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Sunday, November 16, 2014

Could Utica Rebound Because of Climate Change?

I attended Hamilton College in the mid 1980s.  Utica, at that time, was a depressing declining place.  This article in the NY Times suggests that things haven't changed.  Wikipedia says that its population has declined by 38% since 1930.    Could climate change change that?

With its buildup of its durable housing stock but low demand to live there, home prices are low.   For example,  Here is a house for sale for  $119,000.




187 Victoria Dr,Utica, NY 13501  3 beds,  2 baths1,144 sqft
That works out to $104 a foot which is 90% cheaper than housing near UCLA. These low home prices have attracted new immigrants to live in Utica. I have read in the NY Times that Bosnians have formed a cluster there. As climate change warms up cold upstate New York Winters and if Amtrak increases its speeds to New York City, then this whole area could enjoy a renaissance.    Real estate investors should be thinking through what might be future "hot areas" to live where quality of life will be relatively high.