Where Will the Urban Cores Be? And why this Matters NOW

Get out your best Magic 8 Ball

He also observed the largest wave of Generation Y home purchasing begins in 2012, after experts think the housing market will have turned around. Although what qualifies as an “urban core area” may vary widely to different people, it seems a safe bet to expect considerable variety in tastes in the housing market.

Hmmm … I seem to recall writing a related post a short while ago …

Also related –

How Many Towncenters do we need in CharlAlbemarle?

WalkScore and Zillow sitting in a tree

Proximity to rail increases property values?

Could this be part of the future of transportation?

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  1. Real C'ville - Bubble Blog June 21, 2008 at 14:48

    Gen Y (aka “The Millennials”) = a tricky generation. They’ve never been taught to save, and they barely know the value of ‘hard work.’ Lots of them, who at 27 still live with roomies instead of with spouses and children, will rely on Mom & Dad to fund their downpayments…if they could plan far enough ahead to think about buying a house.

    (Here’s some fascinating insight into this generation: http://tinyurl.com/337rf2 )

    Problem is, the average Mom & Dad are losing their shirts right now with rising costs of food, gas, and–gasp–evaporating savings. If they invested unwisely in the Market, their own retirements funds are having issues due to Subprime write-downs.

    We can look to Gen Y for their “Greenie” habits, and their predilection for unmotorized wheels–but to start urban planning around them is risky.

    Looking at our Own Magic 8-Ball, and the earlier post “How many Town Centers do we need?”

    Perhaps we could still use a couple MORE–because “Albemarle Place” –will it ever be built? (We doubt it.) And will the “Town Center” connected with “Biscuit Run” ever surface? (We doubt it.) BR just seems like a dream…the Breeden dream of making lots of cash.

  2. Jim Duncan June 22, 2008 at 07:24

    I agree that we shouldn’t base planning decisions solely on the Gen-Y, who sometimes seem more inclined to click than to dig or do, but I think they are representative of the future of what people (buyers) are going to want.

    With everything going up in price, being closer to stuff is more crucial. Close proximity to libraries, groceries, culture, schools, work, transit, will be as important if not more for the boomers as for the Gen-Y folks.

    For even further reading – I guess I’ve got the traffic, and now I’ve got the convenience and One of the differences between Albemarle and Greene Counties

    The segmentation of our region is not an altogether bad thing.

  3. Michael Krotchie June 26, 2008 at 10:42

    Nice site Jim, I’ve read through several of your posts but this one particularly hit home. Here in Tucson we’re a town in it’s infancy with no real direction as to where (or how) to grow. With only one major thoroughfare for us (I-10) it’s been a painful last few years as city representation has fumbled with our plans for the future.

    Looking at your Google Map you generated it seems possible Tucson could end up the same way.. once we have the supporting transportation infrastructure.

    Keep up the good work.

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