The recovery is more localized than ever before. There is no hiding the fact that some cities are doing much better than others. Essentially, cities are choosing to rebound at their own pace. However, there are signs that point to some cities recovering faster than others. There is one overlooked sign, in particular, that can really help a city grow: inspiration. Aside from economic and demographic indicators, inspiration can really influence the direction a city heads. In fact, inspiration remains one of the most priceless resources. It can be hard to create, incredibly elusive, yet unrivaled in value. So where is it hiding? How do the most inspirational destinations in America compare when it comes to buying homes, selling homes, investment performance and real estate business success?
In Search of Inspiration
Pinpointing what creates an inspirational environment or city may not be easy. Some people may even have different opinions about what is inspiring. For some, it may be natural vistas. Others may prefer an eclectic are collection, great weather, or even architecture. Most cities are known for one thing or another. Chances are, that thing serves as an inspiration to others. It is that inspiration that can help a city grow. Some U.S. cities that may conjure up images of these things might include Miami, San Francisco, San Diego, Austin, and for some more recently, even Detroit.
The following list highlights the most inspirational cities in the Northeast:
- Manhattan, NY
- New Haven, CT
- Harrisburg, PA
- Annapolis, MD
The Importance of Inspiration
While it is certainly possible to create your own inspirational environment anywhere, there is no question that it can help to be in an environment that exudes inspiration. Inspiration is what gives birth to those history making “Eureka” moments, helps us come up with winning ideas, and makes us feel and operate at our best. So it is no wonder that everyone wants more of it. It’s why people pay tens of millions of dollars to watch movies, dream of travel, and are willing to flock to rental rates in Silicon Valley.
Inspiration & the Local Economy
Inspiration has a huge impact on the local economy. That said, inspirational cities are starting to show up all over the map. These cities are magnets for those desiring inspiration and creativity. They are also notable business meccas too. When the word gets out, these cities experience a positive upward spiral. Businesses want in to tap the great local talent and to fuel their organizations. Great talent and venture capital flows in to be a part of it.
Creative cities promote industry. They are a location for startups to thrive and small businesses to turn into bigger ones. All of this is great for the job sector, as it will lower unemployment and eventually help feed supply and demand.
Inspirational and the Real Estate Market
It doesn’t take a genius of Einstein proportions to figure out that the enhanced economic activity is good for the local real estate market. It is not a coincidence that some of the most inspirational cities harbor some of the most desired real estate. Money is no object for the wealthy in search of inspiration and its rewards. Secondary markets in Southern California, Connecticut, and Maryland have certainly benefited from proximity and association with the most expensive markets. For many, they offer as much inspiration, but are more affordable to live, work, operate businesses in, and offer more growth. Inspirational cities benefit from high demand for housing and commercial real estate premises. In turn, this means higher rental and sales prices.
Smart Moves for Home Buyers and Renters
If you live in one of these inspirational destinations, or even on the border of one taking up property might be a good move. While interest rates are low, now may be the best time to get into an inspirational city.
Smart Moves for Homeowners and Sellers
During conditions like this, current homeowners might be wise to seize on the opportunity to move up and lock in great deals on dream homes, while enjoying rising equity. With the right marketing and positioning, sellers can also find significant premiums possible to obtain.
For Real Estate Investors
Consider that many of the world’s wealthiest individuals and investors prize these destinations for business, vacation homes, and investments, it’s easy to see why inspirational cities can be very powerful choices for real estate investors.