Hot neighborhoods could boost commercial development

Chicago's Humboldt Park neighborhood made Redfin's 10 hottest neighborhoods list for 2014.

Real estate technology company Redfin recently released its list of the 10 hottest U.S. neighborhoods for 2014, which could spur an influx of commercial activity in those areas. The neighborhoods appearing on the list all shared a much-desired characteristic: A short drive to or easy access to a commuter rail line at prices that are not the most expensive in the city, the company revealed.

"After a year in which prices popped 13 percent, Americans are checking out still-close-in but often-overlooked neighborhoods in search of affordability, even if means less-fashionable restaurants or a home that needs a little more work," said Redfin CEO Glenn Kelman. "Like the actress who was nominated for 18 Emmys before finally winning, these are the Susan Luccis of neighborhoods, finally getting their due. The buyers who have made these alternative spots so hot aren't like the ones we saw in the last boom, who just borrowed more and paid up. Our clients in 2014 have settled on a price range, and they're sticking to it."

The commercial real estate directory in these neighborhoods may soon be much more populated, as retail, office and industrial companies likely will be more interested in establishing a presence there. Businesses like restaurants, clothing stores, hip marketing agencies and markets often spring up as more buyers flock to certain areas, which likely will happen in the communities that made Redfin's list.

Neighborhoods on the list include:

  1. Bernal Heights North Slope – San Francisco
  2. Eagle Rock – Los Angeles
  3. Morningside-Lenox Park – Atlanta
  4. Upper Chevy Chase – outside Washington, D.C. 
  5. Desert Shores – Las Vegas
  6. Barrington Oaks – Austin, Texas
  7. Phinney Ridge – Seattle
  8. Concordia – Portland, Ore.
  9. City Park – Denver
  10. Humboldt Park – Chicago
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