Is Your Neighborhood “Already There”?
A lot of clients tell me they love a certain neighborhood, but they want to look in an area that’s “up-and-coming.” Usually, this is because they either want a) more affordability, b) more space, or c) street cred for getting in before the neighborhood gets too hot. So, I take said clients to a neighborhood that’s showing real potential — a sprinkling of renovated houses here and there, cranes/construction up and down the street, and maybe the one lone hipster coffee shop. “Imagine what this will look like in 5 years!” I say, my smile beaming. I look over, and their faces tell me:
“There’s nothing to do here.”
“Where are all the young people?”
“What’s this place called again?”
It’s called up-and-coming, not “already there.” So, what are the signs that a neighborhood has already reached its max potential? Let me spitfire:
Coffee shops. Organic food stores. Farmers markets. Fitness studios. Bikeshares. Fancy apartments. Healthy food chains. Banks. Dog parks. Brunch. Stores & Restaurants with ampersands. Do you see a trend here? In a few words, it’s “lots of disposable income.”
You’re not going to see many – if any – of these neighborhood features in an up-and-coming neighborhood just yet. It’s a gamble, sure, but spotting the trends early on could mean serious appreciation potential.
…and you get the benefit of eventually saying, “We’ve been here since before this neighborhood became a big deal.”