Sub(URBAN): adj., a little less sub, a little more urban. 1) "Jane decided to move to a subURBAN town for the benefits of a city-like atmosphere without the hassle."
Did you know the ability to walk to a coffee shop, playground, restaurant or public transportation has more of an impact on the value of your home than square footage or stainless steel appliances?
According to Zillow, 'New Urbanism' is the suburbs of the future. What exactly does this mean? It means people are choosing accessibility over isolation, walkability over of car-centric and smaller homes and lawns over McMansions. Sound like any towns you know west of Cambridge and east of Lexington?
Another article by Boston.com supports this theory with their article, '70s-style suburban living is dead. Town-centric connectedness is drawing everyone from millennials to boomers, singles to families.
This is exactly what we're seeing in and around Arlington and West Medford as well. With plenty of mixed-use neighborhoods, pedestrian bikeways, accessible public spaces, and multiple modes of public transportation, these are the poster children of the subURBAN town.
Interestingly enough, we had a comment to our recent post in the Arlington Patch 'Arlington's Top 10 Real Estate Facts' which asks about the lack of available homes for sale around East Arlington - known as a more 'urban' part of town.
Right now, urban, suburban and almost every type of town inside 128 is experiencing low levels of inventory. As I mention in my response, I believe lack of inventory is due to the number of homeowners that refinanced a few years ago. They are happy with the lower mortgage payments and since many may have renovated their home when they refinanced, they are under no great pressure to move.
But as places like East Arlington, Arlington and West Medford increasingly fit the profile of what is considered a desirable, walkable, accessible community, we'll likely see these markets increase in value. And when people living in these communities see that they can possibly sell their home for more than what they purchased it for, an increase in inventory should result.
And an increase in inventory will surely pave the walkable way for buyers looking join the new urbanism movement.
*Image via www.ealscoalition.org