While it’s not always easy to predict where the next hottest place to invest in property will be, certain ZIP codes are quickly becoming hotspots for growth and the properties in these areas are only expected to appreciate with time.
GOBankingRates spoke to three real estate professionals to determine which five ZIP codes are worth purchasing real estate in to be rich in 10 years or earlier.
1. 78704 (Austin, Texas)
Several real estate pros GOBankingRates spoke to cited the 78704 ZIP code in Austin, Texas as one not to pass up for real estate that can make you wealthy.
Colten Claus, an associate broker at 8z Real Estate, said that the area’s reputation for having a vibrant culture, strong job market in the tech industry and proximity to downtown, positions it for continued growth, expansion and development.
Due to the ongoing demand and economic growth situated in the 78704 ZIP code, Claus said property values in the area are expected to appreciate significantly within the next five to seven years.
2. 85004 (Phoenix)
According to Claus, the 85004 ZIP code in downtown Phoenix can’t be overlooked if you’re interested in buying property in Arizona to build your wealth.
“Downtown Phoenix is experiencing a resurgence with new residential and commercial developments,” said Claus. “The city’s affordable cost of living, coupled with its growing job market, makes it an attractive option for investors.”
So what does an appreciation timeline look like? As the 85004 area continues attracting new businesses and residents, Claus said investing in homes and properties could be highly profitable as soon as four to six years from now.
3. 81611 (Aspen, Colorado)
Even if you don’t immediately recognize the 81611 ZIP code, you’re likely very familiar with the town of Aspen, Colorado.
That being said, is it really such a good idea to buy real estate in a ski resort town? The answer is yes, according to Jared Frost, the CEO and managing broker at Blue Pebble Group.
“There is a strong luxury property market here and despite higher upfront costs, properties tend to appreciate significantly due to high demand for holiday homes and limited available land for new development,” said Frost.
“Properties in Aspen often appreciate over a period of seven to 10 years or longer.”
4. 19125 (Philadelphia)
The 19125 ZIP code is specific to the Fishtown neighborhood in Philadelphia, Pennsylvania. Fishtown, Claus said, is not only a trendy neighborhood for its residents, but one where there has been ongoing development projects and steady appreciation.
“Properties in the Fishtown area could see significant value increases within the next five to eight years, driven by its increasing popularity and urban development,” said Claus.
5. 92506 (Riverside County, California)
What if you want to buy real estate in a California ZIP code? Scott Beloian, broker and owner of Westcoe Realtors, said that based on current market dynamics and trends one of the best ZIP codes to look into is 92506.
The 92506 ZIP code is specific to Riverside County and encompasses the Canyon Crest area, known for its higher-end homes and proximity to popular spaces like the Canyon Crest Towne Centre and educational institutions such as UC Riverside.
“The home prices in this area have doubled in the past decade,” said Beloian. “With continued demand for residential properties, I predict that investing here could yield significant returns within five to seven years.”
Original article [source: www.finance.yahoo.com]
