Smart Growth v. Past Growing Trends

By
Real Estate Agent with Bozeman Montana Real Estate .net

The housing market we see emerging around us more and more is full of life and energy, but when you look deeper, it still bears the faded scars of the market collapse—and it seems consumers are learning from them.

People are actively choosing to control the real estate market. This is an emerging trend never seen before. People and their values are beginning to trump the allure of best deal mentality and this is driving force for the market.

Not visa versa (where the market prices i.e. cheapest supplies are controlling population movement). This break from longstanding traditional norms is the conclusion the report titled “Reset: Assessing Future Housing Markets in the Rocky Mountains” reached. The report took a sampling of housing starts, multiple listing services, and surveys from six communities around the Rockies—Bozeman included—and found, in all the markets studied, there was a strong desire for growth, but not just growth itself as has been seen in the past with trends of urban sprawl. Instead, this idea of ‘smart growth’ has really taken root.

Just What Is Smart Growth:

Smart growth is a logical reaction to the fact that mortgage meltdowns are a catalyst to great economic recessions (spurred on by under regulation of finance and reckless risk-taking). This realization has deeper meaning in its relation to community development and traditional city growth patterns. The divergence between city centers and the suburban fringe allowed the suburban elements to fall into the mortgage hole first and pull the city centers with them as they fell. Since that initial fall, the recovery has seen a structural paradigm changing shift—we are now seeing the reverse of what happened in the 1950’s.  (http://www.nytimes.com/2011/11/26/opinion/the-death-of-the-fringe-suburb.html?_r=0)

The buzz phrases of Generation Y and Baby Boomers are still very real and active agents in shifting the market’s landscape, but these two demographics of people are both undergoing dramatic life changes directly connected to their housing situations. “Our communities are changing and what people want out of life is changing” (Randy Carpenter director of the Northern Rockies program of the Sonoran Institute). This is the great convergence of needs. Baby Boomers are seeking to be near medical centers and other conveniences and Generation Y is just reaching into the market only able to afford the most utilitarian of homes, apartments and condos. The big home with a big lot is, although not gone by any means, a fading trend.

A mass exodus of what is being declared the ‘exburbs’ and a strong revival of city center is the soon to be norm nationally. Bozeman, Montana data reveals we are certainly now immune to this. In the past 11 months, the urban center we have here (near the Emerson Cultural Center, Galligator, and Sourdough Trail) represents the bulk of remodels and renovations totaling nearly $2 million of spending. Over that same time span, $23 million went into communal living spaces such as condos, townhouses and duplexes.

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Topic:
Real Estate Industry
Location:
Montana Gallatin County
Groups:
Montana Folks
Advice for Buyers
Market Reports
Advice for Sellers
Montana
Tags:
understanding real estate
market reports
real estate trends
growth
bozeman real estate
real estate in bozeman

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Rainmaker
56,428
Sharon Sanchez
Your Number "1" Source For Real Estate.
Realty World - Ace Home Realty

Hi Jenifer,

My focus is on getting business in any market.  I don't focus on the type of market we're in because it becomes depressing and whether it's good or bad, the market is always changing at some point.  I just adapt and keep it moving.

March 29, 2013 09:18 AM
Rainer
214,183
Lehel Szucs
REALTOR of choice
All Seasons Real Estate, Inc.

it is interesting how things change and trends and likes are different for different people .... here in the greater Los Angeles area we are seeing a resurgence of the downtown areas ... and near transportation hubs ... than again some of us still like the sprawl of the suburbs

March 29, 2013 10:16 AM
Rainmaker
613,318
Bob Miller
The Ruiz/Miller Team - Ocala's Dream Team
Keller Williams Cornerstone Realty

Hi Jenifer, we agree.  If only Florida had done so before the bubble, we would not be in this mess today.

March 29, 2013 12:48 PM
Rainmaker
796,598
Lottie Kendall
Helping make YOUR dreams a reality
Today | Sotheby's International Realty

I think what you're experiencing in Bozeman is being seen around much of the country. It's certainly true in my area, the Silicon Valley, San Mateo County and San Francisco. More and more people of all ages choose to be in areas within walking distance to town centers, willing to forego the big yard for more urban amenities.

March 29, 2013 05:46 PM
Rainmaker
669,941
Sharon Parisi
Dallas Homes
Keller Williams Dallas Premier Realty

There has been a great deal of urban revival in Downtown Dallas.  In the DFW area there is also much growth in all suburbs.

March 29, 2013 08:09 PM
Anonymous
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Rainmaker
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Jenifer Lower

Team Service Above Expectation
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