Long-distance real estate investment in residential properties a hotbed in US South and Midwest
‘Million Dollar Listing’ star Josh Altman on the current state of luxury real estate
Josh Altman spoke to FOX Business about the luxury real estate market and the impact of the new “mansion tax” in Los Angeles.
The rising cost of living and long-term price increases of residential properties in U.S. coastal markets is pushing out-of-state real estate investors into America’s southern and Rust Belt cities.
Metropolitan areas including San Antonio, Tampa, Indianapolis, Jacksonville and Charlotte, North Carolina, are emerging as target destinations for long-distance investors.
In an interview with FOX Business, Dameion Kennedy, a real estate analyst with Lima One Capital, said "local regulations for landlords in these cities, the property taxes, labor availability, population growth and local knowledge for specific investors to find properties has pushed these locales to the top of the list."
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"These cities are cheaper than West Coast markets because of long-term prices and cost of living." he added. "However, the best investors know success depends on the individual property much more than geographic area. But there are strong trends indicating these markets have individual properties worth the investment."