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FUTURE IN REAL ESTATE: WALK ABLE URBAN PLACES

Posted by Brittany Bosher on Monday, May 18th, 2015 at 2:40pm.

Last week, realtors from across the nation attended or virtually attended a conference held by the REALTOR® University Richard J. Rosenthal Center for Real Estate Studies during the REALTORS® Legislative Meetings & Trade Expo about the importance and benefits of “urban developments.”

Walk able urban developments are the up and coming trend in real estate development, and with good reason. In highly populated, urban areas this concept, “Creates walkability with restaurants and stores can help transition an edgy part of town into one that is hip and hopping with pedestrians,” said National Association of Realtors® Chief Economist Lawrence Yun. “This type of real estate development transforms the community for the better.”

Christopher Leinberger, a professor at George Washington University School of Business and president of Locus, a national coalition of real estate developers and investors who advocate for sustainable, walk able urban development in metropolitan areas stated, “Walk able urban regions in the U.S. have a 41% high GDP over non-walk able regions.” His point being, “If a family can get rid of one car, they can increase their mortgage capacity by as much as $150,000.” In highly populated areas this makes a lot of sense and is very beneficial to buying real estate in a city setting. 

Another great thing about these walk able areas is that they generate 4 times the tax revenue that regional and business malls generate which adds to the value of that area. These walk able areas provide a variety of financial benefits including more affordable living and more affordable transportation. Walk able urban places are about 5% less expensive when it comes to living expenses and transportation as opposed to non-walk able areas. 

For more information about new trends and sustainable developments happening in the world of real estate here in the U.S. please click on the following link: Walk Able Urban Development: Realtor.org

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