After lurking in this forum for several weeks, i finally decided to register because I have an interesting question for some of you seasoned investors…
A particular section of my city is the subject of a major community redevelopment plan that includes, among many other things, some shifting of the mix of housing from low-income to more moderate and high-income properties…The city has its sights on one particular block of run-down houses that it wants to eventually redevelop…I’m not sure what the timeframe is for this entire project, which includes much more than just redevoloping this one block–i’m sure some measures are short term but others are obviously longer term. At any rate, the master plan has already been created and some action has already been taken…
As an investor, what opportunities does this type of action by the city present? Is there potential (short and long-term) to profit significantly by acquiring property in this particular section of housing. Are there different classifications of residential zoning? By that, I mean could the city rezone the property to a class that would require more expensive housing, therefore increasing the property value immediately? I have a friend who owns a house (and an lot adjacent to his house). He wants out of the city altogether and is considering moving several hours or even several states away. How could an investor approach this situation?
At the very least, I hope this thread might spark some general discussion on the opportunities presented by community redevelopment plans…
Thanks alot!
-RL