Baby Boomers and Millennials Enticed by Urban Housing Options

An interesting article, first seen in The Wall Street Journal, surfaced over the weekend in our local newspaper, The Chicago Tribune. In it, the author discussed how urban living appeals to two diverse demographics that you might not think about — Baby Boomers and Millennials, that groups of 20somethings born between the late 1970s and mid 1990s.

Each finds condo and townhome living in our nation’s urban centers appealing — the Baby Boomers favor the wide choices of dining and entertainment — as well as the many cultural attractions — while the Millennials, seeking refuge from the suburban sprawl they typically grew up with, find the nightlife and large groups of similarly-minded peers attractive. Both groups, of course, love the public transportation options, typically rail line and bus, though the relative closeness of everything also appeals to those seeking a healthy lifestyle — or at least those who think they do!

With Gas Prices Skyrocketing, Idyllic Shopping/Living Development Appeal

While many smart homebuilders and developers have been combining village-style shopping experiences with urban condos and lofts, RIck Caruso of Los Angeles-based Caruso Affiliates has brought this luxury lifestyle to the next level with mini communities that are almost like villages from a forgotten era.

A recent article at CNN spoke about Caruso’s luxury malls, like The Grove in Los Angeles and the new Americana in nearby Glendale. Apparently, local residents and visitors alike are falling in love with the mixture of parks, promenades, fountains and plazas integrated with upscale retail and are spending serious money during their experiences.

Reading the mood of today’s savvy consumer, these developments utilize the richest materials and design integrity to create meticulously detailed environments that feel inviting, safe and comfortable for families and people of all ages.

Urban Homebuyers See a Silver Lining?

There was a great story over at NPR this week about consumers who work in major cities flocking back to urban areas to take advantage of shorter commutes (and, thus, less gas consumption — something becoming more and more of a factor), closer amenities such as shopping and cultural attractions and more time-efficient living (imagine — no more mowing that acre of grass every week!).

Urban homebuilders must be delighted to see their average home’s selling price staying stable, if not rising (the NPR story mentioned median home prices in the city actually increasing 3.5% compared to a year ago). It would seem the allure of home “bigger and better” on the outskirts of metropolitan areas have lost their charm in the face of $120/barrel oil and $4 a gallon gas.