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5 Markets Poised To Be The Next Silicon Valley For Real Estate


As witnessed in Silicon Valley over the last two decades, Tech industry growth impacts housing values and creates a profitable environment for real estate investment. But while Silicon Valley remains the premier Tech center in this country, California’s real estate scene is over saturated. Last quarter, Coldwell Banker reported that Los [...]


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I cover real estate, technology and online investing full bio → Opinions expressed by Forbes Contributors are their own. Follow Nav Athwal on Twitter Nav Athwal’s RSS Feed Nav Athwal’s Profile Recent Posts Popular Posts Full Bio I am the Founder and CEO of RealtyShares, an accredited investor crowdfunding for real estate platform Before starting RealtyShares, I was a Real Estate & Land Use Attorney at San Francisco based law firm Farella Braun & Martel, LLP There I represented REIT's, Fund Managers, Nonprofits and real estate developers on some of the largest real estate and renewable energy projects across the Country Some of my cooler projects included the development and entitlement of the Airbnb Headquarters and the Pinterest Headquarters I created RealtyShares to provide individual investors greater access to quality real estate opportunities that were too often reserved for only the elite I received my law degree from UC Berkeley where I was class Valedictorian and my BS in Electrical Engineering from UC Davis. The author is a Forbes contributorThe opinions expressed are those of the writer. 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Loading... 4 Comments 0 called-out Comment Now Follow Comments Following Comments Unfollow Comments Entrepreneurs 2/12/2015 @ 11:09AM 32,277 views 5 Cities Poised To Be The Next Silicon Valley Tech Hub Comment Now Follow Comments Following Comments Unfollow Comments As witnessed in Silicon Valley over the last two decades, Tech industry growth impacts housing values and creates a profitable environment for real estate investmentBut while Silicon Valley remains the premier Tech center in this country, California’s real estate scene is over saturated Last quarter, Coldwell Banker reported that Los Altos, CA, in the heart of Silicon Valley, had become the most expensive market in the U.Swith a median sale price of $2.3 millionThis has also spiked rental costs, which commonly exceed $2,000 per month for a one-bedroom With record-high prices in Silicon Valley, opportunities to profit from real estate are slimThere are, however, emerging Tech hubs with characteristics similar to Silicon Valley before its real estate boom including: Relatively low housing costs Low unemployment rates Median Tech salaries higher than the median salary for the city’s total workforce The presence of major Tech companies Venture capital funding to spawn new businesses These Tech hubs – Austin, Dallas, Seattle, Chicago and Miami – are prime environments for real estate investmentHere’s a closer look at them:   Austin, TX Arguably the most attractive of these Tech hubs has been Austin, which has a young, educated population and a large VC presence, along with a burgeoning restaurant and music sceneHome to Dell, Austin continues to be popular among venture capitalists boasting 17 companies on the Inc5000 list including one of the country’s most promising companies, mobile app developer Phunware (82nd)As for job growth, the Austin Technology Council predicts that 9,000 new tech jobs will be created by 2017, a big reason why Austin ranks second on Forbes list of Best U.SCities for Future Job Growth The real estate outlook is also very positiveIn October 2014, the Urban Land Institute (ULI) and PricewaterhouseCoopers, ranked Austin second on the list of “U.SMarkets to Watch: Overall Real Estate Prospects.” The report, Emerging Trends in Real Estate 2015, says Austin, which has a median real estate purchase price of $216K, is among the leaders in urban growth (8.6 percent)The report also ranks Austin as the number one market for homebuilding, second for investment and fourth for development Affordability is also an attraction for Austin investorsAccording to the ULI report, Austin’s “Affordability Index,” which compares the percentage of the median price of a home to the median income for the market, stands at 154.24The report also points out there is strong involvement among local owners and developers, indicating a substantial pipeline of real estate investment opportunities in 2015 Dallas, TX Dallas has also grabbed attention, having been named by SmartAsset as the country’s fourth best Tech city in which to workKnown as the home of Texas Instruments and sports and Tech mogul Mark Cuban of Shark Tank fame, Dallas has its share of fast-growing VC-funded companies with IT Services provider CPSG Partners (24) and real estate CRM developer Think Tech Labs (344) among its 14 entries on the Inc5000 Its Tech attraction and low median real estate purchase price ($197K) translate into one of the country’s highest job growth rates (4.1 percent)With the job growth rate expected to continue, the ULI report names Dallas the fifth top U.Smarket for overall real estate prospectsLike Austin, Dallas’ strength comes in homebuilding, where it ranked third, while placing in the top 10 for investment (9) and development (8)In terms of affordability, Dallas exceeds even Austin with a ULI Affordability Index rating of 184.91The expectation is investor demand will remain high in 2015 thanks to a strong local economy supported by dynamic local development. 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