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Updated about 9 years ago,
Investing in Multifamily Near New Luxury Condos
Hello BP,
I'm looking to buy a duplex near an up and coming area that has received millions in investment and is slated to receive more in the next few years. With the development of the are have come brand new townhomes and luxury condos priced 2.5-3X the average rent of the area. I'm looking at a duplex right now that is across the street from the new townhomes and I'm curious how this influx of higher priced luxury housing has affected other neighborhoods in the past. Does it tend to increase the value of surrounding inferior properties (my potential duplex) or make those inferior properties obsolete by virtue of their inferior quality. Does anybody have suggestions or long-term statistics for this sort of thing?