MIAMI – Aug. 19, 2016 – A tight inventory of for-sale homes has forced some buyers to look beyond traditionally hot neighborhoods, and an uneven real estate recovery has created some areas that are diamonds in the rough. In a gentrifying neighborhood, new buyers fix up older homes that, in turn, attract more remodel-ready buyers and new businesses.
For real estate investors and homeowners, these gentrifying neighborhoods not only represent a great place to live, but their initial property investment could rise above the metro area norm as the area improves.
But how do investors and buyers identify these gentrifying neighborhoods?
RealtyTrac – now an ATTOM Data Solutions company – analyzed data in 3,561 U.S. zip codes with a combined population of 124 million to select the 35 best "bad" neighborhoods to buy a home. Four of those 35 zip codes are in Florida.