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Top Ten Best and Worst US Housing Markets. GROUNDING Chapter 12 examined the patterns of settlements at a national and global scale This chapter looks.

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Presentation on theme: "Top Ten Best and Worst US Housing Markets. GROUNDING Chapter 12 examined the patterns of settlements at a national and global scale This chapter looks."— Presentation transcript:

1 Top Ten Best and Worst US Housing Markets

2 GROUNDING Chapter 12 examined the patterns of settlements at a national and global scale This chapter looks at where people and activities are locate within settlements

3 CITIES AND URBANIZATION A MEGALOPOLIS is a series of large metropolitan areas so close that they form one continuous urban complex like BosNYWash, Chicago-milwauukee- Pittsburgh and LA-San Diego-Tijuana. URBANIZATION is the process by which the population and infrastructure of cities grow. Population increases both in number of people in a cities as well as percentage of total population living in cities. A CENTRAL CITY is a city that is large enough to be surrounded by suburbs. An URBANIZED AREA is a central city plus its contiguous built-up suburbs where population density exceeds 1000 people per square mile. A METROPOLITAN STATISTICAL AREA (MSA) is a method of measuring the functional area of a city that includes an urbanized area with a population of at least 50,000, the county within which the city is located, adjacent counties with a high population density and a large percentage of residents working in the central citys county. A GALACTIC CITY is a large central city surrounded by other distinct cities which developed to house people working in the central city.

4 NORTH AMERICAN CBDs THE LAYOUT The CENTRAL BUSINESS DISTRICT (CBD) is a compact area, usually one of the oldest districts in the city (if not the original settlement) with a high concentration of the shops, offices and public institutions. Shops with a high threshold, shops with a long range and shops that serve people who work in the CBD locate in the CBD. Characteristics 1.Tallest buildings 2.Most pedestrian traffic 3.Highest value land 4.Smallest store fronts 5.Highest pop density (by day) 6.Original settlement site 7.Compact (<1% of urban area) 8.High, centralized accessibility 9.Hosts retail, office and gov sites Linkages within CBD 1.competitive: common stores cluster near each other to take advantage of large customer base 2.Ancillary: service establishments cluster near major employment and transpo centers. 3.Commensal: activities serving the same clientele cluster (theaters and restaurants) Environmantal Issues in the CBD 1.Impenatrable surface (heavy runoff) 2.Increased air/water/noise pollution 3.Poor soils (compaction, loss of topsoil, construction debris) 4.Fewer species of wildlife 5.Channeled windiness 6.Lack of natural sunlight at ground level 7.Increased atmospheric warmTh ( URBAN HEAT ISLAND) CHANGING POPULATION DENSITY Population density changes as distance from the CBD increases. Due to the land cost at various distances, certain types of housing will be more prevalent at certain distances, thus changing the population density… (highrise apartments… older apartments… subdivided homes… then tight, single family homes… duplexes… detached houses… suburban McMansions

5 NORTH AMERICAN CBDs LAND USES The downtown of a settlement is called the CENTRAL BUSINESS DISTRICT (CBD). CBDs comprise less than 1% of the urban area, but the comprise a large percentage of the services. CONSUMER and BUSINESS Services are attracted to the CBD because of its accessibility and because it is the focal point of the transportation network. RETAIL SERVICES IN THE CBD Traditionally, three types of retail services located in the CDB: 1. Retailers with a high threshold 2. Retailers with a high range 3. Retailers serving other CBD workers HIGH RANGE SERVING OTHER WORKERS HIGH THRESHOLD High threshold retailers (like department stores) like the CBD for its accessibility to people. Stores clustered near one intersection and rents were high. Now, most have left the CBD and are clustered in suburban malls High range retailers (like jewelry stores) are specialty stores whose customers shop infrequently. They preferred CBD because customers were so widely scattered. Now most have left the CBD and also cluster in suburban malls. Some retailers serve those who work in businesses in the CBD (office supplies, computers, work clothing, dry cleaning, shoe repair, etc.). These services are expanding in the CBD because number of downtown workers (and thus demand) has increased. BUSINESSES IN THE CBD Many offices cluster in the CBD for proximity to other offices and workers who locate there (advertising, finance, journalism, banking, law). Despite modern commo, they still depend on face to face interaction. The offices are centrally located and expedite interaction through proximity. Central locations are also convenient when employing workers who live in a variety of different neighborhoods.

