How do you find the hidden gems?

7 Replies

What's the best way to find small hidden gems?

Or on a bigger scale, the next town to boom?

It's tough these days.  Mls has nothing that will cash flow.  I will have to resort to yellow letters, which I know very little about

When you say "these days", was it not always the case? And if so, how was it done back in the day?

Artists, gays, hipsters. 

That's the formula that most depressed urban areas follow.    Artists will first move into an area because they can find lots of space cheap and they don't seem to be as bothered by crime and other problems (see SoHo in the 60s and 70s).    Next gay people seem to follow because they can spot a good deal on the rise.   They tend to beautify the area by fixing up properties and maybe even opening businesses.    Then it seems like the hipster and the yuppies finally catch on and prices begin to skyrocket.

I'd say find out where really hip gay people in your area are rehabbing houses.    You'll probably be about 3-8 years away from a lot of dough.

Interesting...

So how do I find these areas not in my zone? Is it all about research?

I wonder what the response would be if I titled a topic "where are the artists, gays and hipsters looking to buy?"

Originally posted by @Shane Willcox:

Interesting...

So how do I find these areas not in my zone? Is it all about research?

I wonder what the response would be if I titled a topic "where are the artists, gays and hipsters looking to buy?"

Before I saw your last post, I was going to say "look for the fixies!" (fixed-gear bicycles) At least in the Bay Area..

I think you are spot on with the first signs of gentrification.. then come the yuppies, young couples who can't afford the rest, then the waves.. Local papers always talk about these areas. A lot of them tend to be in formal industrial areas. Look for lofts. Do a search for art studios outside of the downtown area. There are probably annual "open house" art shows in any major city. Look at the neighborhoods where there are concentrations where it isn't expensive to live. And if you know anyone in these different cities, just call and ask. A local should know.. You can also try to search for "transitioning" or "up and coming" in the MLS notes. Common phrase to use when describing a bad, but gentrifying area..

You can also look for changes in demographic info on census, but isn't timely enough.. I was wondering if any research/survey companies are tracking this kind of thing this other day. You can tell when you're walking down the streets, but besides my tips above, not sure of a better way to find the data online.  

Good luck, and let me know if you find out!

I'm currently in the Raleigh NC area where there is a tremendous amount of growth in apartment complexes.  There is a lot of job growth in the tech sector.  The easiest area to learn is the one you live in.

back in the days i could not see all the houses that were listed on the MLS under 60k. it was that good. and that "back in the days" was less than 2 yrs ago.