If you’re a real estate investor, it pays to keep your eyes on what’s happening in your local area. Changes can affect the value of local real estate for better or for worse. The wise investor watches for changes in businesses and amenities that can affect the future equity of real estate in the area. With the number of foreclosures currently flooding the American market and depressed prices overall, you have the chance to buy valuable property for much less money than otherwise. Consider this when looking into opportunities in the community you have chosen.
On March 27,2009, Prince William Health System of Manassas, VA and Novant Health, a North Carolina-based health system announced their signed letter of intent to merge. This partnership is aimed at improving health services and expanding them to western Prince William County. They hope to add services, expand the number of doctors and staff and create better job security for their existing staff. The merge is slated to reach completion by fall, 2009.
With the number of foreclosures in the Manassas market, the first thing to do would be to see which ones were close to the Manassas campus of PWHS. The proposed addition of specialized equipment, rooms and staff means that this could be the next local hot spot for real estate. Getting in there now can mean profit later, as the demand for housing near the campus grows. PWHS is looking to increase its staff by 50 specialists. There is definitely an opportunity to buy investment real estate with either an eye to selling in the future or renting.
Manassas is currently experiencing some of the worst real estate situations in Virginia, with fully 10% of the homes in the city going into foreclosure in 2008. As of March 30, 2009, the median price of foreclosures is $220,238, nearly $20,000 less than the average overall price for homes in the area.
An investment in a foreclosure near the future expansion could mean big dividends in the future. The expansion’s fall deadline leaves plenty of time for you to pick and choose the home you want to invest in. It’s a buyer’s market out there and with a willingness to keep your eye on the market, you could land a property that keeps on putting money in your pocket.
The situation in Manassas is just one of thousands out there. There are many developments/expansions you should be monitoring: shopping centers, popular restaurants/coffee shops, medical facilities, schools and recreation facilities. Keep your eyes opened for deals and be ready to take advantage of them before local improvements drive property prices up.
Carolyn Capalbo is an expert military relocation specialist and real estate agent serving Prince William County real estate. Visit Just4Real.com to find updated market information about areas in Prince William, including Leesburg real estate.
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