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Some can provide a suitable return on investment and others can make you a millionaire.
Who knows these markets best and where the next boom might be?
GOBankingRates spoke to several millionaire real estate agents tofind out which U.S. housing markets made them rich.
The areas combination of high demand and low inventory has consistently driven up property values, Choate mentioned.
For example, properties bought for around $300,000 in the early 2010s now go for over $700,000.
I invested in several properties in the downtown area, Guthart explained.
One property I bought for $300,000 in 2013 is now worth over $800,000.
I encouraged them to take the leap, and within five years, their property value had doubled.
This kind of return is what makes markets like Austin so lucrative.
And it paid off big time.
This made Charlotte a good market due to the strategic location andongoing urban development.
Guthart stated that Miami has consistently driven property values up.
In particular, Ive had great success with luxury condos in neighborhoods likeBrickell and South Beach.
I believe Miamis appeal will continue to grow, making it along-term investment hotspot.
One of my most memorable experiences was purchasing a beachfront property in Miami in 2015, Guthart said.
The location, combined with Miamis growing desirability, made this a highly profitable venture.
That was the case for Johnson in Phoenix.
…my timing coincided with post-recession recovery in the early years of the decade.
The market was recovering, and prices were therefore still low, Johnson said.
As the economy recovered and population grew, so did the value of the properties skyrocket.
We saw an opportunity in its downtown area, where historical homes and new developments were coexisting beautifully.
The blend of cultural appeal and strategic urban development made Nashville a standout market for us.
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