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Interest in Urban Homeownership Fueled by Higher Gas Prices

03-30-2012
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INTEREST IN URBAN HOMEOWNERSHIP "FUELED" BY HIGHER GAS PRICES

 

Nearly 78 Percent of Surveyed Coldwell Banker® Sales Associates Report Increased Interest in Urban Living is a Result of Energy Costs

Properties with Home Offices Also Appealing

PARSIPPANY, N.J. (June 17, 2008)Coldwell Banker® sales associates working in urban markets across the United States indicate they are seeing interest in urban living increasing because of the high cost of gasoline. While 96 percent of the 903 sales associates surveyed report that rising gas and oil prices are a concern to their clients, 78 percent report that higher fuel costs are increasing their desire to consider living in an urban setting.

According to the Coldwell Banker survey, the primary reasons for this interest in urban living are related to work commute and energy-efficient modes of transportation:

  • 81 percent cite minimizing a reduced work commute as a reason for the interest in urban living
  • 54 percent agree that access to public transportation is appealing
  • 75 percent agree that the ability to walk to more places is a positive

"Over the past several years we have seen a boom in downtown living all over the country and this is not just reserved to major cities," said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate. "It is interesting to note that the study showed that 53 percent of our surveyed sales associates have seen an increased interest in urban living compared to five years ago."

Coldwell Banker surveyed sales associates who also reported they have seen an 84 percent spike in interest for properties with a home office, as compared to five years ago, indicating a trend towards telecommuting.

While the study also found that 64 percent of surveyed sales associates report their clients increasingly look for homes with "green" amenities that could save on heating, cooling and electricity costs, only 42 percent surveyed believe saving on energy costs are a reason for their client's interest in urban living.

Methodology: Coldwell Banker conducted an online survey on trends surrounding urban living and rising gas prices. The survey yielded responses from 903 Coldwell Banker brokers across the United States.

About Coldwell Banker®

Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of approximately 83,000 sales agents working in approximately 3,100 offices in 50 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to create an iPad application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.
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