A quick drive through the VCU Campus, Carytown and even Shockoe Slip will prove that there is a lot happening downtown. There are buildings being constructed left and right, spaces that have been previously unnoccupied are running as busy commercial spaces, and even the those streets that were considered as some of the less desirables areas are now being occupied with restaurants and small businesses. MCV keeps expanding adding the need for more student and resident housing close to Shockoe Bottom. VCU has created the demand for more restaurants and retail shoppes. Carytown has attracted more business in the past couple of years than they ever have with places like: Carytown Cupcakes, Mellow Mushroom, The Daily and a couple of Froyo places.
Downtown is making a comeback and as homeowner or investor you should take advantage of an emerging housing market. As a homeowner you have the opportunity to make improvements on your existing property, don't let it detiorate in value because this area keeps growing and you need to grow with it. When it is time to sell, there is a good potential for a great return, especially if you're home is up to par with the modern architecture of the renovated warehouse spaces turned into apartments. You'll even have the upper hand because your home will be more in line with Richmond's traditional architecture.
As an investor, it is time to look at downtown with the respect that it deserves, so many people have been turned off by the idea of living in a home that needs a lot of renovations. This challenge should be accepted as an opportunity to see the potential down the line. With the economy of downtown growing as exponentially as it has, this is a great time to invest in a property that is of a good value and bring it up to date. There will be interested parties that are willing to purchase a home that is ready to move in at an alarming rising rate.
There is a lot of a lot of value in Downtown Richmond, you just need to have the vision for it.
No comments:
Post a Comment