What Are the Emerging Trends in Real Estate for 2009?
A new report from the Urban Land Institute and PricewaterhouseCoopers LLP, indicates that falling residential prices and rising energy costs will make condominiums in urban areas more attractive to home buyers. Buyers increasingly are seeking shorter work commutes to save on gas, and cities with mass transit systems will benefit as a result. Additionally, buyers are realizing they do not need large homes, and such changes in demand could help those cities with a huge supply of unsold units to reduce inventory. Families interested in suburban living because of school districts will need to make more sacrifices to afford such a lifestyle, according to the report. Meanwhile, will reduced police, fire and sanitation services and rising crime rates hit 24-hour cities hard?