they keep doing). The last 3 I've heard about have all been rentals, but maybe they would build another condo. If the lower end one is converted, it's close to the train to NYC so apartments are most likely.
Oh, and I forgot, there's a very low end one here which makes 3. The DMV is there. It's so yuck (and smells) and has terrible and cheap stores that I try to avoid it like the plague. I only go there if I need to renew my license, but now you can do a lot of that stuff online.
John DL Arendsen
John DL Arendsen I do agree with you. We have one of the largest malls here on the East Coast in our town. If it were to close down, it would devastate both business and commercial real estate values. There are 30 plus restaurants around the perimeter of the mall along with other big box and small retail centers. I haven't seen a shopping center closing where left vacant would ultimately run down the surrounding area. If this mall were to close down, it would severely impact real estate values and the local economy.
Interesting to read the comments. I think for years the "malls" have been declining as it it so much easier to order on-line but the walk to store areas with coffee shops, tea places, wine places, Apple stores, Farmers markets, art galleries and out door entertainment are doing well..at least in our area.
Most of my friends are like me and rarely go to the mall so I say it doesn't impact the residential real estate value close to the mall but will definitely affect pricing of commercial space in nearby strip centers.
Really great question, John DL Arendsen . Our 2 malls were changed years ago into box retail outlets - which are doing well. And our Macy's is safe (announced in the paper today). But I can see this impact of retail going online impacting large malls in large metro areas. That much real estate may eventually be turned into some new project.
Sedona does not have any classic malls. Because it is a tourist destination, there are areas that are more art galleries and specialty shops. I can't think of homes that are impacted (value) from these gallery areas.
Like with everything else it depends on the marketplace. Santa Barbara fought a small retail center, and now the hotel that was there and razed is being built. No retail, no malls...Other communities would love it...A
Macy's is reaping the bad seed they sowed with thousands of customers carrying coupons that could not be redeemed.
Until you see the owners of malls complaining, I would not be concerned.
Such enterprise such as:
Westfield is the major player in the Tampa area. The are still imposing punitive conditions on their occupants. However, they ARE investing dollars to create more EXPERIENCE opportunities that makes the location less vulnerable to Internet marketing.
Road and other infrastructure improvements that change traffic patterns have been the death of previous retail locations.
What will happen? If constructed around 1970, the will be reduced to sand.
Newer will be subleased. Wholefoods, Trader Joes, Wildfields, Starbucks and the like are the exciting elements that drive value in my location.
John DL Arendsen
We have one mall sitting empty; another with a Macy's, Sears and a restaurant closing and woon to become an outlet mall and the third that is doing well but revenues are down so there is a tax issue in the town and about to raise property taxes!
That and with the fighting I would say poor.
ALL the store are closing
Time will tell as owners look for new tenants and possible new uses! Some will bite the dust! Times, they are a changing!
Lots of good questions and points to consider. My clients want convenience to grocery stores, not so much for malls due to the added congestion and noise factors.
Kevin J. May nailed this one!
If you live next to a mall you are already impacted by traffic. Here in NH we are seeing a re-purpose of the small malls, torn down and new stores or uses in their place. Traffic remains
YES and I actually thought of you when I read the news of Macy's! That is just CRAZY that you so recently wrote that question! I still believe that the land will be put to good use, should the malls ever fail; I still believe it won't happen in the next 10 years.
I'm over an hour away from the nearest mall. I haven't visited that mall in quite a while either, and the last time I did there were a lot of empty spaces.
With Macy and Sears and other anchors shuttering their stores, the traditional malls will fade away. The fights and the riots that were posted on YouTube over the holidays will only speed up their demise.
Unless there is another highest and best use for the land under that mall (raze it and build apartment complexes, hotels, offices, something else), the mall will become an eyesore. I would be very careful buying or investing near a mall.
I would think it would depend on the mall. As some are still doing quite well.
High end malls (you know the Irvine company ones) are packed with walkers but not all buyers have bags. South Coast with the luxury brands (where my office is caters to one ethnic client while Spectrum has mostly restuarants and a younger different focus) Malls in middle America are going the way "Downtown walking shopping store front retail" went- they will change. Many downtowns have reinvented themselves into indie coffee houses, antique shops, boutique things. Retail is going to change. Did you see the AMAZON ship?
John DL Arendsen - not fun with traffic and other 'challenges'.
We have many malls all around my area ... property values are what they are and I do not see a negative impact.
I have no idea.
Many malls are still very popular in my area.
I have never really given it much thought ....
Traffic conditions can impact home values.
I think it depends o the entire area as to how important.
A Mall in close proximity to ones home is a major advantage both personally and financially. The Mall brings people into the community and these people have a chance to see the community and possibly purchase a home there. The law os supply and demand takes over and the more people that are potential buyers the higher property values rise.