In search of the next hot neighborhood
The investment supplement in yesterday's Wall Street Journal has a piece (with the title above) with advice on how to identify up and coming neighborhoods where you can buy a house and expect extra-normal returns.
Key are location, historic building stock, and favorable demographics and nearby job centers.
What Live Baltimore calls the "one-over neighborhood" (see "Shaw (and Mid City East) as a one-over neighborhood: revitalization, displacement, gentrification as a function of critical mass and timing"), they call "the halo effect," quoting Stan Humphries from Zillow.
It does provide some cautionary examples of places that don't succeed, in part because of a lack of local jobs, or nightlife.
I like the article for the graphic of the tips.
Labels: gentrification, invasion-succession theory, neighborhood change, neighborhood planning, urban revitalization, urban sociology
5 Comments:
Funny to see the WSJ list "government investment in infrastructure" as something to look for (and as a big positive).
Good article, though.
it's definitely key. E.g., I aver that the NY Ave. Metro (now NoMA) is one of the most significant events that helps H St. NE, by changing the willingness of people with choices to live north of H St.
That investment is what convinced me that the most effective public investment in revitalization, if done right, is in transit-transpo and converted me to transpo planning.
also this:
http://www.bloomberg.com/news/2013-12-20/london-s-nappy-valley-home-price-gains-outdo-luxury.html
Yeah, it seems like a no-brainer. But conservatives typically don't want any infrastructure investment (well to be fair they are ok with highways and roads).
I think This is a new thing to all the people in around the world.
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