Real Estate

Photo by PoPville flickr user Kyle

From a press release:

“Suburban housing markets across the United States are evolving rapidly and overall remain well-positioned to maintain their relevance in the years ahead as the places where most Americans live and work, even as many urban cores and downtown neighborhoods continue to attract new residents and businesses, according to a new publication from the Urban Land Institute (ULI).

The report, Housing in the Evolving American Suburb, provides a new analytic framework developed by RCLCO for the ULI Terwilliger Center for Housing that describes different kinds of suburbs based on the key factors that define and determine their housing markets. The report classifies and compares suburbs in the 50 largest metro areas in the U.S. – shown in a searchable online map – and assesses the key issues that will shape suburban residential demand and development in the years ahead.

Among the report’s key findings:

• America remains a largely suburban nation. In America’s 50 largest (and most urbanized) metropolitan areas, suburbs account for 79 percent of the population, 78 percent of the households, 32 percent of the land area—and, particularly noteworthy – 75 percent of the young adults aged 25 to 35.
• Suburban growth has driven recent metropolitan growth. From 2000 – 2015, suburban areas accounted for 91 percent of the population growth and 84 percent of the household growth in the top 50 metros.
• The large majority of Americans work in suburbs, although job growth has been more balanced recently. As of 2014, 67.5 percent of the employment in the 50 largest metros was in suburbs. Between 2005 and 2010, employment in suburban areas remained stagnant, while it increased by 8.2 percent in urban areas. But between 2010 and 2014, jobs increased by 9 percent in suburbs versus 6 percent in urban areas.
• Suburban residents overall have higher incomes.  The median household income in the suburbs is $71,000, which is substantially higher than the median household income of $49,200 for urban areas.
• The suburbs are “young” compared to their regions overall. The suburbs are home to 85 percent of children aged 18 and younger, as well as 75 percent of young adults aged 25 to 34.
•  American suburbs as a whole are racially and ethnically diverse. Seventy-six percent of the minority population lives in the suburbs.
• The regional variation in home values between suburbs and cities is substantial. On average, the median home value in urban areas is $365,000 compared to $305,000 in suburban areas.  However, there are major variations by region – for instance, in the New York metro area, median home values are 28 percent higher in urban areas than the suburbs. But in the Heartland (middle section of the country) home values in the suburbs are significantly higher than those in urban areas.

The report identifies development trends, issues, and innovative product examples – too often overlooked — in five distinct types of suburbs within the 50 largest metro areas: “Established High-End,” “Stable Middle-Income,” “Economically Challenged,” “Greenfield Lifestyle,” and “Greenfield Value.” Key observations about the different types of suburbs include: (more…)

Photo by PoPville flickr user Erin

This is from this morning’s rant/revel but is so crazy I’m curious if others have had similar experiences:

“I don’t know if there is something in the water in the District, or people have just lost their damn minds but just got done selling a house in Shaw and can’t believe how casual and nonchalant people are with other people’s things.

Due to my employers frenzied last minute move of me, I had moved all my stuff out of the house and moved away before it hit the market, so the house was empty but not unmonitored (I had a cameras inside watching the entire first floor and the back and front).

I had half a dozen or so people go to the bathroom in my house, a few take # 2’s and a couple people not bother to flush after they used the toilet. I mean, you are in a strangers house for 10 freaking minutes and you feel the need to crap in their bathroom?!. I had realtors come over and literally throw their food/candy/gum wrappers on the kitchen/living room floor or leave their trash/food wrappers/empty soda containers on the kitchen counter. I had agents walk out and not lock the doors, leaving the house unlocked for days, or start playing with the thermostat.

I had a prospective buyer root through my mail (while their agent stood right there) which was in a pile by the front door, take a magazine and leave with it. (more…)

Thanks as always to DC realtor Kevin Wood for compiling this monthly list of home/condo sales for PoPville. Click below on “October 2016 Sales” for the full list of sales in PDF and excel formats.

October 2016 Sales (PDF)

October 2016 Sales (EXCEL)