Recently, oil hit a hundred bucks a barrel. While I am no expert in the oil business, I have watched many trends in the real estate market that are probably effected by this. It's no secret that the Phoenix area is known for sprawl and that we have lacked a major housing presence downtown. This months issue of Realtor Magazine had an interesting article titled, Growth OK If It's 'Smart.' One interesting quote was "more than 80 percent said they favor building communities so that people can walk more, and almost 90 percent favor providing public transportation, including rail and buses." This trend has been very popular in our market for the past few years and I can think of MANY projects that tout the "Live, Work and Play" environment. (The affordability issues might be good for a different post) For those of you that are not aware, Phoenix is building a new 20 mile Light Rail line that is scheduled to open at the end of this year. Heck, just along this route, I can think of several mixed use developments that are being built. This is certainly a trend to keep an eye on as it is changing downtown Phoenix and Tempe.
I wonder if the trend is as prevalent in other parts of the country? What about your neck of the woods??