Urban Living…The New American Dream?
Mike 
In this blog, we talk about the concept of “New Urbanism”: Creating sustainable and dense neighborhoods focused around mass transit and walk able distance to work, live, and play. In Downtown San Diego, the concept of New Urbanism is alive and well. The development and revitalization of Downtown San Diego starts and finishes with the CCDC (Centre City Development Corporation). This organization has insured the well balanced development of Downtown with a commitment to the infrastructure growth of distinct core neighborhoods( Marina, East Village, Gaslamp, Columbia, Cortez Hill, and Little Italy). This provides a San Diego “Urbanite” choice and diversity. I think this is one of the most interesting results of New Urbanism. Choice and diversity mean there is a little something for everyone. Urban Living in Downtown San Diego transcends age. Aging “baby-boomers” have just as much of a desire to downsize and be close to live, work, and play as a younger working professional.
CNN.com featured an article with an interesting twist on the results of “New Urbanism” on the suburban culture that has flourished since the end of World War II. The article entitled: Is America’s suburban dream collapsing into a nightmare? The author addresses the result of an oversupply of depreciating suburban housing and an increased demand for walk able urban space. Real Estate in urban centers can be as much as 40% to 200% higher than removed suburban neighborhoods. Buyers will pay more money for a smaller urban home if it has “LOCATION, LOCATION, LOCATION”. Estimates and residential studies indicate that by 2025 there could be a surplus of 22 million large-lot homes that will not be left vacant in a suburban wasteland, but instead become occupied by lower classes that have been driven out of their once affordable inner-city apartments and houses. Interesting how we see the “American Dream” changing right in front of our eyes.
Posted in June 2008, Downtown San Diego Real Estate Market Analysis, Downtown San Diego Urban Lifestyle |
June 25th, 2008 at 12:36 am
Great article on Urban Living . . . I could not agree more this is where real estate is going long-term, especially in areas like San Diego that are almost completely built out. Also, if high energy prices remain long-term, the demand for urban living will be even greater as individuals cut back on costs to travel by car!
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