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THE BIG IDEA
The Urban Pioneer, Emerging Neighborhoods and Real Estate Profits
We believe that investments in transformative neighborhoods and Opportunity Zones provide the best return on investment for our JV partners.
Think about SOHO in New York City. In the 1960’s and 1970’s this neighborhood was a disaster. Fast forward to today and you will find that it is one of the most desirable areas to live in Manhattan. More importantly property values are amongst the highest in the City. According to Zillow the median price per square foot is $2,042. That is 292% higher than the New York average of $700.
How did this metamorphosis occur?
After researching hundreds of micro markets around the country we believe we have a solid answer. We call it the “Urban Pioneer” phenomenon.
This is how it works: A neighborhood falls into a long term decline. Prices drop. The areas become undesirable. Then, artists move in. Coffee shops open. Gallery shows create a socially positive scene. Retail activity germinates. A trendy quality is established and that attracts the Urban Pioneer. They are young professionals who have strong spending power. When a Starbucks or Costco or another known brand retail establishment opens up a tipping point will occur and that causes housing prices and rental rates to escalate dramatically. This pattern has repeated itself over and over again.
SCOTTSDALE REAL ESTATE INVESTMENTS
Jay Tenenbaum, is a twenty year legal veteran in the debt collection arena and specializes in negotiations involving loan modifications and successful workouts, He is a nationally recognized expert in discounted real estate investing and has particular expertise in discounted mortgage notes. Jay speaks regularly at investment conferences across the country on these topics.
Seti is an economist and has an MBA in International Business from the Thunderbird School of Global Management. He spent most of his career in finance. He traded a billion dollar pool of global debt securities for a hedge fund in Chicago and managed growth stock portfolios as an RIA at the Investment Bank William Blair & Company. Today, Seti focuses exclusively on real estate.