I was recently asked by urbanturf.com to describe three Maryland areas that are up and coming and provide good investment potential. They specifically did not want to include well established and pricey areas such as Bethesda and Chevy Chase. Of course, I do not advocate anything but long-term investing, whether it is to buy property for a rental (buy and hold), or as a residence. The days of short term gains are not likely to be seen again for a long while, and this is probably a good thing.
To read the urbanturf.com article published Dec. 15 2008, click here. To search for homes and property values in any of these neighborhoods, click here.
Here is my two cents worth, as provided to urbanturf.com:
Northern end of Kensington: within walking distance of both the MARC train and the Wheaton stop of the Red line metro, this area is not as solidly upper middle class as the Kensington neighborhoods bordering Chevy Chase, but its far more affordable, and boasts proximity to Rock Creek Park as well as the Howard Avenue Antique Row.
There is a small pocket of this neighborhood that feeds to Bethesda's Walter Johnson High School, and that's especially prime real estate potential. The nearby Wheaton Mall has undergone a major facelift and upgrading in the past 5 years, and some of the region's most prized "cheap eats" as featured in Washingtonian magazine are just a few blocks away near Georgia Avenue.
Hyattsville/College Park with revitalization projects around two neighborhoods: First, Hyattsville around the new and very hip Arts District, with townhomes and condos being built by EYA. EYA is also bringing in new retail establishments, restaurants, and shops. The neighborhood is right next to DeMatha HS, which is a sports power-house. Close to Route 1 and Riverdale MARC train.
Second, College Park redevelopment plans near the University's "East Campus" spear-headed for a time by Doug Duncan in his brief tenure as VP of the University of Maryland. The redevelopment project is centered around bringing in high-quality mixed use to the Route 1 corridor, which is still rather shabby.
When these two poles of development really build up steam, which will probably take a few more years than expected due to the downturn, the values in this entire area should really begin moving up. There is already The MAll at Prince George's County, with a Metro stop right there. There are always large numbers of people in the area needing to rent, from college students to graduate students and young professors. Its a perfect mix, all this defines an area where values logically should go up.
-Garrett Park/N Bethesda near Grosvenor Metro: where Garrett Park, the Garrett Park Estates section of Kensington, and a little portion of Rockville come together near the intersection of Strathmore Road and Rockville Pike. A cultural mecca with concerts and cultural events all year long at the newly expanded Strathmore Hall. The surrounding grounds host summer movies on the lawn and outdoor free concerts. Within a short distance of White Flint Mall. Centex Homes is slated to build over 100 new townhomes there in a subdivision called Symphony Park. Fantastic location!
http://dc.urbanturf.com/articles/lists/where_to_buy_maryland_neighborhoods_with_the_best_investment_potential/
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