"Who's Buying Where?"
From Realtor Magazine Online...
Who's Buying Where?
Changing consumer preferences and a greater variety of buyers looking for distinct types of properties in the years ahead..."Center city Built-out community with downtown core, older housing stock, and some new in-fill development and replacement housing, including conversions of warehouse and industrial buildings into lofts, townhouses, and condos. Existing homes may be quite old, in some cases 100 years or more; some are renovated. Distinct neighborhoods, some only a few blocks in size, have high-end replacement housing going up in or near downtown. Typical center cities: Pittsburgh, St. Louis
Empty nesters. Now that their children are gone, they’re looking to enjoy urban living and downsize from large house in the suburbs to something smaller with little or no yard. They continue to work, full or part time, and may rely on the Internet to telecommute.
What they’re buying. Lofts in converted warehouses in arts district or new townhouses with plenty of amenities.
Young households. Single or married, looking for convenience to job and cool places to socialize. Suburbs are definitely out, both because of their distance to work and their lifestyle.
What they’re buying. Older houses, 50–75 years old, requiring some work, with yards and in neighborhoods on the comeback trail, but not too hot or trendy. Close to thriving retail district.
Inner-ring suburb Built-out older community sandwiched between city center and outer-ring suburbs. Homes are typically 50–60 years old, with modest footprints (under 1,800 square feet) unless renovated with an addition. Communities characterized by little new-home construction, established retail, and in some cases revitalized business districts, with some lingering industrial facilities but mostly offices and services facilities. Typical inner-ring suburbs: Lakewood, Ohio, Roseville, Minn.
Small, growing families or singles. Often native or long-term residents of the metropolitan area, looking for convenience to city center but still outside urban core. They know the area well enough to recognize differences among neighborhoods and select just the right one to meet their needs.
What they’re buying.
Affordable single-family, detached house of modest size with yard.
Relocating professionals. They don’t know the area well enough to feel comfortable buying in the center city but want to be close to jobs, major universities, hospitals, and freeways. Concerned about commute from outer-ring suburbs.
What they’re buying. Newer single-family housing, typically of larger square footage than older homes in the area, or renovated older homes with additions that create square footage comparable to newer homes."