Interest in Urban Homeownership ‘Fueled’ By Higher Gas Prices

RISMEDIA, June 20, 2008-Coldwell Banker® sales associates working in urban markets across the United States indicate they are seeing interest in urban living increasing because of the high cost of gasoline. While 96% of the 903 sales associates surveyed report that rising gas and oil prices are a concern to their clients, 78% report that higher fuel costs are increasing their desire to consider living in an urban setting.

According to the Coldwell Banker survey, the primary reasons for this interest in urban living are related to work commute and energy-efficient modes of transportation:

- 81% cite minimizing a reduced work commute as a reason for the interest in urban living
- 54% agree that access to public transportation is appealing
- 75% agree that the ability to walk to more places is a positive

“Over the past several years we have seen a boom in downtown living all over the country and this is not just reserved to major cities,” said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate. “It is interesting to note that the study showed that 53 percent of our surveyed sales associates have seen an increased interest in urban living compared to five years ago.”

Coldwell Banker surveyed sales associates who also reported they have seen an 84% spike in interest for properties with a home office, as compared to five years ago, indicating a trend towards telecommuting.

While the study also found that 64% of surveyed sales associates report their clients increasingly look for homes with “green” amenities that could save on heating, cooling and electricity costs, only 42% surveyed believe saving on energy costs are a reason for their client’s interest in urban living.

Methodology: Coldwell Banker conducted an online survey on trends surrounding urban living and rising gas prices. The survey yielded responses from 903 Coldwell Banker brokers across the United States.

For more information, visit www.coldwellbanker.com.

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