[Andyrose]

In 2002, my wife and I purchased a 4 bedroom home in a neighborhood community, located in Wilton, NY, population 15,000, which is just north of Saratoga Springs, population 27,000 and about 35 miles north of Albany. Most of the residents of the community are in their 30's with small children. The home was built in 2001. We purchased the home for $192,000 and it is now worth about $300,000. The Saratoga Springs area was under priced when we purchased our home, but has now come up in value to match the rise seen in the rest of the country. Saratoga Springs is a famous resort location, known for its racecourse, mineral springs, etc.
Recently, the Luther Forest Technology Park, a nano technology park, located in Malta, about 15-20 minutes south of my house, announced that they signed an agreement with AMD(Advanced Micro Devices) to build a huge plant. Please see http://www.siteselection.com/ssinsider/bbdeal/ AMD also announced that they are looking into investing in a second parcel of land at the park, to build an additional plant. A third company has just signed on to open a plant at the facility. The project for AMD will commence in 2007 or 2008 and will be completed within 2 years. The entire project is estimated to take up to 20 years before all companies have moved in and everything is complete. It will cover thousands of acres of land and will employ at least 10,000 people. Currently, new road infrastructures are being built, along with additional exit ramps.
My question is, since my wife and I are in our late 50's, and have been contemplating retiring to Florida, would we be better off to wait until at least AMD has built one of its facilities before selling. Right now, although the real estate market has taken a downturn, it has held its own in our area. Would the addition of AMD and other nanotechnology firms, likely result in our home becoming very valuable in the future? Governor Pataki is referring to the area as the Silicon Valley of the east. While we would like to sell now, we feel that there is some chance that home prices in this area could skyrocket in a few years. We could always rent our house out until this happens.
Any comments would be greatly appreciated. Thank you.

[ScottGem]

Based on what you are saying, its certainly possible that there will be greater demand when the plant is getting ready to open. Which could mean an increase in your home value.

If you can wait a couple of years, it might work to your advantage. I would also consult realtors in your area for their opinions.

[Fr_Chuck]

In real estate it is a situation where you never know, it sounds like there will be an increase in the job market, which should drive the real estate.

But then 3 other plants in the area could close, there could be some underground waste found, the entire economy could go into a recession
( the ecomony has waves of up and down over time and it is about in my guess time for a down)

Also of course their could be 100 new investors start brand new sub divisions and fill the market with too many new homes all wanting to cash in on what you are thinking about also

The thing with investments is that one never knows for sure when waves will peak, or things will keep going up.

And as for as he rent goes, if you are in Fla and you have a rent house in upstate NY, ( never in my opinion) you risk ruined carpets, destroyed fixtures and more. ( just my persnal experience in renting houses out that I did not live down the street from)

If you are moving now, I would sell it now personally, but that is just me.

[Andyrose]

Thank you. I would appreciate further opinions on this subject.