Posted: September 3, 2010 By: Dave Ralston
Most of us still expect to see the hustle and bustle in the downtown areas like Seattle’s city center. Likewise, the expectation of the quiet life would be found in the suburbs. The future is here, and more than ever, you will find a little of everything in any given area.
We are transitioning into a decentralized living model. The Skyscraper of the 20th century was built purely as office space. With office space vacancy now on the rise, buildings either adapt or hit the antiques road show. Now we are finding that balance of mixed use community developments. You can live, lodge, shop and work in the same hotel/office/condo/retail building. By combining your multiple needs into a convenient one-size-fits-all (or most), we are experiencing a migration back to the city center.
Who is attracted to and moving into the new downtown? It’s not for everyone but it is a market-driven phenomenon. Here are a few homebuyer demographics that are seeking this lifestyle:
- Empty nesters – All the kids are out of the house and it’s too soon to plan on assisted living. Why not live in close proximity to everything you need and want?
- Downsizers – The current house is more chore than enjoyment. This is a chance to reinvent your lifestyle.
- Snow birds – The term is coined for the seasonal occupant who, in this case, would reside here during the sunny mild summers for which we all love Seattle.
- Investors – As a rental it would have everything a tenant needs–shopping, jobs, and entertainment–all nearby.
- Entertainment loft – Keeping the primary residence in the ‘burbs, but having this opportune bedroom in the city.
- Business professional – Working and living in the same urban environment.
Just as city centers are diversifying and becoming more livable communities, businesses are migrating to more affordable locations for the real estate bargains. The decentralization of urban and suburban will progressively become balanced.