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'End of suburbia' may nearly be upon us: Sam Zell

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ktf1179 View Drop Down
MUSA Citizen
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ktf1179 Quote  Post ReplyReply Direct Link To This Post Topic: 'End of suburbia' may nearly be upon us: Sam Zell
    Posted: Oct 09 2013 at 10:50am
I saw this on CNBC and this is confirming what I am seeing not only in Middletown, but the other suburbs in the Dayton-Cincinnati area.

For video click this link http://www.cnbc.com/id/101095397

Young people shunning the suburbs in favor of the hustle and bustle of city life are leading the charge in the "re-urbanization of America," real estate mogul Sam Zell told CNBC on Tuesday.

"You're drawing all the young people in America to these 24/7 cities. The last thing they want to do is live in the suburbs," Zell said in a "Squawk Box" interview. "In that respect, you're increasing demand for housing in the urban markets."

The demand for the suburban lifestyle had been driven mainly by safety and schools, he said. "If you wanted to see the end of suburbia, all you'd need to do is make the school systems in the cities triple-A and why would anybody live in the suburbs," Zell said.

One of the byproducts of people moving to cities is soaring demand for apartments. "We are seeing 96 percent occupancy," said Zell—who's chairman of the real estate investment trust Equity Residential, one of the largest apartment groups in the country. Of the 18,000 units the REIT manages in New York City, Zell estimated 45 percent are occupied by just one person.

"It's probably going to happen here in New York first," he said. "You're going to see 300-square-foot apartments, directly related to that one person wanting to live alone—and saying, 'I'll give up space for privacy.'"

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VietVet View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote VietVet Quote  Post ReplyReply Direct Link To This Post Posted: Oct 09 2013 at 12:02pm
Well there you go....the city leaders had it right all this time and I have been wrong all this time in criticizing their efforts to revitalize the downtown area and spending millions of taxpayer dollars to do it.

If this article is accurate, as soon as they improve the Middletown school system to "Triple- A", and, as soon as the city leaders, Downtown Middletown Inc. and the arts folks get the downtown area fully developed and running 24/7, with abundant apartments and mega entertainment included, we will have an influx of young people the likes this city has never seen.

Problem solved. No need to challenge the downtown effort anymore and no need to be a naysayer any longer. We are under control and on schedule. All of us suburbia people are in the wrong place. We all need to be in an apartment in downtown Middletown......but, maybe not.

Lead on city officials.
I'm so proud of my hometown and what it has become. Recall 'em all. Let's start over.
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