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Urban Living…The New American Dream?

By Mike in Downtown San Diego Real Estate Market Analysis|June 2008 with 0 Comments


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.