Back to the Garden
It is hard to ignore the lead real-estate stories in the Wall St. Journal (5/7/2014).
The first story, p.1 , finds that in Cleveland and other cities there is high demand for inner-city apartments. Office spaces are being converted into apartments to meet the new demand.
The second story, p. c1, is that there is a real-estate slump in Hong Kong. New complexes are not seeing the buyers (but the prices, at US$2,500 a square foot) might be a deterrent.
But, the real story, p. c10, brings the two stories together. In Hong Kong buyers are showing a preference for vintage apartments, built from say 1960 to 1980. These units do not look as pretty on the outside, but they have more space and better layouts. People don’t seem to care if their residence lacks a clubhouse or a gym.
So, what does that have to do with Cleveland and the surge in apartments there? As younger people move out of the suburbs and discover more urban settings, they take with them an affinity for more eclectic spaces, openness, charm, and some garden greenery.