Meredith Galante | Nov. 13, 2012, 1:02 PM |
“Wake up and smell the coffee,” writes Michael Corbett, Trulia’s real estate expert and and host of NBC’s “Extra’s Mansions & Millionaires!” in his book Before you Buy! The Homebuyer’s Handbook for Today’s Market.
He’s talking about big chains such as Starbucks and Whole Foods. If you see them opening in a new neighborhood, it’s a sign that the neighborhood is up-and-coming, and therefore a smart real estate bet.
One of the best ways to stretch your buying dollar is to find a neighborhood that is in transition. Called fringe or transitional neighborhoods, they are typically close to major metropolitan areas and were once neglected and less desirable. Is there a trendy restaurant where a tattoo parlor used to be?
These neighborhoods are now beginning to enjoy a new life and your goal is the find them.
Has a Starbucks just opened on the corner or maybe a Whole Foods Market? These are all good signs that a neighborhood is on the upswing. You can bet that big chains like Starbucks spend a lot of money and time analyzing neighborhood potential before they open up a new store. So go ahead, tap into their market research and be their neighbor.