With future demographic trends pointing to an aging population, smaller families and a growing preference for returning to the city centers, condos located in urban areas that haven't been overbuilt could return to health as early as 2010, he said.
With most real estate sectors expected to return to basic fundamentals for most of the 2010-20 years, one star of the housing boom — the exurban McMansion built on the far fringes of metropolitan centers — could likely become its most visible victims of the bust.
Featuring large lots at the expense of a long commute and few public transit options, some industry observers think these McMansion will eventually be subdivided and become affordable housing – which, ironically, is exactly what happened to buildings in various downtown areas as a car-crazy populace moved out to the new suburbs during the mid-20th century.
These MCMansions could have considerable trouble finding buyers in the years ahead as larger economic, political and cultural forces change the way Americans live and view residential real estate as an investment class.
Picture bustling downtowns with twentysomethings and empty-nesters living in high-rise condos, suburban villages with light-rail lines, and quaint shopping districts. This is the future trend and it is already starting. Look at Hoboken, Jersey City, South Amboy,and Red bank to name a few.
As I REALTOR, I am clearing seeing this trend. All want to be close to transportation with the train being the first option, then bus and last the feryy in our area.
So Good bye McMansion hello condos, lofts,townhouses, single family houses and great walkable downtown areas like Red Bank, Little Silver, Matawan and the up and coming New Long Branch Broadway area.