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Credit crunch hastening the demise of large tract subdivisions
Submitted by Anonymous on Wed, 11/05/2008 - 3:07pm
Economic troubles are causing home buyers and developers to reconsider the housing trends that have defined american suburbs for 50 years.
The Oregonian reports on several large subdivisions in the Portland area that have stopped in their tracks due to lack of available credit.
Meanwhile, some interest persists for houses in small towns outside of Portland, due in large part to better amenities and cohesive community feeling in those locations.
Developers acknowledge that a change in home buyer expectation is underway. "Factors such as high gasoline prices will play a big role in that," Randy Sebastian, founder of Renaissance Development said. "Increasingly, people are going to want to be close to schools, employment centers and freeways."
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Broken link
The link for the referenced article doesn't work.
Link now working
Thanks for catching that.
Mr. Sebastian is right on!
Mr. Sebastian is right on! With high gasoline prices, people are naturally going to want to be closer to schools, employment centers, and freeways! Just like schools and employment centers, freeways are destinations in and of themselves. Don't we all just love going to those freeways! For me, the closer I live to a freeway, the better!