6 NORTH AMERICAN CBDs BID RENT THEORY Services wish to maximize their profitability, so they are more willing to pay more money for land close to the CBD and less for land further away from it because the more accessible an area (i.e., the greater the concentration of customers), the more profitable it will be. An ANCHOR STORE is one of the largest stores in a shopping mall or district that draws consumers and thus draws other stores to locate near it. The CENTRAL BUSINESS DISTRICT (CBD) is a compact area, usually one of the oldest districts in the city (if not the original settlement) with a high concentration of the shops, offices and public institutions. Shops with a high threshold, shops with a long range and shops that serve people who work in the CBD locate in the CBD. BID RENT THEORY states that price and demand for property changes as the distance from the CBD increases. Different land users will compete for land close to the city centre.

7 NORTH AMERICAN CBDs COMPETITION FOR LAND HIGH LAND COSTS SKYSCRAPERS ACTIVITIES EXCLUDED FROM THE CBD INDUSTRY RESIDENTIAL Because the CBD is so accessible and because space in it is limited, land is expensive. One square meter of land in Tokyos CDB sells for $15,000 per square meter. Therefore, land in the CDB is marked by two distinct characteristics: INTENSIVE LAND USE CBDs use land both above and below ground. Subways, parking garages, loading docs, utility lines, and sometimes even walkways and shops are underground. Although normally very expensive, demand for land in the CBD has made skyscrapers feasible. Buildings give each city its own unique skyline. Most cities passed controls on # and height. The nature of the activity determines its floor. The high and ever rising cost of land in the CBD has made two types of activities economically unfeasible in most CBDs: Modern factories require lots of land and large, one-story buildings and therefore have moved to the suburbs. Container ships are too large to maneuver into urban ports, and so many cities have transformed waterfronts to tourism. Many people used to live downtown (both wealthy and poor). In the 1900s, most moved due to both push and pull factors: Pulls: Larger suburban homes with yards and modern schools Pushes: rising land costs in CBDs. US cities in the 21 st century have seen a resurgence of urban living, esp. for empty-nesters and young, childless professionals.

8 CBDs OUTSIDE THE US DIFFERENCES FROM US CBDs --Less commerce (churches and palaces dominate) --Streets are often narrower --Many city centers incorporate large, greenspace squares/parks --European CBDs most often have lowrise building --More people live in downtown areas --Supermarkets, butchers, bakers and food stroes are common --Many CBDs ban motor vehicle traffic -- Since new construction is often banned, old buildings are renovated but renovation is costly and produces limited space… therefore, rents are higher

9 BUT ANYWAY… Changing industrial factors and the recession in the US has caused some settlements (cities) to be more attractive than others. A decent measure of a citys attractiveness is the strength of its housing market. Thus, the ten worst and best performing housing markets in the US…

10 LOSING MARKETS According to the National Association of realtors, housing prices fell in most of the country from the beginning of 2010 to the first quarter of These are the top five fastest-falling markets. 1: Gulfport-Biloxi, MS 2: Akron, OH 3: Salem, OR 4: Dayton, OH5: Cleveland, OH

11 Rounding out the Bottom 6: Miami, FL-19.7 percent 7: Ocala, FL-18.8 percent 8: Allentown, PA-18.4 percent 9: Tucson, AZ percent 10: Cumberland, MD-17.9 percent Overall, prices declined in all four U.S. regions. Midwest: a 5.3 percent drop Northeast: 5 percent drop West: 4.7 percent drop South 0.6 percent drop Regional Declines

12 1: Charlotte, NC 2: Buffalo-Niagra, NY 3: Burlington, VT 4: Jackson, MS5: Florence, SC WINNING MARKETS According to the National Association of Realtors, housing prices went up in one quarter of metropolitan markets from the beginning of 2010 to the first quarter of These are the top five fastest-growing housing markets.

13 Other Winners Decatur, IL8.4 percent Canton, OH 6.7 percent Columbia, MO.6.7 percent Shreveport, LA6.6 percent Fort Myers, FL6.3 percent


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