Transitional neighborhoods are places that are either making a transition to middle class stability or gentrification or they are slowly declining and showing significant signs of stress.
What is a transitional area?
Almost every real estate market has certain areas that are referred to as transitional areas. A transitional area can also be referred to as an area of gentrification or an area of revitalization. It is in these areas that the real estate market is experiencing changes.
What does up and coming neighborhood mean?
There are many reasons, including financial and lifestyle, to buy a home outside the trendiest area in town, a.k.a that next up-and-coming neighborhood. By ‘up-and-coming’ we mean neighborhoods in larger cities or urban metro areas.
How do I know if my neighborhood is declining?
10 Signs That Your Neighborhood’s Property Value Is Declining
- Chain stores are moving to the next town over.
- Property taxes are beginning to rise.
- Women, the elderly and children are nowhere to be seen.
- Homes are being converted into duplexes or multiple apartments.
- A mall just lost its main attraction.
- The neighborhood hospital just closed down.
- Public spaces look unkempt.
How do you define a neighborhood?
A neighborhood is an area where people live and interact with one another. Neighborhoods tend to have their own identity, or “feel” based on the people who live there and the places nearby. Residents may have similar types of families, incomes, and education level.