When it comes to real estate trends, no one knows them better than Jed Kolko. I say that not because I have been to dinner with him, and met him at Inman & NAREE several times while he was Chief Economist and VP of Analytics at Trulia, the online real estate site that merged with Zillow, until the middle of last year. He just really knows his stuff.
And Jed says that urban neighborhoods are not the go-to nirvana we have been told they are, with cities and vertical living shooting up faster than the suburbs are spreading. You know we hear how downtowns are booming — in fact, the Dallas City Council just voted unanimously on a resolution dictating that Dallas Area Rapid Transit (DART, of which Dallas is a member) build a second downtown rail alignment (D2) as a subway, NOT a light rail train, because it will be less disruptive to the downtown landscape. Who cares about a train from Plano to DFW? Dallas focused on developing a great Arts District near downtown in anticipation of downtown, art-loving residents. And developers built luxury apartment after luxury condo in anticipation of the droves coming to the urban center like a pilgrimage.
Uh, actually not, says Jed: (more…)