If you are interested in relocating to a fun, exciting area, what better place to move to than a neighborhood that is up-and-coming? The old adage says “location, location, location” and has been proven to be the most effective guiding tip when moving. Whether you are moving for work or looking for a complete lifestyle change, here are the top 7 significant signs that a neighborhood is up-and-coming:
Monitor Real Estate Trends
If you have a desirable area in mind, keep watch on property prices that are slightly elevated whilst the number of days on the market is declining. Any neighborhood that has property with lesser days on the market is a great indicator that the area is up-and-coming.
How about that new “Yurt” trend? As new types of dwellings pop up all over the city, the massive flood gates open and everyone wants a piece of the shiny new toy. Is a new access area to public transportation popping up in an older neighborhood? Odds are, the market is prepping for imminent rezoning and is an inviting prospect to a revamped area.
Pay Attention to Massive Renovations
Gentrification is known as “the process of renovating and improving a house or district so that it conforms to middle-class taste.” When a lower-income neighborhood is being rejuvenated, it attracts an inflow of new prospective residents. According to Governing.com, New York City, New York neighborhoods are seeing an increase of 29.8% in just gentrification alone.
You can visit your local townhall or city hall to get up-to-date information on new developments coming to a neighborhood near you. When you see a neighborhood undergoing a major renovation, it may just be the new up-and-coming neighborhood!
Follow the Big Brands
Have you noticed a major art gallery or hip restaurant is being built in a neighborhood near you? New York is full of them! With a restaurant and pub on every corner, these new attractions will garner considerable attention and may be a great indicator that the neighborhood is up-and-coming. Major retailers conduct all necessary research on due diligence pertaining to new locations they want to inhabit.
One of the biggest perks of major retailers is not only the convenience in access to the latest trends, but the opportunity for new career paths. New business equals new potential employment, which inevitably leads to the need for relocation to the newest “it” neighborhood you can call home.
Track the Millenials
Looking for the trendiest local areas to inhabit? Is there a Whole Foods or Coffee Bean being built? Yup, that’s the most positive sign that millennials have taken over a neighborhood.
Millenials are the generation that are deemed as “hip” these days. Therefore, they know the best places to hangout and thus create the new city ‘hotspots’ by just their presence alone. Once millennials inhabit a new neighborhood, major retailers take notice and begin to pop up their brands all around town to pander to the new residents. Millenials are responsible for the creation of many new up-and-coming neighborhoods.
The Health Craze
For the last decade or so, there is a new “health trend” that has taken the world by storm. We have gone from organic to vegetarian, pescatarian to vegan. These days, the new farm-to-table has risen to the top of the charts. Especially in the NYC area and corresponding boroughs! Within several steps away from every residential building, locals are opening farm-to-table eateries featuring home-grown vegetables and innovative cuisine in their very own backyards!
For some reason, this health craze has stuck around and does not appear to be fading in popularity any time soon. We never thought we’d say this, but if you are looking for the next up-and-coming neighborhood, just follow the farm!
Research Neighborhoods Outside Major Hotspot Cities
Housing developments typically occur with a “spillover effect.” When the hotspot neighborhoods become too crowded, the housing developments spill over into the neighboring areas to garner new residents that aim to be close to the most desirable neighborhood. These neighborhoods stand to benefit from the hotspot neighboring cities by creating and reflecting the same desirable qualities the more popular area possesses.
Additionally, many people do not wish to reside in the hottest new neighborhood, however want the ability to travel to the hottest new neighborhood within a short timeframe. Having easy access to popular hangouts and a bumpin’ nightlife is a recipe for residential success.
Hire a Real Estate Agent
After conducting your own research, it may be a great idea to hire a real estate agent or attorney. These professionals know the ins-and-outs of the real estate game and where the next up-and-coming neighborhood may be.
Real estate professionals are trained to predict future hotspot areas by tracking their activities for their clientele and comprehend how to accurately read market trends. Contact a local real estate agent today to get ahead of the game in the competition to live in the next up-and-coming neighborhood.
Are you on the hunt for the next up-and-coming neighborhood? Know the inside scoop that is not available to the public! Check out GoHomeNY to view the neighborhood of your choice and read live reviews from people just like you. For the latest updates on the BEST neighborhoods to call home, remember to Go Home NY!
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