Monitoring what goes on surrounding a property or opportunity can be as important as the actual numbers for real estate brokers, investors, and developers. There can be both residential and commercial implications. The latest example comes from Traverse City, MI. You may have zero interest in that wonderful community, but there is a point to be made, which could make you “first in” on a significant real estate opportunity.
The town’s Development Authority is talking up the community improvement plans for the Riverwalk and Rotary Square, possibly opening up for project bidding. That scenario alerts me to how, in a couple of years, there will be parts of the community that will attract more people. It will likely include local and nearby residents that will want to check out the additions and improvements. On the commercial side, it will mean more business for restaurants, shops, and services in proximity. There may be land parcels which could be used for parking or food trucks. For residents, added perks and amenities makes the surrounding neighborhood more attractive, whether for a second home, short-term rental, or guest house possibilities.
Knowing that changes of this type are coming gives you plenty of time to plan and prepare to be ready to accommodate an increased demand, whatever that may be. An increase of target audience is a buying or selling point. Chances are the initial surge upon completion brings bigger crowds within a short period of time even with the long-term added draw.
Obviously, Traverse City is far from the only community with municipal improvement plans. The earlier you become aware, the more opportunities you have to take advantage, whether a broker, buyer, developer, or investor. Having a research person or team on your side could be the difference of being able to benefit from the many opportunities that are currently out there! My team and I have the time and instincts to make you and your team even stronger! Let’s collaborate and turn a few hundred dollars into a million!
