• Welcome to OGBoards 10.0, keep in mind that we will be making LOTS of changes to smooth out the experience here and make it as close as possible functionally to the old software, but feel free to drop suggestions or requests in the Tech Support subforum!

Would you be (or are you) a neighborhood pioneer?

CDeacMan

CDeacMan

Ishmael Smith
Joined
Mar 22, 2011
Messages
7,985
Reaction score
547
Location
Morgantown, WV
So my wife and I are moving to DC next month and we were there a couple weeks ago apartment hunting. We had the help of a broker who usually handles people looking to buy, but she was a bit of a family friend so she was helping us out. Anyway, we were talking about the different neighborhoods in the city and how obviously some of them are much nicer than other areas, while some are "coming up" and others are somewhat deteriorating. She told an anecdote about one young family she dealt with that specifically wanted to buy in an area that wasn't great currently, because they wanted to essentially be "pioneers" in making the area better in hopes that a few years from now it would be a more attractive place to live (and obviously it was cheaper at the time so that's certainly a factor in the buying decision).

But it just lead to a discussion with my wife later about whether we would ever do something similar and forgo the more established areas of whatever city we eventually decide to live in and try to be a part of "building up" an area that isn't yet.

Any opinions or thoughts on this?
 
Being a pioneer when you're buying real estate can be very lucrative if you know what you're doing. My parents made serious bank buying in Back Bay Boston back in the '70s. If you're familiar with that area now, you'd probably be surprised to know it was considered kind of "rough" decades ago. The benefits are somewhat different if you're just renting.

Another thing to keep in mind is that different people have different ideas about what neighborhoods would make you a pioneer.

Where are you looking in DC?
 
Pretty sure that Buckets old landlord was a group of buddies from college that bought a place that was going to be up and coming. They lived there for awhile and then bought a second house and rented out where he lived. I know that the value of the house skyrocketed and that was the value as of two years ago. The neighborhood has only gotten better since then.
 
One of my best friends from college and his wife did this in DC a year or so ago. They found a condo in a "rougher" part of town. The building was renovated so the condo was safe and very modern. They like it so far.
 
CDeacMan said:
We found an apartment in Cleveland Park. Our apartment hunting was just the pretense for bringing up this topic. We are in no position to buy right now.
Click to expand...

LOL, Cleveland Park is like the opposite of pioneering. Nice area, though.

My girlfriend and I live in DC but are moving to SF next month, so we're about to go through a similar process. I'm inclined to be more of a pioneer than she is. I think it's also a little easier to take a risk on where you're living once you know the city better.
 
bigdoublezero said:
Being a pioneer when you're buying real estate can be very lucrative if you know what you're doing. My parents made serious bank buying in Back Bay Boston back in the '70s. If you're familiar with that area now, you'd probably be surprised to know it was considered kind of "rough" decades ago. The benefits are somewhat different if you're just renting.
QUOTE]


literally built on sewage i believe. well done by the 'rents.
Click to expand...
 
bigdoublezero said:
LOL, Cleveland Park is like the opposite of pioneering. Nice area, though.

My girlfriend and I live in DC but are moving to SF next month, so we're about to go through a similar process. I'm inclined to be more of a pioneer than she is. I think it's also a little easier to take a risk on where you're living once you know the city better.
Click to expand...

Haha yeah I know. I didn't mean we were doing it ourselves. I agree with you about knowing the city first before doing something like that.
 
bigdoublezero said:
LOL, Cleveland Park is like the opposite of pioneering. Nice area, though.

My girlfriend and I live in DC but are moving to SF next month, so we're about to go through a similar process. I'm inclined to be more of a pioneer than she is. I think it's also a little easier to take a risk on where you're living once you know the city better.
Click to expand...

Moving to SF? I don't know the details but sounds like a congrats is in order.


There's not a huge motivation to be a neighborhood pioneer when renting since your rent will get jacked up as the neighborhood progresses I assume. I lived in the H Street area, which was alright for the most part but is already really coming along from when I left like 7 or 8 months ago.
 
buckets said:
Moving to SF? I don't know the details but sounds like a congrats is in order.


