By Kate Rogers
Forget a the picturesque house surrounded by a white picket fence in the suburbs, real estate agents across the country say the new American dream is a condo in the city. The shift is a result of an altered real estate environment post-housing collapse, and experts say it’s here to stay.
The current economic environment provides the perfect storm for city migration. “There are better jobs available in big cities, rather than the suburbs,â€Â Kuperberg says. “The years of nine-to-five work hours are over too, so people want to live in a place where everything doesn’t close at 9 p.m.â€
Adam Leitman Bailey, founder of New York City-based real estate investment boutique Adam Leitman Bailey, points out the suburbs took a much bigger hit when the housing bubble burst as suburban markets nationwide being off in price by between 30% and 40%, whereas city markets were off 10% to 20%.
Published by