When examining housing data, two key components to look for include home prices and sales volume. However, here are five additional tips worth considering to find the next real-estate hot spot.
1. Hang With Gen Y Generation
Baby boomers captured marketers' attention for decades. Now the focus is on their kids. Neighborhoods that attract the Gen Y generation tend to be urban-type atmospheres that have shopping, recreation and entertainment options within walking distances of where residents live.
2. Imagine Retirement
Much of Gen Y grew up in the suburbs with parents who wanted the best schools and neighborhoods for their kids. Now that those nests are emptying, baby boomers are looking ahead to their golden years. Where will they go?
3. Start Trainspotting
The next hot spot tends to be places that most would never consider living today. In today's world, they're typically places that are poorly served by freeways and public transportation. So one tip for seeking the next big thing is to keep an eye on municipal transportation planning. That's what developers do.
4. Ride The Rail
Once auto-centric Dallas is another example of how real-estate opportunities perk up alongside rail-based mass transit corridors. Since launching its light rail system in 1996, Dallas has witnessed billions in transit-oriented development sprout up around its system. With more rail lines planned for Dallas, Seattle, Charlotte and other cities, is the next hot neighborhood a future train stop around the corner from you?
5. Follow The Artists
Few artists are rich, which means most of them set up shop in parts of town with cheap rent. But once the artists move in, a funny thing happens: Galleries and studios often attract restaurants and shops, turning the downtrodden zones into culturally rich neighborhoods that often become unaffordable to the artists themselves.
For additional tips, read full article by John Roach of SwitchYard Media
Is Jacksonville Ready?
So what, if anything, does this mean for Jacksonville's future? With an economic model based on the growth of low density sprawl, are we truly planning for any of the major trends that could shape America's growth in the near future?