Are you concerned with the lowering value of real estate caused by job loss, businesses shutting down and abandoned properties?
Despite the economic growth in major cities across North America, smaller communities are facing this downgrading and becoming targets for increased crime, lower quality of life and depreciating real estate values leading to more foreclosures on properties.
The NAR (National Association of Realtors) as well as the University of Western Sydney and others, have not only been watching the trend, but studying the effects of abandoned properties and learning how to rebuild these communities. Several case studies have been performed and were instrumental in creating a basis for teaching community leaders and realtors how to create sustainable and thus higher value, communities. This attention to communities as a whole is breathing new life into neighborhoods which were slowly depreciating and losing necessary financing.
Education on Community Renewal
Education is needed about the growth opportunities these dying communities can provide. Properly trained realtors can play a positive role in planning the rebuilding of fading communities. They need to be asking; what urban development program could be implemented? How are underserved retail and minority groups able to take advantage of the market? How can older suburban areas be upgraded? Can foreclosed properties be used to attract investors?
Realtors are on the frontlines. They see buildings being closed down, unsold and properties foreclosed. They are constantly made aware of the state and value of the communities they work in. Realtors play a part in attracting or distracting investors from an area. Because of this they are in a position to partake in the rebuilding of neighborhoods by learning about community planning and making efforts to implement their plans.
Encouraging News for Investors
When a community is working to rebuild, investors can take advantage of low prices, such as foreclosures, with an eye to develop in a rising market.
By working with the community plan, which will lead to increased property values, they can choose residential and commercial developments which will support, rather than defeat, the renewal plans. They can find ways of helping communities develop sustainable businesses and attainable housing. This conscientious involvement from the investors will help turn the tables on abandoned properties and displacement.
Creating Plans with the Community
Organizations such as NAR are now making grants available to realtors who are actively looking to partake in this urban renewal. Arranging for seminars and workshops, these realtors and their communities can work together creating a plan. Their plan will take into account bringing needed businesses into the area, upgrading residential areas and marketing city-owned properties with a focus on improving the livability and value of the community.
Realtors can learn how schools, transportation, public parks and affordable housing affect the neighborhoods they serve. They can also learn how to find investment partners that are willing to work with the programs they’ve planned and attract them with the low investment costs.
Looking Forward
Urban and community renewal projects are taking place in many areas of the country and are targeting both the community leaders as well as the public for increased support in attaining their goals. Buying properties in these low valued areas and working with community renewal programs can truly alter the life quality of residents, encourage minority businesses and create sustainable communities that attract investment into the community.
About The Author:
Jeff Garrison is a real estate enthusiast and investor who writes about various topics concerning the world of real estate as a long term asset building strategy. For more information and free articles please visit: http://www.a1-foreclosure.com/free-foreclosure-listings.htm, and the Foreclosure blog at http://www.a1-foreclosure.com/blog