There's not a huge motivation to be a neighborhood pioneer when renting since your rent will get jacked up as the neighborhood progresses I assume. I lived in the H Street area, which was alright for the most part but is already really coming along from when I left like 7 or 8 months ago.
Click to expand...

Buying along H Street would be a great investment right now. I'd say the same thing about the Convention Center area and anything in Columbia Heights.

And buckets, the SF move is cause my girlfriend got a sick job. I talked my company into letting me work remotely from the West Coast. Something actually worth congratulating is probably forthcoming, but not quite yet.
 
My wife and I talk about doing this all the time. We have a lot of friends who have moved into the "bad" areas of town to connect with those neighborhoods and try to be a positive influence.
 
bigdoublezero said:
Buying along H Street would be a great investment right now. I'd say the same thing about the Convention Center area and anything in Columbia Heights.

And buckets, the SF move is cause my girlfriend got a sick job. I talked my company into letting me work remotely from the West Coast. Something actually worth congratulating is probably forthcoming, but not quite yet.
Click to expand...

do you think there is potential in Boston as an investment? i would say the best spot would be JP.
 
Although perhaps somewhat unintentionally, we are sort of pioneering in our neighborhood. We mostly bought in Brookland (DC) cause it was a lot more affordable and we got a lot more house for our money than elsewhere in town. Since we moved, similar houses in our neighborhood to ours have sold for more money and they only seem to be going up. There is also construction now on at least three new mixed use developments within walking distance of our house that will certainly make the area much more livable than it already is. Should be a pretty different neighborhood if you come back in 5 years.
 
IamThunderbolt said:
My wife and I talk about doing this all the time. We have a lot of friends who have moved into the "bad" areas of town to connect with those neighborhoods and try to be a positive influence.
Click to expand...

What sort of things are they doing?
 
I like that Brookland area. Seems like a decent place to try to raise a family.

BostonDeac, as an investment? I would buy in Boston because I need a place to live, not because I wanted to make crazy money.
 
of course but everyone would like to buy into a place that will eventually go up in value. In my mind Jamaica Plain has the most upside in Boston right now, Somerville and Southie have already seen their prices start to climb.
 
From Stuff White People Like - Gentrification:

In general, white people love situations where they can’t lose. While this does account for the majority of their situations, perhaps the safest bet a white person can make is to buy a house in an up-and-coming neighborhood.

White people like to live in these neighborhoods because they get credibility and respect from other white people for living in a more “authentic” neighborhood where they are exposed to “true culture” every day. So whenever their friends mention their home in the suburbs or richer urban area, these people can say “oh, it’s so boring out there, so fake. In our neighborhood, things are just more real.” This superiority is important as white people jockey for position in their circle of friends.

They are like a modern day Lewis and Clark, except instead of searching for the ocean, they are searching for old properties to renovate.

In a few years, if more white people start moving in, these initial trailblazers will sell their property for triple what they paid and move into an ultramodern home.

Credibility or money, they can’t lose!

When one of these white people tell you where they live, you should say “whoa, it’s pretty rough down there. I don’t think I could live there.” This will make them feel even better about their credibility and status as neighborhood pioneers.
Click to expand...
 
I don't really like the term, but I guess I fit into the category. I find the category is split into two main groups: 1) Those just trying to make money, the existing makeup of the neighborhood (usually poor and black) be damned. 2) Those who certainly see some potential financial reward, but also move in with the goal of making the neighborhood a better place for everyone who wants to be a part of a community. In my opinion, the folks in #1 are just looking to take advantage of an impoverished area the same way that the drugs dealers, criminals, etc do.

Had a birthday party for my 1-year old daughter this past weekend in my front yard. Neighbors in attendance making from minimum wage up to $200+. Easily the best neighborhood I've ever lived in despite the gun shots and break-in we endured early on.
 
I contemplated renting in an area in Baltimore that would qualify, so while its not buying its something at least semi-similar. However I decided that I'd move into an area that's further along the process but still mixed because of convience to bars/restaurants/friends. If I was buying I'd seriously consider it much more.
 
My GF and I are debating buying and doing this in DC. I think we both like the "true culture" as the Stuff White People Like mentions as well as the potential for future increased value. We also don't have kids.
 
You must log in or register to reply here.
Back
Top