Inside Or Outside of the Cincinnati Loop; Consider Your Options Carefully
Amy July 24th, 2008
I was just reading this article, that my environmentally conscious brother in DC sent me via email a few weeks ago. It is very appropriate for today’s rising gas prices, overworked parents, and difficult real estate market.
From the International Harold Tribune:
Life on the fringes of U.S. suburbia becomes untenable with rising gas costs
By Peter S. Goodman
Published: June 24, 2008ELIZABETH, Colorado: Suddenly, the economics of American suburban life are under assault as skyrocketing energy prices inflate the costs of reaching, heating and cooling homes on the outer edges of metropolitan areas.
Just off Singing Hills Road, in one of hundreds of two-story homes dotting a former cattle ranch beyond the southern fringes of Denver, Phil Boyle and his family openly wonder if they will have to move close to town to get some relief. Read more…
The article illustrates a trend that I see every day in my Real Estate profession. We are seeing less people interested in moving out to the suburbs. In Cincinnati this would be outside of 275, and choosing instead to remain closer to the city and their jobs, to save money and spend more time with their kids and families versus the car.
With rising gas prices and longer hours at the office, people who moved outside of 275 are migrating back inside the loop! I have seen this several times in the last year with a few young families. I am also seeing homes outside of this 275 loop taking more than twice as long to sell on average and they are getting far less than the usual 95% list to sale that we are seeing inside the loop in areas like Hyde Park, Mt. Lookout and Oakley. Buyers, consider the warnings in this article from the Herald Tribune on the results of moving further outside the city. Keep in mind the article was originally published June 24, since then gas prices have risen even more! If you have any specific questions about values and time on the market inside or outside of the 275 loop, please give me a call at 513-377-3637.
http://www.iht.com/articles/2008/06/24/business/exurbs.php
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