What’s a transitional neighborhood?
Spend any amount of time watching HGTV and you are bound to hear the term “transitional neighborhood.” It’s a term used to describe areas or communities that are currently changing. Generally, the term references neighborhoods moving toward positive changes such as decreased crime and increased retail and dining opportunities. Thanks to the overwhelming increase in population over the past few years and the desire for more urban area houses, Nashville is full of transitional neighborhoods. The best example would be East Nashville, which has gone from being a highly undesirable place to live to the hottest place in town for real estate.
What are signs of a transitional neighborhood?
The truth is transitions are often slow and not very noticeable at first. Most transitional neighborhoods do offer certain qualities that make them ideal for changing such as easy access to downtown areas, a variety of housing options, etc. Some signs a neighborhood is on the rise include changes within the real estate landscape: new construction, large and small renovations to older homes, fresh exterior paint, and new landscaping are all examples. Another major sign is when local businesses start popping up, indicating confidence in support from the community.
Pros
There are a couple of pros to finding a transitional neighborhood in its early stages. First, homebuyers are far more likely to find a good deal on a starter home. They could even find a new construction home in a rising neighborhood that would be far less than what that same house would cost in a more established area. Second, these neighborhoods often mean a better than average appreciation for home value over time. Transitional neighborhoods are great option for first time homebuyers that are young professionals and/or young families. These homebuyers often enjoy the energy within a rising neighborhood and appreciate the diversity offered.
Cons
There is no guarantee that a transitional neighborhood will fully transition. If it does, it may take several years. Homeowners may not want to live with the constant construction in the area and rough spots may remain regardless. Crime rates may be slow to decline and the neighborhood may look inconsistent as new construction homes are built next door to decaying ones.
Nashville’s transitional neighborhoods
Because of the high demand for urban living in Nashville, multiple areas are transitioning right now. East Nashville has changed significantly over the past decade and continues to expand in surrounding areas as well. Currently Nashville’s top transitional neighborhoods are:
- Woodbine
- The Nations
- Edgehill
- Buena Vista Heights
- Caldwell Abby Hall
- Capitol View
- Charlotte Park
- College Heights
- Cleveland Park
- Fortland Park
These neighborhoods aren’t for everyone, but they can be perfect for the right homebuyer. If you’d like to see what’s available in these Nashville transitional neighborhoods, call DeSelms Real Estate today at 615.550.5565!