There is a common perception in the marketplace that no sector in the real estate industry is moving forward. However, downtown real estate in major metropolitan areas continues to be a favorite among consumers.
Concerns about the price of fuel, ever increasing commuter traffic, and the quality of life have many potential buyers thinking about moving from the suburbs back to the cities. There is something very appealing about shopping and restaurants within walking distance of your residence.
The photo attached to this article was taken on Sunday, November 9, 2008 and depicts intensive construction in the city of Atlanta. New shopping districts are also flourishing, and developers are employing the "if you build it, they will come" attitude.
So if you haven't thought about downtown real estate lately, either as a buyer of a real estate professional, you may want to give it some thought. Prices are moderate and the amenities are second to none. It's a burgeoning market, and one well worth consideration!
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There is a trend going on in many areas of the Dallas/Fort Worth Metroplex. Many places have 'popped' up that feel like 'downtown' but are not. Shopping, restaurants, condos and hotels are bunched together and the streets are bricked. I have single friends living in these areas but I could see how a couple downsizing would like it as well. It is a new concept for Texans.
Downtown Austin Texas looks similar. Real Estate will always be moving ... people get married, move away from Mom & Dad's house, get divorced, get relocated and even die... all those are transistions in life that require new real estate transactions. :)
Miami still has it's share of cranes lining the sky, but not as many as the past couple years.
I think there is a trend for people wanting to go back to city living. Looks like Atlanta is taking advantage of it.
Akron, Ohio is ever changing, with new construction of a new stadium at the University of Akron. We also have a very successful Northside Lofts that is a high end tower of beautiful downtown loft homes, restaurants and shops. Our city has changed from the "Rubber Capital" (tires)to the "Polymer Capital" and the city is encouraging new growth for businesses.
Mel...
That is the trend ...create as many "downtowns" as possible. In Atltalnta, being "inside the perimeter" of I-285 is considered desirable, but consumers want the total downtown experience!
Gail...
And there is real estate sold every day! Excellent points.
Michael...
I spent all day Sunday downtown and LOVED every minute of it!
But, but, but, how many new homes are under such vigorous construction??
The banks and insurance companies are still funding long term commercial construction, but not residential construction.
Those commercial leases are lucerative.
It's a different world.
Hi Richard. You even made cranes look pretty!:)
Interesting. Chicago certainly has been booming, but it seems even that has come to a halt. The Spire and some other big projects have halted construction.
Thanks for writing,
Ken
I can think of 5 MASSIVE contruction projects going on here currently downtown...and 2 HUGE subdivisions going on just out of city limits...Its not dead...
There is a major hi-rise condo tower that just came online in Cobb county close tot he city near Windy Hill Road. The entire complex rolled into bankruptcy yesterday. Looks can be deceiving. Yes commercial is way overbuilt, and they are still building. The story is below.
Horizon at Wildwood
Richard, The commercial rebuilding of our cities and suburban areas is going on at a furious pace. City living is something that a large segment of our population enjoys.
Richard I live in a new subdivision outside of DC. There is steady building going on and then people move right in. You would never know the market was slow just by looking in my neighborhood. I guess it just depends on where you are whether there is still activity.
Caren...
So what I am hearing is that this trend is ringing true across the country! Wonderful, and thanks!
Lenn...
These are all "mixed use" buildings ... retail on main ... offices 10 stories or so, and residences above! The penthouses are still big sellers!
Ken...
Wow, that's the first negative report from a downtown area. Thanks for letting us know!
Clint...
Wow, who would have though that Montana would be hanging in there?
A lot of our new construction project here in Downtown Saint Petersburg have stopped. But than again, we were doing so many, it had to slow down. In general, the real estate market here in our area is not dead. Just in Pinellas county alone we sold over 7200 units this year.
We still have projects going on here as well.....new stores moving in and new places to eat. Real Estate is still moving!
Richard - I don't think the industry is dead, just in ICU right now. It will come out but whether as the $6 Million man or a parapalegic is yet to be seen. Regardless, we can be certain that it isn't going to be what it was 2 years ago.
This is a trend that is spreading across the country.
Richard- It looks like my husband is moving from residential construction to commerical. We will see how long it can produce!
Interesting indeed. Downtown San Antonio is sprucing itself up also w/fresh, new & trendy condos that are the latest hit w/San Antonians of all ages. KM
Jim...
Well, there are a lot that are hurting, that's for sure ... but Downtown and Midtown are thriving!
Rich...
The cities have changed so much over the last thirty years ... now they are DESIRABLE places to live!
Patricia...
A certain segment MUST move!
Stacey-Ann...
There should be a lot of "turnover" in your area, thanks to the election! lol
Our down town areas have always done well, and there has always been a fair amount of development in process. Once the gas prices shot up, I did notice that more people wanted to live in town if they worked in town. If the prices remain high, I fully expect to see the trend continue.
Commercial development is happening large here in the eastern panhandle to catch up with the fast residential growth that occurred several years ago.
Richard: I love Atlanta. I'm glad to hear that things are going well for the local economy. You'll have a great November and December!
Richard,
From the photo it looks pretty lively to me. There are many many good deals in all markets, one need only look for them.
Thanks for sharing,
Ann
Hey...what were you doing in Midtown Atlanta? You didn't even call me? Fine...be that way!
That's the huge 12th & Midtown project, including 1010 Midtown, a residential condominium building. It's my understanding they still do not have a tenant for the office building, and the condo sales are not going well.
With these kinds of projects (size and scope) it's pretty hard to put the brakes on once they get started. Let's just hope the turnaround is quick!
Great to see the growth we also have a busy downtown area with several big projects.
Hey Richard - Thankfully not everything reported in the media is true...your photo shows action & life. Things are tough in most markets, yet good things are happenening all around us all the time. Thanks for sharing and warm greetings from Paradise.
Richard, I am going to have to hide these pictures from my wife or she will become really homesick!