Suburbs aren’t, and won’t be, what they were

Welcome home–not so much! (Flickr photo by Pierre Metivier)

When it comes to the suburbs and especially the exurbs, look back to the cities.  Consider these facts:

  • Three quarters of recent college graduates and young professionals say they plan to live in an urban core even if it costs them more money than elsewhere and their living space is smaller;
  • Baby Boomers are listing their suburban homes to live near urban amenities;
  • Household size continues to diminish along with household formation;
  • The housing crisis has caused plunging building permits, undeveloped subdivisions and price increases that lag the cities;
  • The flagging economy has pushed up unemployment rates and poverty in the exurbs;
  • Real estate investors have no interest in suburban office parks and commercial real estate in more distant suburbs.

Those are not my observations, but Continue reading

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Citywide Q1 sales Continue reading

Weekly Roundup: Sales up here, U.S. prices low

Even with tight inventory, February had most signed contracts for the month since 2008

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Rental brokers Continue reading

Weekly Roundup: Manhattan market improves, pending U.S. sales surge, rates still low, more

Take your pick of predictions of the Big Apple’s housing market

NYU says property values approach peak in Manhattan, only borough where prices higher than the last year

Couch potatoes would do well to avoid some buildings

Foreclosures in October decline for fifth consecutive month

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Developers target sales commissions for themselves

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Strong rental market generally stable in November

Dominated by residential construction, number of stalled sites shrinks

November sales in Manhattan rise above October but not two prior years, supply dips

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One of the Vikings conquers Continue reading