Many homebuyers dream of living in a trendy neighborhood. After all, who wouldn’t want to be close to the best restaurants, shops, and galleries? Unfortunately, the perfect property in the perfect neighborhood often comes with a less than perfect price tag. Many San Diego buyers are starting to look for up-and-coming neighborhoods in once under-appreciated parts of town. Here are a few signs that can help you spot spot the next “it” neighborhood.
- New Businesses – Retail development, especially trendy shops and upscale grocers, indicate a neighborhood is on the upswing. Parts of town with historic and unique architecture are more likely to become repurposed, while maintain historic charm, and renovation will be abundant. Renovation demonstrates pride in ownership and pride in the community.
- Walk Score – A walk score, which indicates the convenience of walking from your home to stores, restaurants, schools, and other major land marks in the area. Buyers also gravitate to neighborhoods with easy access to transportation and major employers.
- A Vibrant Arts Scene – A neighborhood with a strong music and arts culture attracts more residents and businesses. In San Diego, for example, condos in East Village are immersed in an area that thrives on creativity and the new Makers Quarter, whose goal is to inspire entrepreneurs and artists to challenge convention and embark on innovation.
- Declining Days on Market (DOM) – Areas experiencing growth show a steady decline in the length of time properties stay on the market. Ask any downtown real estate agent and they’ll tell you that gentrification typically means increasing prices and popularity, more buyers, and thus more competition.
- Millennials – Younger adults, priced out of the current hip neighborhoods, will often move to more affordable neighborhoods nearby. This migration frequently leads to a revitalization as more businesses and new buyers move into the area.
- Reduced Crime – Look for parts of the city that may have previously been plagued by high crime and unemployment. New employers and decreasing crime are a good indication of a turnaround and future gentrification.
Although certain districts of Downtown San Diego have been popular among buyers in the past, recent renovation to the area is creating greater demand for condos, lofts, and penthouses. If you’re interested in buying a condo in Downtown San Diego, call (619) 649-0368 and check out the luxury listings from 92101 Urban Living. We specialize in the sale of luxury real estate in the San Diego district and can help you find the property in the perfect neighborhood for your lifestyle. ')}