HCPLive Network
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



RELATED ARTICLES
While Wall Street is often viewed as the center of the investment universe, a far less exciting – but potentially more powerful – environment exists in the halls of academia. In this environment, professors at schools like Wharton, Yale, MIT, Stanford and the University of Chicago examine decades of financial data in search of patterns and explanatory variables.
Many investors are still shy from the drubbing they took in 2008 or feel that it's too late to get into the market now. That kind of scared thinking is going to cost them.
The 401(k) retirement accounts of many employees are going up in smoke due to excessive fees charged by their investment company. Unless this can be rectified through legislation, higher earners may end up paying for the shortfall later.
RECENT CLINICAL ARTICLES
Citing a “public health epidemic” of death and addiction related to use of prescription opioids, the American Academy of Neurology (AAN) calls for a multi-pronged approach to curbing prescriptions. But the group stresses that finding ways to help patients in chronic pain is worthwhile and difficult.
A patient at Texas Health Presbyterian Hospital has tested positive for the deadly virus.
Doctors need to make sure patients understand the radiation-related risks of heart imaging tests before sending them for such procedures, a new American Heart Association scientific statement says. The statement was published online Sept. 29 in Circulation.