98402 (Tacoma Downtown) No. 20, Top Gentrifying Zip Codes 2000-2016 (Seattle, Bellevue: top neighborhood, for sale)

[Blondebaerde]

So it's true what they say after all: "When there's blood in the streets, buy land!" They used to say Hilltop neighborhood of Tacoma, zip code 98405 (along with Central Tacoma neighborhood) just to the west of downtown 98402, was the roughest part of town back in the very early 2000s. Friend of mine was thinking about investing in property there when it was bottoming out. I thought he was nuts.

He was not.

Tacoma downtown is no. 20 on greatest gentrification list, at 103% home value increase and 141% average educational increase of residents years 2000-2016. Gentrification is a dirty word, or not, depending on your end of the investment spectrum and perspective on "progress". From my end, the investment side, it is spectacular (made my investments Eastside Seattle, a bit later on). I love to see dumps dynamited down and replaced by modern high-density luxury high rises, e.g., ala Capitol Hill in Seattle.

Thoughts on gentrification, and Tacoma's evolution (or devolution)? Honestly, haven't spent much time in either 98402 or 98405. Did find the article interesting, Zero Hedge often is (and is often alarmist, too).

https://www.zerohedge.com/news/2018-...-neighborhoods

[murreybn]

Things are definitely looking up with the two huge construction projects underway in 98402 as well. (Tacoma Town Center and Convention Center Hotel)

Just sucks that Davita and State Farm are moving. Maybe something bigger and better will take their place.

[DutchessCottonPuff]

98466 is not too shabby either . That's where I am and must leave , but it is very pretty . Walkability is all or nothing depending on where you are in that zip though .

[tommy64]

At the bottom of the recession, a mere 8 years ago, you could buy a distressed single family house there for 50k. The banks that held this stuff were almost giving them away. Nobody wanted them, and the few that did couldn't qualify for a loan. And there were "For Sale" signs in every other yard.

Now a run-down dump is selling for 175k within days, and that's when you can find inventory. I drive all over this area and often go 10 blocks without seeing one freakin' "For Sale" sign in a yard.

I'm 53 and haven't seen everything, but I doubt I'll see such a turn again in my lifetime. And we're not even finished yet! Who knows where it'll end.

[RotseCherut]

I am amazed to see how Tacoma is thriving, prospering and growing. Some gentrification is good, but we don't want Tacoma to turn into another Seattle. Although, I think Tacoma is somewhat of a refuge for those residents of the Puget Sound who cannot tolerate what Seattle is or has become. Tacoma more or less fits the stereotype of what the Northwest is suppose to be and what it use to be. I'm happy that much of the city is improving and that the crime has decreased significantly. Tacoma reminds me of a smaller version of Portland in many ways. Both cities have a lot in common, they are blue collar/lumber/ lower-middle class cities that suddenly were discovered and became hip and popular.

The Portland and Tacoma of the 90s were both pretty dingy , crime-ridden and did not host so many opportunities. Of course, now with gentrification the hordes of yuppies/elitists and just every other person from around country dreaming of green lush mountains, ocean, rivers, etc now is coming to move here. Tacoma is becoming rapidly less affordable and the job opportunities for professionals, like Portland, are a fraction of what Seattle/Bellevue are. However, Tacoma does have a slight advantage at functioning as a farther out suburb of Seattle and is quite commutable, yet still has the advantage of being its own independent entity that doesn't have all of Seattle's shortcomings.

If Tacoma would have more single professionals it would be a bit more fun. It's still feels like a cliquey/local Northwestern town, which is both good and bad. It's good because the people are much friendlier and accepting. The bad is that everyone seems to know everyone and breaking into the social circles is challenging, although I do find Tacomans way more open and friendly than other such cliquey Northwest towns I have lived in. However, it is not a town full of new fresh faces looking for new opportunities like Seattle. Although, I have to say most Seattlites are so consumed with trying to afford their $2000/mo studio apartment in that cool, hip, neighborhood everyone told them to live, that they barely seem to get much time to enjoy life. Seattle is the workaholic city and it seems for a city its size it really does have a lot of entertainment or social amenities. It may sound strange to say this, but everyone who moves to San Francisco is prepared for what kind of city it is. Many people move to Seattle starry-eyed and have no idea how challenging of a place it is to live compared to the wages they will be earning. People also grossly underestimate the traffic and how crowded and mismanaged the city is becoming.

Tacoma seems like a much more logical and well planned city for the most part. South Tacoma is a potential gold mine that is waiting for development. Think Georgetown/Columbia City on steroids. Seattle really has no room to grow, but up and with the nutty city council that is a recipe for disaster. However, Tacoma has plenty of room and time to grow and it is not locked between the Puget Sound and Lake Washington as Seattle is. If these IT companies end up being too alienated by Seattle City Council, opening up new business parks or headquarters in Tacoma could be a very viable option. In fact, I wonder what the Tacoma City Council is thinking by not being more zealous to attract IT Companies, when it has so much to offer. THink about it? The companies could pay their employees 90% of what they would in Bellevue or Seattle and the lifestyle they could enjoy would be many times nicer than what they would have being stuck in Bellevue, Redmond or Seattle. Downtown Tacoma could fit quite few high risers if it wanted such. In Seattle, they have to bulldoze something to make way for something bigger.