« July 23, 2006 - July 29, 2006 | Main | August 6, 2006 - August 12, 2006 »

August 4, 2006

Live Baltimore Home Center

One-stop shop for potential residents

In the last two days we looked at the Attracting the Young, College-Educated to Cities study, whose researchers stated that the #1 task on cities' to-do lists is to personally show potential residents how great its neighborhoods are, rather than just present them online (and most don't even do that).

The Live Baltimore Home Center does just that. Not too far from the central train station, it's a one-stop shop for determining how much home you can afford, researching over two hundred neighborhoods, and talking to both the center's staff and on-site real estate agents about neighborhood specifics and home-buying incentives.

Their award-winning website is also extensive, with detailed neighborhood profiles (could use more photos!) and neighborhood map. The center also utilizes neighborhood ambassadors behind the scenes to inform real estate agents and welcome new residents.

However, since the center staff and real estate agents are pretty much forbidden by law from revealing which neighborhoods are the 'coolest', start with those closest to the downtown, like Federal Hill, Fells Point, Canton and Butcher's Hill. Any others?

Next up - models for marketing a specific neighborhood or commercial district.

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August 3, 2006

Adams Morgan, Washington DC

Study: Attracting young adults to your city

Continuing a look at the study (profiled in the previous entry) that concluded 64% of young adults choose place over job, here are the researchers' recommendations on how to attract them.

First, cater to their top three aspirations:
- To be healthy and safe. A clean, green, and safe city. Investment in attractive public places, green building and active streets (public safety).
- To be your own boss. Lots of opportunities for entrepreneurs. Attainably-priced workplaces, entrepreneur assistance and networking events.
- To be well connected. Lots of opportunities for social interaction. Public places and third places that facilitate this.

Second, don't just talk about it, show potential residents where the cool neighborhoods are that do indeed cater to these aspirations. Check out a previous entry on this, How to experience the hidden community. Why is this so important?

The study shows people don't move very far from where they've previously lived, mainly because they're not very familiar with other places. The further away the city, the more stereotyped they are.

Take a look at the most preferred cities from the study surveys: New York (nightlife, jobs), San Francisco (jobs, recreation), San Diego (weather, beach), Los Angeles (weather, jobs), Seattle (progressive, diverse).

Then the least preferred cities: Anchorage (cold), New York (unsafe, a misperception), Washington DC (politicians, lawyers), cities in South Dakota and Alaska (middle of nowhere, cold).

The researchers feel these cities made either list because they're the most stereotyped cities overall, rather than because people actually knew them firsthand.

There are countless other cities with neighborhoods that enjoy better weather, nightlife and jobs than those within the most preferred cities, even from the least preferred cities. Cities need to a better job of marketing and showing their destinations and neighborhoods to prospectives.

Tomorrow, a look at one city that does that extremely well.

Image: The antithesis of Washington DC's stereotype - Adams Morgan, an active neighborhood unknown to most who haven't been there.

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August 2, 2006

Downtown Louisville, KY

64% of young adults choose place over job

How important is it for cities to invest in their quality of life over jobs? If they expect to attract 25-34 year olds, it's pretty darn important. According to a recent study*, 64% of college-educated 25-34 year olds chose the city they want to live in before the job.

Women were more apt to choose place over job than men, 69% for women, 60% for men. How clean, green and safe a city is factors more into a woman's decision than men regardless of job.

The study's researchers identify three main factors for the preference of place over job:
- More choices in how people work, such as telecommuting or working independently, a natural outgrowth of an information-based economy.
- More women in the workplace. As mentioned, quality of life is more important to them, prioritizing clean/green/safety, raising a family, and develop their life aspirations and goals, followed by ability to make connections, diversity, and outdoor gathering places.
- No expectation of being with a company permanently.

*The study, Attracting the Young, College-Educated to Cities, was commissioned by CEOs for Cities and conducted by The Segmentation Company. A SmartCity Radio interview with Meredith Gilfeather, the senior researcher on the project, can be listened to here.

