Buying a luxury property in a so so nieghborhood?

[Alex K.]

I am looking at a luxury re sale condo, for my permanent residence, in a private community, which is located in one of the less prosperous areas of town. With that said, the quality of this neighborhood has slowly been improving, and there is definitely a lot of possible upside due the centralized location and slow revitalization that has already occurred over the last few years. Who knows if it will continue and at what rate; I feel the downside in the quality of the area is limited, but who nothing is a sure thing of course.

With this said I am wondering what you guys can advise on buying such a property?