Real estate locations (housing, landlords, properties, rental)

[okaythen01]

Hi guys we all know location of a real estate is the most important factor, however even if it's a good location now, businesses might move out later for whatever reason, the good location might become a bad location, vise versa a bad location now might become a good location few years later from things moving in, train station stops etc.

So when we pick a house and location, how do you know that the area will be a good area for as long as possible? what do you look at? and what to look for for that bad location that might become a good location later?

also it might take awhile for a good area to turn into a bad area..anyone know like how many years for that to happen? what factors to make that happen etc? everyone says location location location, but it won't be a good location forever so what should we look for? thanks guys

[punita_london]

Start Business in some reputed place
like London,Manchester,New-york,Liverpool.
I think these area will never turn to bed area
for the real estate business

[Charles]

School Performance
Location to "Plan B" jobs
Diverse industries
Taxes
Politics

[middle-aged mom]

Interesting question with no single answer fits all.

I think it necessary to distinguish between urban vs. urban/ suburban vs. suburban vs. rural areas. What compels change in one area may not hold water in another.

[eric#1]

That is most likely a good area specific question for a local forum, but in general - Shakespeare "past is prologue" is the closest thing I could say in regards to an area I know little about - look at what makes the good location good - all areas have ups and down - and IMO there is no sure thing - Tornado's, floods, fires, the packing up of a major industry etc. all things that could kill almost any area with little notice.

[TheyCallMeDerek]

Honestly, if anyone had all of the answers to the OP they'd be Trillionares! There are so many variables, not the least of which are rentals vs owner occupied ratios.

[Silverfall]

I agree with Charles that school performance is one of the best indicators of the health of a neighborhood. Parents will always be drawn to neighborhoods with long histories of strong schools. I think that works for suburban neighborhoods. Urban neighborhoods have more flux, I think because there tends to be revitalization going on somewhere.

As for an area going "bad," I can think of one neighborhood in Salem where it was quite decent when we moved here 11 years ago and now has gone the other way. The thing is, in order for a neighborhood to be revitalized it means that those lower income families have to be pushed somewhere else. In order for one neighborhood to improve it means another one needs to degrade in order to make living affordable for them. Landlords can't charge cheap rent AND maintain their properties.

[okaythen01]

true about school...parents move to a new location just for the school all the time

So for that Salem neighborhood....how did it go bad?

[Silverfall]

Originally Posted by okaythen01

true about school...parents move to a new location just for the school all the time

So for that Salem neighborhood....how did it go bad?

There was a increase in crime which drove homeowners out. The majority of that neighborhood is rentals now. I would definitely look at crime trends. It's kind of sad. It was a nice working class neighborhood with well maintained homes. Overgrown lawns seem to be closer to the norm now.

[middle-aged mom]

Originally Posted by Silverfall

The thing is, in order for a neighborhood to be revitalized it means that those lower income families have to be pushed somewhere else. In order for one neighborhood to improve it means another one needs to degrade in order to make living affordable for them. Landlords can't charge cheap rent AND maintain their properties.

There is no denying that Section 8 housing vouchers have contributed to revitalization in some areas and a decline in other areas, within greater Chicagoland.