Best Markets for Buying New Properties
After the real estate market turbulence of the last several years, investors are much more choosy about where and when they buy property, and rightly so. Some of the nation's top metropolitan markets are over-inflated, while others are stagnant, but in between lie some under-rated cities with huge potential. Sporting low property prices yet a promising future, the best markets for buying new properties are in up-and-coming urban areas that will not fail to appreciate in the years to come.
Once known as the capital of sprawl, Atlanta is now investing serious money into an integrated central city transit and park-system, known as the Belt-Line project. Already the economic steam engine of the southeast, Atlanta has been experiencing above national average job growth for the last three years and is expected to continue to along that path into the future. Property prices, however, are among the least expensive in the nation for a major city, with the median home price hovering under $160,000. With the heavy investments in urban revitalization projects underway, many of the inner Atlanta neighborhoods that had fallen into disrepair will be transformed into hot Manhattan-style residential areas. This has already happened in the historic Old Fourth Ward area, which is now bursting with trendy restaurants and lofts. Smart investors will take a close look at the queen of the southeast, as there are many areas that will be experiencing the same growth in the years to come.
With the same kind of gorgeous old architecture and city structure as major east coast metropolises like NYC and Boston, and a real estate market priced like the Midwest, Pittsburgh is a steal of a deal right now. Thanks to its established universities and hospitals, it attracts highly skilled immigrants who are boosting the local economy and transforming the former burnt-out industrial town into a dynamic and cosmopolitan city that will only thrive more in years to come. Right now home values in Pittsburgh are still at a depression era low, with an under $90,000 median price (which is actually up 10 percent from last year). Downtown Pittsburgh is exploding with investment at this moment as nightlife, restaurants, offices, and condos spring up all over. If that's not enough, earlier this year the London-based Grosvenor Group placed Pittsburgh on its list of the five best cities to invest in worldwide.
Although nowhere near as inexpensive as the other two metropolitan areas on the list, Seattle has been on a continuous upswing that shows no sign of slowing down. Instead, the smart thing to do is to jump on while there is still a chance. An ever-expanding tech sector that is much more stable than the boom and bust start-up world of San Francisco, Seattle is actually still under-rated and under-priced for a major west coast city. Median home prices in Seattle hovers around $462,000, way higher than inland cities still reeling from the recession, but still considerably lower than anywhere in coastal California or in Vancouver, BC. Seattle is expecting to double its population in the next couple of decades and is investing heavily in sustainability measures that could make it a model city in the future. Now is a great time to get in on it.
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