Here is something to be proud of: Thad Wong, our @properties co-founder, has an interesting article on MSN.com.
Four things to look at
The phrase “up-and-coming” can sometimes be code for a dangerous area, so it’s important to make sure you’re comfortable with the neighborhood and the potential risk it may pose to you as an investor.
Whether you’re searching for the next hot spot or just trying to find a cheap and funky place to live, homebuyers in so-called up-and-coming areas should focus on four main factors, according to Thaddeus Wong, co-founder of @Properties, a Chicago brokerage specializing in emerging city neighborhoods.
- Transportation infrastructure: Is it close to mass transit and highways? Is the transport fast and efficient? “In a developing neighborhood, the ease of getting in and out is crucial,” Wong says. “We’ve seen the highest velocity of price increases in these areas.”
- Commercial infrastructure: Whether the neighborhood has space for restaurants and shops, heavily trafficked streets and ample parking is also important in determining the area’s potential for success, Wong says. “You have to bring people in with art galleries and restaurants. That’s how people become familiar with neighborhoods.”
- Zoning laws: If the zoning favors larger or more units, either residential or commercial, the area will gentrify more rapidly, Wong says.
- Local politics: This is the wild card, Wong explains. Some politicians don’t want development, while others embrace it.
Everyone knows someone who bought a home in an undesirable neighborhood and got rich when the area got hip. But anyone buying in an area that hasn’t seen any recent development is gambling. To play it safe, make sure the neighborhood has something going on before you take the plunge. “You don’t want to be the first guy there,” Wong says. “You’re better off being the second or third one in.”
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