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LIFESTYLE

Up-and-Coming Neighborhoods in 2013

Laura Joszt | Monday, January 21, 2013
Since the housing market is rebounding, real estate is a good investment opportunity for those who have the money. And while some parts of the country are still floundering among foreclosure rates, there are a number of housing markets that are expected to do well.
 
For physicians, who usually have extra income to spend, purchasing a rental property is a possibility that could pay off big time if the proper work is done.
 
There’s a lot that goes into the decision of whether or not to buy a rental property. True, the younger generation is looking more at long-term renting than home-buying, but they’ve also got big expectations of what the rental property should include and have access to. Potential landlords need to do their homework.
 
Location is important because you don’t want to be in a high-crime neighborhood. Ideally you want to be in an up-and-coming neighborhood — it makes your property desirable for renters, but it will sell for a nice profit later on.
 
Real estate company Redfin has listed the top 10 hottest neighborhoods for 2013 based on a few factors. All of the neighborhoods on the list are seeing shrinking selection, increasing sales and increasing prices
 
“The results surprised us: the hottest neighborhoods aren't the well-known bastions of privilege,” Redfin Chief Executive Officer Glenn Kelman said in a statement. “They're once-gritty urban areas and far-flung suburbs with school districts on the rise. This is the surest sign that the recovery is broadening, and that home-buyers are venturing out to once-marginal areas hit hard when the bubble burst."
 
California overwhelmingly dominates the top 10, with eight spots.
 
(The data compares December 2011 with December 2012.)
 
10. North Maple Leaf
Market: Seattle, Wash.
Inventory change: -44%
Sales volume change: +15%
Median sales price change: +22%
 
9. The Mission

Source: Redfin

Market: Bay Area, Calif.
Inventory change: -29%
Sales volume change: +17%
Median sales price change: +80%
 
8. Logan Square

Source: Redfin
 
Market: Chicago, Ill.
Inventory change: -10%
Sales volume change: +94%
Median sales price change: +20%
 
7. Glassell Park
Market: Los Angeles, Calif.
Inventory change: -64%
Sales volume change: +31%
Median sales price change: +17%
 
6. Willow Glen

Source: Redfin
 
Market: Bay Area, Calif.
Inventory change: -60%
Sales volume change: +9%
Median sales price change: +32%
 
5. Livermore
Market: Bay Area, Calif.
Inventory change: -71%
Sales volume change: +13%
Median sales price change: +20%
 
4. Eagle Rock
Market: Los Angeles, Calif.
Inventory change: -54%
Sales volume change: +44%
Median sales price change: +11%
 
3. Faircrest Heights

Source: Redfin
 
Market: Los Angeles, Calif.
Inventory change: -63%
Sales volume change: +17%
Median sales price change: +29%
 
2. Mira Mesa
Market: San Diego
Inventory change: -69%
Sales volume change: +48%
Median sales price change: +21%
 
1. Highland Park

Source: Redfin
 
Market: Los Angeles
Inventory change: -48%
Sales volume change: +73%
Median sales price change: +31%
 
Click here to see the top neighborhoods in 16 markets across the U.S.
 
Read more:
When it Makes Sense to Buy a Home to Rent
Can the Rental Market Produce Returns?
Three Ways to Play the Great Real Estate Rebound



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