400 people crowded into the Omni Hotel this week, to hear about the opportunities available in, well, opportunity zones. Governor Lamont gave an address, encouraging the use of the zones to develop Connecticut's cities, and telling the audience that he would make sure that 15 minutes got cut from the train time to NYC.
Although the State would like to see people investing in businesses within the zones, most so far have concentrated on real estate holdings. It is somewhat of a surprise to see how many big players are looking at this new sector of the market, but it isn't clear that they will snap up the smaller choices. That's where the average investor comes in, especially when he/she knows the local area.
The length of time for most investments--ten years or more--will discourage some, but many will be undeterred. When the current peak prices in the stock market are taken into account, a longer term with more reasonable returns seems safer. Most of the bigger firms are expecting to get a return of 10-11% per year, over a decade. It behooves those of us who live here to snap up some of this product, before others swoop in to claim the rewards.
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