So what’s really happening with this migration to the cities? Will more young people live there? Are [tag-tec]baby boomers[/tag-tec] really going to retire downtown? Are [tag-ice]suburbs[/tag-ice] doomed?
Many experts have been surprised by the new residential growth in cities. No where is it more of a phenomena than in my hometown of Nashville, which is currently building several large new [tag-cat]condo[/tag-cat] buildings. That’s because people haven’t lived downtown since before the war- The Civil War.
Yes, some people will move in, not out. That’s clear. And according to [tag-cat]Robert Toll[/tag-cat] of Toll Brothers, it’s generally simpler to do business with city officials anyway than the ones from the burbs. That’s mainly because cities are welcoming new building, not trying to squash it. Cities want to be improved.
Toll goes on to say in a recent interview with The Wall Street Journal that more baby boomers will retire in such cities as New York, Chicago, L.A., Miami and Newark, N.J., of all places. Who would have thought?
Why? Baby boomers are different. They always have been. They don’t sit around like their parents and grandparents. They want excitement, action, music, sports, good restaurants and much more. Vibrant cities can give it to them.
(We should really pay attention to what he just said, because he made his fortune catering to this group).
So exactly what does all this mean for all of us?
Not everyone will move to the [tag-cat]cities[/tag-cat]. The burbs are still alive and well. However, many cities have a chance for a come-back. Not only will young people want to be where the action is, but so do their parents and in some instances, their grandparents.
We can look more at properties in downtown areas now. That should still give us plenty of negotiation room to find very good deals early. Look around. Be aware. A lot is beginning to happen.