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The summer travel season often inspires LGBT vacationers to consider investing in a second home – or picking up stakes and moving to a new place they may have enjoyed during weekend jaunts. But in 2011 the opportunities to make a smart, lucrative real estate investment are more attractive than they have been in many years. That’s because of a combination of cheap mortgage rates, highly affordable housing prices, and the strong potential for upward momentum. .
Along the east coast there are three places in particular that presently offer some of the most compelling and attractive allure. They are also among the best LGBT destinations, and for that reason they deserve “Top 3” status. One is way up north, another extends into south Florida, and there is a third centrally located along the Atlantic seaboard..
#1 Washington, D.C..
While Congress may have difficulty providing unified leadership, the nation’s capital is leading the way in terms of its job market and real estate economy. The unemployment rate is about half the national average and continues to shrink, and Washington is the only city within the Case-Shiller 20-City Index to chalk up significant house price gains over the past year. .
Meanwhile the Anacostia Riverwalk project is nearing completion with more than 20 miles of greenways, parks, hiking trails, and other amenities along both banks of Washington’s beautiful Anacostia River. The Riverwalk will connect RFK stadium, Kingman Island, the National Arboretum, and other destinations – including the newly expanded and refurbished Arena Stage. Historic Arena Stage is one of America’s two largest performing arts facilities, second only to the Kennedy Center, and was the first regional theater to win a coveted Tony Award back in the 1970s..
Upon completion this gigantic project will add more equity to D.C., which is already poised to register healthy home price gains over the foreseeable future. Plus LGBT home buyers can enjoy the fact that gay marriage is legal in D.C – yet another example of how Washington is experiencing plenty of positive quality of life improvements..
#2 Florida’s West Coast.
In the wake of the BP oil catastrophe real estate values along Florida's Gulf coast took a huge hit. But they had already suffered a severe decline thanks to the subprime mortgage crisis of 2008, which took a powerful toll on the entire Sunshine State. Florida was one of the states that led the nation in terms of its extraordinarily high volume of foreclosures, and even the priciest markets like South Beach got hammered back down to earth..
But now that the overall real estate market in the USA has found its legs and gained some traction, property along the Gulf – where beaches are returning to normal – is a rare bargain. The deals won’t last long, though, because sellers are wising up and starting to raise their asking prices. The inventory along Florida’s west coast is also dwindling, but with values currently hovering about 65 percent lower than they were five years ago there is plenty of upside potential. .
Florida always falls fast when real estate recessions hit the nation, but it also comes roaring back because it still has America’s most famous beach property. Plus the west coast is more popular with the over-40 age group thanks to its quieter scene. Currently that happens to be the fastest growing and wealthiest demographic in the country. .
#3 Boston, Massachusetts.
For those who want to enjoy beaches without sacrificing proximity to major northern cities, Boston is hard to beat. Hop on an Amtrak to take a summertime bite of the Big Apple. Or drive eastward out of the city and cross Boston’s threshold to have full access to Cape Cod. For a total getaway take a ferry across to Nantucket Island. The tiny village 40 miles off Cape Cod is one of the most charming and naturally pristine vacation destinations in the world. .
But those who live in Boston have an abundance of compelling reasons to stay right at home. After all, it is one of most culturally, artistically, and intellectually stimulating cities on the planet. The night life is amazing, the restaurants are legendary, and gay marriage is legal. .
Boston real estate is rather pricey, for sure, but the recent housing recession has made it unusually affordable – at least for the moment. Although home prices are creeping back up and the job market around Boston is also showing signs of renewal, there are still opportunities to buy low with a dirt cheap mortgage rate..
But if interest rates begin to rise there will be a flurry of loan activity and that could cause unwanted delays. So those LGBT buyers who want to capture the best bargains at the most affordable rates should start shopping now – not later. Once the mortgage market gets a little hectic it is easy for those rock-bottom interest rates to get away before loans are locked..
To find real estate and mortgage professionals who are fully dedicated to active support of the LGBT community, visit GayMortgageLoans.com and www.GayRealEstate.com, or call toll free 1-888-420-MOVE (6683)..