Urban Living Picking Up Steam

More People Moving Downtown( February 3, 2006) --

Even before the housing boom of the past few years got underway, the downtowns of U.S. cities were welcoming more residents.

After declining for 20 years, the Brookings Institution reports that the population in these center cities picked up 10 percent during the 1990s. More people between the ages of 25 and 34 took up residency in downtown markets, and the racial and ethnic composition of downtown residents became more diverse over time.

Today, more downtown dwellers are college graduates and home owners. The downtown areas that experienced the greatest level of growth during the previous decade include Seattle, with expansion of 76.9 percent, followed by Denver; Colorado Springs, Colo.; Albuquerque, N.M.; Portland, Ore.; San Francisco; Cleveland; Miami; and Chicago.

Tops among the downtown markets with the greatest home ownership rates as of 2000, meanwhile, was Chicago — where 40.7 percent of residents own their homes. The Windy City was followed in this category by Lafayette, La.; Denver; Austin, Texas; Miami; Philadelphia; Norfolk, Va.; Charlotte, N.C.; and Baltimore.

Investor's Business Daily (02/03/06)

Ed.'s Note: This is exciting news. Louisville is experiencing downtown residential success as well. Conversions from commercial or old apartment space is underway in several spots downtown.

Also, highrise luxury condos are emerging with Ohio River views. The success of one such new development is being measured now. Waterfront Park Place is an exciting upscale condominium community located at the corner of Floyd & Witherspoon Streets near the Great Lawn in downtown Louisville. A variety of prices, sizes, styles, & finishes populate this work in progress. Currently, there are 24 units available according to the local MLS system ranging in price between $397,500 for a one bedroom & $2,020,000 for a custom designed penthouse in which the purchaser receives license to choose the number of beds & baths with a built-in budget of around $140,000 for finishes.

More affordable versions of urban living can be found at 626 E Main, a conversion that is in process. The style modern with 15 foot exposed ceilings, steel beams, exposed furnaces, stainless steel kitchen appliances, light maple cabinetry, granite tops, earthy tiled baths, & hardwood floors. Prices vary, and creativity is encouraged in order to showcase a signature look.

Another option is The Mercantile Gallery Lofts located on East Floyd Street within walking distance to the Louisville Central Business District. There are a variety of floorplans from which to choose, and most are fairly efficient in size. Currently under construction, I do not currently have pricing information.

Given our downtown location, the revitalization efforts in Louisville are exciting to see. Please don't hesitate to contact me about these or other possible developments in progress.