Invest Your Money In Real Estate
Over the past few years, there has been a lot of development focused on the revitalization of urban areas, commonly known as transitional-neighborhoods. This has become a heavily debated topic in many US cities. While many bloggers, local residents, and Real Estate agents debate whether an area is “cool” or ever will be “cool”, the commercial developers have already done their research and are two steps ahead of the general public. The development of these neighborhoods stems from the rising demand to live close to work. Developers focus on creating a good mix of retail and condo projects in neighborhoods that border popular business districts. For example, developers in Dallas Texas have successfully transformed the neighborhoods bordering Downtown. Just 10 years ago the neighborhoods that are adjacent to Downtown Dallas to the East (Deep Ellum) West (Victory Park) North (Uptown) were not previously popular residential neighborhoods. Redevelopment projects such as Dallas lofts in the deep ellum warehouse district, helped bring residents and retail to the area.
Some people have a hard time imagining themselves in an area that at one time wasn’t the least bit popular, however it could make a great investment opportunity. With the aid of social media and online marketing it’s easier than ever to give a neighborhood a new feel and look. Sometimes it is hard for people who haven’t used social media much to understand it’s effect. First, developers hire marketing companies to create user-friendly, interactive websites that pinpoint all the best “features” of the neighborhood. The development of a few residential apartment and condo buildings is enough for any respected marketing group to put a good spin on a neighborhood. Transitional-neighborhoods are almost always next to a popular area, so they can advertise a lower cost of living and convenience to bordering neighborhoods. This is similar to the trend in suburban living. Some residents prefer to spend less on living if their still “close enough” to a popular city or neighborhood. The “close enough” is what has changed.
Another tactic that can have a huge impact on the development of a transitional neighborhood is hosting local side-walk events such as art shows, concerts, and flea markets. Organizing and supporting community events is one of the easiest methods of helping an area overcome it’s negative image. This process can be simplified with the proper use of Social Media. In the years before social media became widely accepted, it was much harder, and more costly to advertise for local events. In those days, the best methods available were billboards, mailers, and fliers, which were much more costly, and unpredictable. Today, social media sites such as Facebook, Twitter, and Foursqaure among others, provide marketing companies and developers with an easy, free, and quick method to instantly reach tens of thousands of people within their target markets. As long as developers play their cards right with the type of residences and retail they bring in, it’s easier now than ever to turn a transitional neighborhood into the next up and coming, place to be.
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