Published On: Mon, May 6th, 2019

Getting In On The Gentrification Trend In Boca Raton

There are numerous neighborhoods around the country that are enjoying a recent cultural shift. As the real estate markets slowly start to recover, the newest trend is the reinvestment into the downtown cores of many cities.

Buyers are looking for areas that can give them a solid real estate investment while providing them with a lifestyle that is casual and convenient. With retail outlets, restaurants and entertainment claiming many of the business openings in these areas, they are ripe for gentrification efforts.

If you are lucky enough to get into one of these expanding neighborhoods early, the return on your investment can be stunning. In neighborhoods like Williamsburg, NY the average increase in real estate values has gone up nearly 200%.

In Boca Raton there are already several projects underway that are promising to renew many central areas. The SOFA and The Strand projects are two of the most anticipated new buildings in the Delray Beach area. They promise affordable and stylish living in a smaller community setting where you can walk to nearly every place you need to go.

Buying a property when the market is low is the simple part of making a wise investment, but it can be a challenge to choose the right area. With renovations and upgrades, many properties can quickly become hot tickets on the market. From exterior cosmetic changes, to a full tear down including using pipe rehabilitation packers to replace older plumbing systems, homes in these formerly downtrodden areas can have a new lease on life.

So, how can you get in on the gentrification trend? It helps to know the first signs of promising development. Let’s take a look at some of the ways that you can find a new area that is just waiting to blossom into a stylish and profitable neighborhood.

Strong Retail Presence

Areas that have the greatest potential to become the hottest new neighborhoods will already have established retail and entertainment areas. Watch for openings of new restaurants and small businesses as a sign of gentrification to come.

Reno Projects

When you start to see several renovation projects going on in one area, you can bet that the switch from rundown area to rental heaven has begun. With new investors come new opportunities. Keep an eye out for exterior upgrades being made as a sign that a fresh new neighborhood is on its way.

Find Border Neighborhoods

It’s a pretty good bet that established neighborhoods will eventually need to expand. Take a look at some of the more fashionable and profitable neighborhoods that already exist and consider investing on the outer borders.

Parking Prices

With expensive neighborhoods come expensive parking prices. Keep an eye on the average parking prices in your preferred area as an early sign that development is on its way.

Industrial Rezoning

Don’t discount areas that house old industrial buildings. Pay attention to areas that have been rezoned to residential status as they may be getting ready to either tear down and sell the parcelled land or renovate older buildings into trendy lofts and apartments.

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