New Communities, Planning News, Trends

Are gas prices downsizing suburbia?

A quick look at what is selling these days points strongly to in-city properties. Agents in in-city offices are busy, and their counterparts in suburban areas are just the opposite. Many buyers I talk to lately are concerned about gas prices, and are making the decision to locate in-city in a smaller home, rather than locate in larger homes farther out and put up with expensive commutes.

This is also making city planners who favor smart growth in infill urban areas very happy. The Wall Street Journal just did an article and video about efforts in Sacramento to promote pedestrian-friendly development.

Many in suburban areas who would like to relocate in closer are faced with a difficult decision: sell now at what seem to be too-low prices (compared to a year ago), or wait for values in the suburbs to go up again. It is a difficult decision, but one thing is for sure, in-city prices do not seem to be falling right now, making that decision more difficult.

A bright spot for the ‘burbs, though, is that smart growth development is taking place or planned in some of them. Some nearby towns and cities including Mountlake Terrace, Edmonds, Kenmore, and Bothell in the north, and Renton, Burien, Kent, Auburn, and Puyallup in the south, have plans underway for high density urban areas with a full range of services and walkable neigborhoods, all connected by amazingly efficient rail or bus service to major employment areas, especially downtown Seattle. This provides the combination of urban amenities and lifestyle combined wth small town living, within an easy bus or rail commute to work, and a relatively affordable price.