Earth Day and future trends in housing
Green is certainly one of the most important trends in housing today and as we celebrate Earth Day, I can't think of a better time to analyze what the impact of incredibly high gasoline prices might have on future housing trends.
There seems to be no reduction in driving by Americans as we continue to fill up our gas tanks at seemingly higher prices at the pump every day. Anecdotal evidence suggests that while we may be doing without some things, we are not willing to do without our personal transportation. And therein lies the problem. First of all, the cities in the South really doesn't have mass transit available such as you might find in New York, Chicago and other older cities in the North. And the cost to build a system today is prohibitive and how high would gas prices have to get before people gave up their cars to actually support it.
Now how will this affect Charleston real estate. It is just my opinion but I think that people will eventually have to live closer to their jobs. The frustration of hour long commutes wastefully burning increasingly precious gasoline resources will begin to weigh and rather than building further and further out from the urban center, there will be a trend toward returning to the city center with more building and development in urban areas with infill projects. In the suburban areas, proximity to office parks including live/work communities will offer a more urban feel despite the suburban location.
A project like Magnolia in the Charleston neck just north of Hampton Park and Wagener Terrace is just one of many planned developments in the Charleston real estate market that is planned for the city rather than the suburbs. The massive Noisette Project in North Charleston has been described as the largest sustainable renewal project in the United States. Two other developments near Park Circle including Mixson Avenue and Oak Terrace Preserve are noteworthy projects being built with the latest green technologies and building materials.
And we all should do whatever we can to save some of our precious resources today and every day. A little bit here and there adds up and will help.