For those looking for new homes in New York City and the surrounding region, it is easy to understand what is considered “urban living.” The same could be said about “suburban living.” But knowing what “surban living” may entail may not be so obvious.
For the uninitiated, this term refers to suburban town centers that are designed to provide the best of urban living in the midst of a suburban environment. High profile examples of this new type of setting can be found in Reston, Virginia in the new Reston Town Center outside of Washington, D.C.; the Legacy Town Center in Plano, Texas, north of Dallas, and Old Town in Pasadena, California.
As we have noted in prior posts, these multifamily projects are being driven by changing norms of housing demand. Between millenials who are ambivalent about homeownership and empty-nesters who are looking to downsize, it is expected that homeownership will decline over the next decade. However, demand for new housing will likely not subside.
With that, suburban cities that are largely built out are reinventing themselves with “town centers” that offer the best of urban living at an affordable price point. This idea is gaining traction because the majority of prospective homeowners value proximity to employment, good public schools and entertainment, all of which are elements of suburban living, but in an urban setting.
While many areas in New York City already embrace this style, it is worth noting that more new developments will encompass these ideals. If you have questions about negotiating purchase prices or rents, an experienced real estate attorney can advise you.