Manhattan, Brooklyn, Queens, and other parts of New York City garner a lot of attention within the landscape of New York. However, there are some lesser-known gems in the state worth checking out, both from a residential or tourist standpoint and as a real estate investment.
Saratoga Springs has a roughly 30,000 population and is one of the most interesting and sought-after areas of upstate New York. Here are some points you should know about the Saratoga Springs area and the real estate investing opportunities it brings.
1. Study the Real Estate Market and Value
There are plenty of deals to be had in the Saratoga Springs housing market if you're a savvy and informed investor. You can buy low and sell high, or find a quality property to rent out with the help of a property manager.
Most recently, homes in Saratoga Springs sold for an average of approximately $230,000. The average sale price per square foot is up roughly 11%, and homes stay on the market a median of 8 days before selling.
2. It's an Amazing Vacation Home Area
If you're unfamiliar with Saratoga Springs, you may also not know that it's a premier vacation area, and vacation homes are an excellent investment here. The summers here are gorgeous, and you can expect to get a return on investment (ROI) for any vacation home that you invest in.
You're also just 3 hours from other beautiful areas like Stowe, Vermont and Mystic, Connecticut. Whether you decide to use the traditional vacation home model or go the Airbnb route, Saratoga Springs has excellent opportunities.
There are also plenty of homes for rent in the Saratoga area. With a low barrier to entry, you can find tenants and develop a stream of income.
3. Saratoga Springs Is Home to Several Quality Neighborhoods
There are also plenty of intriguing neighborhoods in Sarota Springs that you can check out if you're interested in the area's real estate.
Some of the best neighborhoods include:
- East Side Historic District
- West Side
- North Broadway
- Glens Falls North
- Union Avenue Historic District
- Arts District
New developments are plentiful in Saratoga Springs, and there are multiple protected districts with lots of historical value. Study neighborhoods from both a quality of life standpoint and to know what type of ROI you can expect when you get a property here.
Learn the values of existing properties, along with how much of a property value increase you can expect over the next 5 years and beyond.
Real Estate Investing in Saratoga Springs
The points above are helpful anytime you're looking to get up to speed on all things Saratoga Springs. As you can see, Saratoga Springs is a New York gem that can bring about plenty of real estate investing opportunity if you know where to look.
Take the time to do your research and find the help of pros that can offer service.
Veno Properties can assist you with any sort of property management or real estate transaction that you're looking into. Drop us a line using our contact form, or call us at (518)400-0706.