I live in New York City, and occasionally meet people whose parents, say, bought a Brooklyn brownstone in the '70s or '80s for next to nothing, and have since seen its value appreciate enormously. That’s because in the “good-old-bad-old-days”, crime was skyrocketing, people were leaving in droves, infrastructure was crumbling, the Bronx was burning, etc. Now that’s all pretty much turned around, property values are through the roof, and everyone wishes they’d had the foresight to buy an apartment 25 years ago.
So, what city are we going to be saying that about 25 years from now? What broke, crime-ridden lost cause is going to regain its footing and marvel everyone with its resurgence? Why? For an extra level of fun futuristic speculation, what country might that be true of?
I’m sure this is meant sarcastically, but Oakland is my pick, and not just because it’s my hometown. Because housing costs in San Francisco are so outrageous, there’s been a steady migration of young artistic types to Oakland over the past decade +, and businesses and restaurants have been following, as well (we’re home to Pandora). I think in 25 years or so it will be thought of in an entirely different light.
I’ll second this. If there is any truth to the legends, one could buy entire city blocks for the price of a decent home elsewhere. Raze with fire, plant some trees, wait for prosperity to return to the region.
I’m surprised by the votes for Denver…I had the impression it was pretty nice right now! What’s so bad about Denver?
My prediction: Baltimore. It’s in a great spot on the Eastern corridor, has some beautiful old housing stock, interesting history, and a cool culture and vibe that are just drowned out by the unbelievable crime and decay. (And syphilis: when I lived there the local “Baltimorons” were always quick to point out that they were the syphilis capital of the country…) If the city can get its crime rate under control and attract some business, it could really make a huge comeback.
And if wishes were horses we’d all be eating steak.
My prediction is some little town that nobody is thinking of in the Southwest. The “return to the Rust Belt/Northeast” will never happen. The next big boom in property will occur around some place like Flagstaff or Nogales.
As the property owner, you are responsible for cleaning the sidewalks and cutting the grass. To raise revenue, the city is billing landlords for these things. Also, your property is a convenient dumping ground. Again, you will be billed for clean-up and fined enormously. It’s not like buying farm land and waiting for a developer.
Cities in general. In every city there are blighted areas that are in close proximity to the business centers, infrastructure and mass transit. The near south side of Chicago for example. In 25 years with gas prices skyrocketing and the electric grid deteriorating it’s going to become exceedingly important to be in a location that reduces the dependence on cars and is going to have a reliably high level of infrastructure being maintained.
Living in the burbs and the sprawl will become prohibitively expensive and people will begin flocking to central areas. It’ll be the opposite of white flight and gas prices will be the cause. Western cities without central business cores and without any mass transit will suffer. Ironically, the rust belt might be best position to flourish when driving a car great distances becomes a luxury many can’t afford.
My prediction: Baltimore. It’s in a great spot on the Eastern corridor, has some beautiful old housing stock, interesting history, and a cool culture and vibe that are just drowned out by the unbelievable crime and decay. (And syphilis: when I lived there the local “Baltimorons” were always quick to point out that they were the syphilis capital of the country…) If the city can get its crime rate under control and attract some business, it could really make a huge comeback.
[/QUOTE]
I’m going to go with Baltimore as well. As the DC Metro area keeps booming and expanding, and the prices here rise higher and higher, I think that city types who want to pay less and live in a nice area will start moving to Baltimore. You can already commute between the two via Marc train, and Baltimore to DC by car is only 40 miles or so, which is the same distance and the outer suburbs to DC.
