Quote:
Originally Posted by SLC Tortfeasor
Is anybody worried that we might be adding too many new condos to the downtown SLC real estate market? I want as many people living downtown as possible, but I'm starting to get a little nervous that developers are going overboard.
What's the general consensus here?
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I've had similar concerns myself, but this is my take . . .
Utah is still among the fastest growing states in the nation. New housing is still needed, albeit at a slower pace. Courtesy of higher fuel and energy prices, Americans are waking up to the idea that suburban expansion is not sustainable - and no longer affordable.
As subdivisions continue to fill up with unsold homes, downtown condos are springing up to fill the void. Not only is the idea of urban living in SLC becoming more attractive (City Creek has a lot to do with that), but people are recognizing that urban living helps facilitate sustainable growth and lifestyles.
There are reasons to be cautious about saturating the market, particularly in today's economic climate. Future growth in this country, however, will be defined by healthy, urban neighborhoods tied together by mass transit.
SLC is ahead of the curve on both points.