Building the slums of tomorrow today?
Writing about residential real estate sometimes means looking toward the future. That’s what writer Christoper Leinberger of the Atlantic does in a fascinating story, which you can read here, about what may be the slums of tomorrow.
The interesting thing is, these future slums are all new-construction, suburban hamlets surrounded by grassy fields and filled with large, fairly expensive starter homes.
Leinberger’s story leads off with a look at Windy Ridge, a recently built development of pricey starter homes near Charlotte, N.C. As of late last year, 81 of the 132 homes here had fallen into foreclosure. He reports of vandals who have kicked in the doors to vacant homes and sprayed graffitti on others. Homeless people have moved in.
And, yes, it’s a suburb, not some inner-city, poverty-wracked neighborhood.
What happened? Many blame the subprime mortgage crisis. Many of the owners of homes in places like Windy Ridge could no longer afford their mortgages as their monthly payments rose.
Leinberger, though, points to another trend: Many residents are choosing to move back to cities. This will leave a huge surplus of suburban homes unwanted, the story says. And what will happen to these homes? They very well could become tomorrow’s slums: The places people live because they have nowhere else to go.
It may seem unlikely now, but Leinberger’s story quotes some pretty persuasive housing experts. And think about it: What are the real benefits of living in a far-off suburb? It usually means a long daily commute to work. It also means spending much of your life in a car.
Today, many major cities have cleaned up their acts. Their downtowns are again bustling with new development, both residential and commercial. Their crime rates have fallen. Their public transportation cities are stellar.
I can point to Chicago, my hometown, as an example of this. Mayor Daley — and, yes, the man has many, many faults — has done a great job of reinvigorating Chicago’s core downtown and the neighborhoods spiraling off it. New condo towers seem to be sprouting every day, not to mention an army of restaurants, shops and theaters. Downtown Chicago, and anywhere near it, is the hot spot to live.
If it does indeed happen — and who knows what really will occur — the end of the suburban push farther and farther from cities is undeniably a good thing. Far-flung suburbs encourage residents to suck down gas like it’s going out of style. It encourages people to live more isolated lives. And all those subdivisions gobbling acres upon acres of land are far from environmentally friendly.
So if you’re looking for someone to live, live where the people already are. You don’t need that hour-and-a-half morning commute every day.
