The next real estate boom
CNN Money describes what they see as the next real estate boom, especially for younger people**, “You know all of the 150 or so souls in the village; you see them at the market where you pick up a box of locally-grown produce once a week. You see half of them in the morning as they board the commuter train for school or work in the city; the other half are the network warriors who work from home or, on warm days, use the free Wi-Fi in the village square.”
The article cites two studies providing evidence:
– **53% of 24-34 year olds would choose to live in transit-rich, walkable neighborhoods, less than 25% of middle-aged Americans are interested in living in dense areas. Source: CNU
– Demand for housing within walking distance of transit will more than double by 2025. Properties within a 5-10 minute walk to a train stop are selling for 20-25% more than comparable properties further away, and going up. Source: Center for Transit-Oriented Development
However, the article is contradictory. It emphasizes new villages that are 20 miles or so from a major city with rural surroundings, in contrast to transit villages that are connected via rail closer to cities. Yet the example they give of a new village, Hercules, CA (pictured) is actually a transit village in the SF Bay Area. Besides, ‘new villages’, based on their description, aren’t very popular with the younger crowd – they’re expensive; essentially single-family and family-oriented; mostly isolated and not typically connected to major cities by rail; not very walkable to any semblance of nightlife; and often described as sterile. Old villages/small towns however, are another story.
About The Author
Hmmm. You’re right… They don’t “get it” exactly right, but this is yet another sign that this whole movement is going mainstream.
s the real estate market continues to slow down foreclosures are already reaching an all-time high. This is only going to get worse in the next couple of years and it”s all because of the real estate boom in the previous three to five years.
Why is this happening?
It”s because home buyers were spending more money on new properties than they can afford and because loan brokers and mortgage companies were allowing them to overextend themselves. These brokers (in my opinion) were taking advantage of home buyers by giving them great deals on 3-5 year ARM loans or interest-only loans which allowed them to buy bigger houses they couldn”t really afford. Brokers of course get paid commissions from lenders they match you up with but that”s a different story.
Regards,
Michael McLaughlin, Cary real estate
It is possible, because if people house and job location are just walk away to a transit and train station, they would just ride this public transport than bring their own cars, they don’t need to spend money for gas everyday. So, it is not really surprising if this kind of setting will boom in coming years. Cheers, Michael McLaughlin, Cary real estate