With the recent creation of Opportunity Zones to encourage development in low-income and under-developed communities across the nation, we’ve made some exciting new search enhancements to our platform. Our new Opportunity Zone search capabilities empower investors, developers and service providers to search for these incentivized assets and land lots with efficiency and ease.
Opportunity Zones at a Glance
To reiterate, Opportunity Zones are a community development program created to spark investment in under-developed areas. Established by Congress in 2017, the program incentivizes real estate investment with substantial tax breaks on capital gains, just as long as investors and developers build, modify, or restore the land or assets they’re purchasing.
How does this impact commercial real estate? Opportunity Zones open the door for investors and developers across the country. They reduce the gap between bid and asking price, and are generally more attractive to buyers for their considerable tax cuts. For an in-depth dive into the world of Opportunity Zones and their respective benefits, read our article, here.
Reonomy Platform Updates
Of the 54 million different properties within the Reonomy platform, roughly 6.8 million are located within Opportunity Zones. Our new Opportunity Zones search feature is simple to use, so you can quickly find exactly what you’re looking for and leverage the data to make smarter decisions.
When searching in the national Reonomy platform, you can now filter for properties within an opportunity zone. To do so, simply click into the Building & Lot tab and find the filter labeled “Opportunity Zone?” Then, choose from the following list: No Preference, Yes, or No.
Let’s walk through an example starting from your first search on the Reonomy map area. By simply checking Yes for properties in an Opportunity Zone, you’ll be served up nearly 6.8 million results:
To further refine your search, choose the specific asset type you’re interested in, as well as the specific county you’re looking for property or real estate within. You can also look for property more likely to sell by using the Sales tab.
Say you’re only interested in multifamily units within Opportunity Zones located in Los Angeles County that haven’t been sold within the last 10 years. By layering these filters, the Reonomy map will narrow down your search even further and automatically populate with properties in that county:
Finally, our update makes it easy to validate Opportunity Zone-based property within each individual property page. When you click into specific properties on the Reonomy platform, they’ll list the respective census tract as well as a “Yes” or “No” for additional validation.
As Opportunity Zones continue to change the industry, our platform will change, too. We’re always looking to enhance our software for a better user experience. Stay tuned for more updates as we continue to improve Reonomy to better search within Opportunity Zones.