John DL Arendsen, TAG Real Estate Sales & Investments Coastal Living (TAG Real Estate Sales & Investments, ON THE LEVEL General Contractor, Crest Homes Factory Built Housing Developer)

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Rainmaker
785,309
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

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. 

Jan 06, 2017 09:52 AM
Rainmaker
635,108
Jennifer Mackay
Keller Williams Success Realty - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

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

Jan 07, 2017 07:30 AM
Rainmaker
1,879,348
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

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.

Jan 07, 2017 05:48 AM
Rainmaker
880,409
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

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.

Jan 06, 2017 10:15 AM
Rainmaker
459,239
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

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.

Jan 06, 2017 09:41 AM
Rainmaker
2,466,484
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

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.

Jan 06, 2017 08:41 AM
Rainmaker
1,233,170
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

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.

Jan 06, 2017 08:29 AM
Rainmaker
3,049,058
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

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.

Jan 06, 2017 06:08 PM
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Debbie Reynolds
Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

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.

Jan 06, 2017 03:14 PM
Rainmaker
166,313
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

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.

Jan 06, 2017 02:44 PM
Rainmaker
612,250
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

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. 

 

Jan 06, 2017 11:21 AM
Rainmaker
3,185,394
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding and Marketing

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

Jan 06, 2017 10:30 AM
Rainmaker
551,415
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

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:

  1. Simon Property Group
  2. General Growth Properties Inc.
  3. Developers Diversified Realty
  4. Kimco Realty Corp
  5. Westfield America Inc.
  6. The Inland Real Estate Group of Cos.
  7. CBL & Associates Properties Inc. 
  8. New Plan Excel Realty Trust.

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.

Jan 06, 2017 08:55 AM
Rainmaker
1,073,931
Raymond E. Camp
Howard Hanna Real Estate Services - Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

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.

Jan 06, 2017 08:27 AM
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Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

ALL the store are closing

Jan 07, 2017 07:18 AM
Rainmaker
2,174,038
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Time will tell as owners look for new tenants and possible new uses! Some will bite the dust! Times, they are a changing!

Jan 07, 2017 06:59 AM
Rainmaker
1,297,150
Sandy Padula and Norm Padula, JD, GRI NMLS#1483386
Realty One Group - Carlsbad, CA
Presence, Persistence & Perseverance

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.

Jan 07, 2017 06:01 AM
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Kevin J. May nailed this one!

Jan 07, 2017 05:37 AM
Rainmaker
2,257,804
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

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

Jan 07, 2017 05:18 AM
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

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.

Jan 06, 2017 10:39 PM
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

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. 

Jan 06, 2017 07:20 PM
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Bob Crane
Woodland Management Service - Stevens Point, WI
Forestland Experts! 715-204-9671
Jan 06, 2017 06:14 PM
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Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   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.

Jan 06, 2017 06:04 PM
Rainmaker
3,679,605
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I would think it would depend on the mall.  As some are still doing quite well.

Jan 06, 2017 05:22 PM
Rainer
145,801
Caroline Gerardo
Eagle Home Mortgage, LENNAR HOMES Home Loans - Newport Beach, CA
C. G. Barbeau the Loan Lady

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? 

  1.  

    Amazon sky ship ~ presents fall home from heaven ~ drop poetry here.

    https://www.theguardian.com/technology/2016/dec/29/amazon-plans-for-giant-airship-warehouses-revealed 
 
Jan 06, 2017 01:07 PM
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Praful Thakkar
eXp Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

John DL Arendsen - not fun with traffic and other 'challenges'.

Jan 06, 2017 12:21 PM
Rainmaker
2,331,999
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Broker

We have many malls all around my area ... property values are what they are and I do not see a negative impact. 

Jan 06, 2017 09:22 AM
Rainmaker
3,509,061
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have no idea.

Jan 07, 2017 06:06 AM
Rainmaker
1,144,814
FN LN
Toronto, ON

Many malls are still very popular in my area.

Jan 06, 2017 11:45 PM
Ambassador
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Paul S. Henderson, CRS, REALTOR®,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

 I have never really given it much thought ....

Jan 06, 2017 11:36 PM
Rainmaker
3,994,680
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Traffic conditions can impact home values.

Jan 06, 2017 05:03 PM
Rainmaker
3,138,787
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I think it depends o the entire area as to how important.

Jan 06, 2017 04:30 PM
Ambassador
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John DL Arendsen
TAG Real Estate Sales & Investments, ON THE LEVEL General Contractor, Crest Homes Factory Built Housing Developer - Leucadia, CA
TAG Real Estate Sales & Investments Coastal Living

Wouldn't expect it to impact areas like Sedona who have no Malls Sheri Sperry - MCNE® 

Jan 06, 2017 11:37 AM
Rainmaker
437,126
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
RE/MAX Valencia, Stevenson Ranch, Santa Clarita

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.

Jan 06, 2017 09:21 AM