real estate

NEWS via psMag: Ironic Gentrification and the Migration of Globalization

March 24, 2014 // 0 Comments

Ironic Gentrification and the Migration of Globalization BY JIM RUSSELL • March 20, 2014 • 2:00 AM Cherry blossom trees in Buffalo, New York, in bloom. (Photo DragonFire1024/Wikimedia Commons) Higher education and health care, two major elements of the new Legacy Economy, are attracting global talent and gentrifying the neighborhoods that surround them, pricing out residents who toil in the local or regional labor market. I link economic globalization to gentrification with migration. Gentrification itself is an indicator of intensifying globalization. The influx of migrants who toil in a global labor market move into a neighborhood and compete with residents who toil in a local or regional labor market. Soon enough, the rent is too damn high. Or, if you like (I do), the wages are too damn low. Both cost for shelter and income impact housing affordability. A conventional measure that captures both variables is percentage of income dedicated to housing. In that light, some [...]

NEWS via NOLA: Putting hip on the map: Real estate markets heat up when a neighborhood turns cool

March 17, 2014 // 0 Comments

Putting hip on the map: Real estate markets heat up when a neighborhood turns cool By Richard Campanella on March 12, 2014 at 9:00 AM, updated March 12, 2014 at 8:25 PM “Location, location, location,” the real estate adage goes. In fact, a number of complex variables drive the value of land, particularly for residential areas. They range from schools and quality of life, to amenities and safety, to prejudices, perceptions and social status. In recent decades, a new variant of social status has entered the real estate equation, and it has since transfigured downtown New Orleans and other American cities. It’s the curious cultural phenomenon known as cool. Neighborhoods that a decade or two ago were viewed as dirty, dangerous and disregarded now rank among the region’s hottest real estate markets, turned around courtesy of an emerging social charisma that may be described as “hip” or “cool.” Among them are Bywater and adjacent areas down [...]
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