Places to Retire in the United States,” most recently in 2017. The Villages, the master-planned community, and The Villages, the Census-designated place, are not necessarily the same thing, so investors must be aware of this when thinking about real estate invest- ment strategy in the area. A closer look at recent Census data also indicates that while The Villages is still growing in terms of population, it loses the top spot when you look just at the 2017 numbers. Instead, it falls to 10th-fastest growing as of March 2018. Still not too shabby! Investor Takeaways: For a real estate investor considering investing in The Villages or the surrounding areas, it will be important to consider not only the potential buying and renting demographics in this area, but also any unusual issues that may come with attempting to buy, sell, rent, or build within the community area since it is a fully master-planned community under the direct supervision of those CDDs. It’s also interesting to note that The Vil- lages offers access to its “lifestyle” (ameni- ties and recreational offerings) for a monthly fee. Investors might look more closely into this option to see if, for example, operating a nearby residential assisted living property might allow your residents to use those amenities. Finally, consider what populations might be associated with growth inThe Villages, Florida, that are not necessar- ily part of that 55+ group. “Skilled-nursing and healthcare professionals, financial experts, and business planners are all growing in population in this same extended Orlando area,” noted Harding Easley of Yardi Matrix. Serving this type of population might be a good route for your real estate investing that does not neces- sarily directly tie to investing in the market highlighted in the list, but the idea could come from your review and subsequent research as a result of reading the list. Think Realty Note: This type of preliminary re- search should always play a role when you are considering a new market or a new investment strategy and is not unique to this metro area or proximity to this development. Before buying in a Villages neighbor- hood, you should contact the organiza- tion directly to learn more about how ownership, renting, upgrades, and other common investing considerations would work within that community.
FASTEST-SHRINKING MARKET HIGHLIGHT & RESEARCH PATHWAY: Pine Bluff, Arkansas, is Shrinking Faster than Anywhere Else in the U.S.
erished” and “most dangerous for women” in 2009 and 2012 respectively, but these lists are still highly ranked in search engines for the term “Pine Bluff Arkansas” despite being potentially outdated. • Pine Bluff is located just about 45 minutes from the attractive Little Rock, Arkansas metro area. Investor Takeaways: A cursory review of the bullet points above seems to provide some indications for why Pine Bluff might not be growing as much as other communities outside of Little Rock. However, this market is not necessarily a write- off if you have the right expertise and can create certain opportunities for yourself. A review of local news shows that Pine Bluff ’s downtown recently received a grant for historic preservation and that a nearby steel mill is about to add roughly 500 jobs to its roster. While a new investor not local to the area might not nec- essarily opt to enter real estate investing in this market, an investor with access to the resources necessary to generate
leads on properties that might benefit from proximity to the historic downtown development area or that might be attractive to incoming workers could develop a productive and profitable strategy. Think Realty Note: As with the example our first Highlight, the stream of research and potential deductions that might be drawn in light of infor- mation about Pine Bluff should not be consid- ered an endorsement or rejection of any specific investment strategy or locale. This article is educational in nature and simply showcases the types of questions, research, and investigative processes a real estate investor doing indepen- dent research on a market might engage. •
What the list told us: • Population shrank 9.1
percent (-9,130) between 2010 and 2017
• 10,001
residents left during that same period
Carole VanSickle Ellis is the editor of Think Realty Magazine. She can be reached at cellis@thinkrealty.com.
• Median
household income is $37,076
Notable for investors: • More people left than are reflected in the overall population loss, which likely means household formation is taking a hit • Median household income is more than $20,000 lower than the national number Let’s do a little digging: Given the population situation, it is not surpris- ing that Pine Bluff is making lists right and left for “cheapest cities in America” and “most affordable housing prices.” However, while affordable housing is certainly attractive, an area with this type of popula- tion decline definitely requires a little more research. Further reading tells us: • Pine Bluff is the 9th-largest city in Arkansas • The city’s 2017 population was just under 43,000 • Pine Bluff is located in the heart of a rich agricultur- al area that comes with a “distinctive odor” associat- ed with paper mills • Forbes listed Pine Bluff on its lists of “most impov-
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