"Location, Location, Location," is what it is all about when you are thinking about investing in real estate. Investors and want-to-be investors are often asking me what's the current "hot spot" for investing. Usually, once it is a "hot spot" property values have started going up and there are no real bargains to be found.
So how do you find a hot spot before it's a hot spot? Generally, you need to pay close attention to the news so you know where new projects are planned. Then you need a ton of guts and a lot of luck as you scope out what is on the market.
In recent weeks, there have been numerous articles about the Rochester Public Market area and the newly opened Station 55. I went exploring this morning to try to figure out if this might become the next Rochester Hot Spot.
First stop was the Public Market, all decked out for the holidays, llama included. It was cold, but a lot of fun, with great food and plenty of hand-made holiday decorations.
Then we stopped at Station 55, and was glad we did. It's located on Railroad Ave, just down the street from the public market. Downstairs, the old warehouse has been tastefully converted into an indoor market and they had a holiday sale going on. Future plans are for the market to be open Thursday through Sunday mornings. Upstairs are loft apartments. I didn't get to tour the apartments but I saw some photos and they look very nice. I'm rooting for this endeavor to become a huge success.
Then, we drove the neighborhood, up and down the streets that surround the Public Market. It's a very, very poor neighborhood. I lost count of the houses in poor repair as well as deserted and boarded up structures. Back home at the computer, I found nearly 30 houses for sale in this area, many in the $30,000 to $50,000 range, some of which were two family units with decent rent coming in.
So, is this the next South Wedge? I'd say it is worth watching this area. If you want a list of what is currently on the market in this area, send an e-mail to MShelsby@rochester.rr.com.