City versus Suburbs

So here I am spending a relaxing afternoon wandering my local book store with my lovely wife when I spy the November 2007 Details Magazine; a trendy men’s style publication.

Now I’m not the kind of guy to go for this type of reading material and I would never buy a magazine with Ben Affleck’s face on the cover, but the teaser title demanded I stop and pick up the rag…I mean mag.

WHY THE SUBURBS ARE COOLER THAN DOWNTOWN

This kind of thing really gets me. It’s yet one more poorly researched, cutesy article based on little fact that flies in the face of reality.

I flipped to the story, written by David Hochman. He makes a few points hidden inside a lot of BS. His sources are a few former yuppies and author, Joel Kotkin who he quotes,

“Cities are becoming less interesting and the suburbs are increasingly where the action is. Cities have become homogenized, inhospitable, and expensive beyond belief,”

Basically Hochman draws the following conclusions:

• The things we thought we needed cities for (unique restaurants, boutiques, entertainment) are being rebuilt in long-ignored suburban outposts with cool arts facilities and retro-chic cafes.

• American cities are becoming perversely suburban; downtowns are becoming sanitized by wealthy residents who are pricing out the stragglers and are brining in block after block of Equinoxes, Starbucks and Jamba Juices.

Here’s where a little research would have served the article well. In June 2006 CNNMoney.com reported: People are moving back to the city. The trend, which began in the late 1990s, marks a reversal of the post-war urban flight to the suburbs, and is strengthening.

CNN staff writer, Les Christie reports that cities are hot again and that after years of urban flight, Americans are finding the appeal of places like Philadelphia, Nashville and Seattle.

John McIlwain, senior fellow for housing at the Urban Land Institute says, "I think [this trend] is likely to continue for the next 15 years. Boomers are aging and people think of cities as a good place to retire to, as well as to continue to work." This from a guy who studies urban issues – I think he’s a reliable source.

At a teleconference last year of Coldwell Banker real estate brokers from around the country, the theme was repeated over and over: People are moving back downtown.

Professionals in the real estate field watch these trends carefully, and report the increase in city residents are from three demographics; retirees, empty nesters and young professionals. All three groups benefit from some of the same aspects of city living: little to no commute; carefree living; and access to great restaurants (a short walk or a phone call away) and preferred activities, like movies, theater, concerts, professional sports, galleries and clubs. Real estate professionals – their job is to know the housing market, are saying the complete opposite of what Hochman reports in Details.

My counsel is simple; don’t look to a men’s style magazine for real estate guidance – that read is better suited for your wardrobe and hair gel advice.