What is the next, up-and-coming Nanaimo neighbourhood?
Are you a real estate investor? Or, just a family looking to make a wise real estate purchase in Nanaimo? If so, you may have wondered what the next, up-and-coming Nanaimo neighbourhood is going to be.
Up-and-coming neighbourhoods that are on the verge of being the next, hot real estate market often start out as ugly, rundown areas. Take Yaletown in Vancouver as an example. Before Yaletown became the trendy neighbourhood it is now; it was an area of rundown buildings and warehouses. Who'd have thought??
I was reading an article on how to tell what neighbourhood is on the cusp of expanding into a hot area. Toronto realtor Steve Arruda began suggesting his clients look to Starbucks as a barometer for a neighbourhood's upward evolution. Because the coffee giant does its research and has a good track record, he encouraged clients to consider investing in neighbourhoods in which a Starbucks was soon to open or had just opened.
The benefit of investing in an up-and-coming neighbourhood is that if you get in early enough there is the potential to earn a large return on your investment.
The early signs of a potentially, hot neighbourhood are:
- People moving in to the side streets and fixing up their homes and landscape.
- There is a redeeming feature to the neighbourhood like views, style of homes (character homes) etc.
- Once housing in an area improves then the commercial area starts to become a little trendier
- The area should be near main arteries and public transit.
Based on the above; I feel there are potentially two neighbourhoods in Nanaimo to watch.
•1. Brechin Hill - I think this area has already begun to transform. You will see every fifth or sixth house in the area that has been fixed up or renovated. There are some stunning views on the hill. It borders on Cilaire in the Departure Bay area. Cilaire is an older, yet very nice neighbourhood. In addition Brechin Hill is close to the Old Island Highway and the area has good bus service. Brechin Hill is very close to the Departure Bay Ferry which already lures the odd Vancouver commuter to the area.
•2. Old City - The Old City is worth watching because of the classic, character homes in the neighbourhood. More and more people are moving into the area, buying old character homes and renovating them. Some areas in Old City have views. The commercial area is full of small, funky stores and restaurants.
I suggest that clients do a considerable amount of research before they buy into an area, particularly if they are purchasing an investment property. If you would like information on these neighbourhoods in Nanaimo please give me a call.