Urban Real Estate Trends
Buyers today are often torn between wanting to buy a new home versus an older one. But for many cities, the newest developments consist of single family houses, townhouses, condos, and lofts. The choices today aren’t limited to new or old. Here are some of the urban real estate trends for 2008.
People spend more to live in the city
Today’s urban developments demand higher prices per square foot than new homes in the suburbs. This is because people are willing to pay a premium price to be located near work and the nightlife. Increasing gas prices also bring back buyers to the city since people are getting tired of the long commute to work.
Lofts
For a lot of cities, lofts are the design of choice. The first floor is usually used as an office space or commercial place; the upper floors function as living spaces like bedroom, living rooms or kitchens.
Smaller spaces
Baby boomers who live outside the city decide to move back when their children grow up because they are faced with too much space and are too far away from city life. Because of this, buyers would rather buy smaller places than large suburban homes.