The Best & The Worst
Communities, once thought to be poor real estate investment choices, are now rising to the top of the real estate buy list. Long-coveted areas, such as Pacific Heights in San Francisco, Buckhead in Atlanta or the Upper East Side in New York, are no longer the most desired and best performing places.
In fact, neighborhoods with lower median incomes, neglected housing stock and low prices, or areas that were dominated by office or industrial space, are actually performing better than expected and are increasing in demand. For example, Miami’s Little Havana, where prices increased more than 150% over the last two years is now considered a hot investment area. Other similiar communities like the tough Northern Liberties section of Philadelphia, Manhattan’s Lower East Side, and even Watts in Los Angeles are getting thumbs up for real estate investment purposes.
If you are interested in seeing which communities are making the “best and the worst” lists for appreciation purposes, check out Forbest. Forbes, using ZIP codes in the 20 largest metro areas, has created a listing of areas experiencing the greatest and least price appreciation. To view, click here.