Tomorrow, the researchers' suggestions for attracting this demographic.

Image: Downtown Louisville, KY

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August 1, 2006

CoolTown Studios website

Primer on perusing this website

With a quarter million page views last month, it may be a good time to provide a summary of what you can find on this website:

Daily weekdays: A new cooltowns entry with image. Except holidays!

$40M Investment Network - For cooltown investors and 'investees' seeking one another
What People Are Saying... - Unsolicited feedback on our website
About Us - What we do, who we are
Archives - All 800+ entries since day one!
Discuss! - Message board to carry on discussions, share images amongst yourselves
Member Forum - Research and image library for members
Exclusive Market Research - Link to sign up for the above

Search - Find anything written within all 800+ entries.

Stay Informed/Participate - Sign up for email reports, join a business group, or national/international discussion listserv.

Categories:

Attainability - Affordability without subsidy
Community Building - The 'software' to the bricks & mortar 'hardware'
Cool Places - Great places from around the world (need your entries!)
CoolTown Process - The CoolTown methodology
Creative Class - The 38 million people that make up the heart of cooltowns
Downtown Migration - Downtowns truly are experiencing a renaissance
Economic Gardening - Growing your economy with local companies rather than stealing others'
Entertainment & Arts - What's fun and creative in your neighborhood?
Government Innovation - You'd be surprised. Visionary mayors are a requisite.
Green Development - Lots of environmentally-conscious green building examples
Health & Fitness - Evidence that cooltowns are indeed good for you
Housing & Lofts - High style, low cost - that's the theme.
Investment - Focused on those with investment capital
Invisible Technology - Cooltowns are high-tech, but more so if you don't notice it
Market Development - Understanding the target market - you
Mass Customization - An evolving economy based on customer-driven products and services
Media & Resources - In the news and news sources
Mixed-Use Developments - Model housing/retail/office buildings
Mobility - Aka transportation, but from a pedestrian point of view
New Cooltowns? - On the drawing board
PlaceMaking - This is where new urbanism, smart growth comes in
Public Safety - Lessons on establishing safe neighborhoods
Reader Experiences - Places our readers find cool
Retail Entertainment Districts - This is a big one - the heart of a city or neighborhood
Retail Venue Development - The most intriguing indie restaurants and shops
Third Places - Not your home or workplace, but places to hang out away from both
University Towns - Developments around universities, the well of talent
Workplaces - Innovative workplaces that don't resemble anything like the 9-5 cubicles
Youth & Education - Why there's hope for the future

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July 31, 2006

The Pulse Loft Condominiums, Cincinnati

To buy or rent? To invest in condominiums or apartments?

The buzz is that the condo market is slowing down. Thus, the hot question is whether to go condo or apartment, a key one for both developers and potential home buyers alike. First, a couple of facts:

- Condo sales in the U.S. set a tenth consecutive sales record last year (896,000 units), 9.3% better than 2004.*
- Condos for the first time ever at the end of last year sold for more ($223,500 average) than single-families ($218,600).*
- The mortgage interest rate is about 1.1% higher now than it was last year. That means to maintain the same amount of payments for that $220K condo at 5.7%, you could only buy one for $196K at 6.8%. However, average condo prices are not dropping that low.

So the answer is, it depends. If you're finding or are looking to build average condos, better to go the rental route until the market corrects itself and prices drop according to the interest rate hikes. But not so if investing in unique properties with cooltown attributes, like The Pulse (pictured) in Cincinnati, whose developers are sticking with condos. Not only is The Pulse unique in the market with concrete floors, 10 ft. ceilings, movable walls and rooftop decks, most importantly, it's priced less than the national average because it's strategically located in a 'not-quite-there-yet' neighborhood where homes average $96,000. You may be sorry if you don't go condo in cases like that...

*Source: National Association of Realtors

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