Updated about 2 years ago on .
Best Asset Type for Growth Area
Hello BP!
There is a large scale project going down that was bought by a Fortune 200 company in my home area that will bring in thousands of jobs and will inevitable make the appreciation skyrocket. Shorter term, it will bring in workers to construct and create this new development - Longer term, it will bring in the likes of famous celebrities from around the country (if not world) to live and stay here short to long term.
What type of asset class do you think will thrive in a place like this? The appreciation in this area is already booming as it is the top two most expensive counties in the state. Short term deals don't really exist here as they are illegal in the surrounding area for the most part.
I'm interested in buying single family (even though I hate this idea at a young age) because of the appreciation and low multifamily volume. Although in the next few years I'll be starting a family and will want a single family home, if I put in the work of finding off market / on market multifamily deal the medium term rents could be insane.
This is still a few years out and there is an estimated 2 billion going into this project.
Has anyone dealt with a small area that's about to explode like this?