A list of neighborhoods heading towards gentrification in the nation's 10 largest cities aims to give homebuyers and investors a chance to get in before prices skyrocket.
"BusinessWeek.com worked with online real estate service Zillow.com to come up with a list of the next hot neighborhoods in 10 of the country's biggest cities. Looking at Zillow's database of historical home valuations, we identified the neighborhood in each city that saw the most median home-value appreciation in the past five years, excluding neighborhoods where the median home value was currently above the median home value for the city.
The result: neighborhoods with both relatively affordable housing and a recent history of significant appreciation. Though identifying undervalued and undiscovered areas is far from an exact science, these neighborhoods have what it takes to become solid investments-and places to live. In spite of double-digit appreciation in the last few years, the areas' low home values (compared to the overall cities) suggest there's still room for considerable growth."
Some of the neighborhoods featured on the list include Pico Union near Downtown Los Angeles, Kingsbridge Heights in New York's The Bronx, and the Little River neighborhood in Miami.
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