Community Renewal | Low Costs for High Gains
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.
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