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Entering The Real Estate Market

 

Innovative ideas to combine technology, environmental consciousness, and location seamlessly slip into their new roles as homeowners. With the millennials’ flair for making the most of what they’ve got, the boomers might soon be looking to the millennials to help navigate the new real estate markets. 

 

Millennials make up the largest demographic in the nation, with over 70 million millennials eagerly waiting to enter the real estate market, making up most of the home-buyers market at a whopping 53.7% in Dallas alone, for example. A study conducted by the National Association of Home Builders concluded that despite a few millennials still choosing to live in the quiet greenery of suburbia, there are a great many of them that are preferring to settle in the city.

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City Centers vs. Neighborhoods

City centers and neighborhoods may have qualities in common but they also have distinctive characteristics.

City Centers

For a long time, the city center was the hub of commerce, pedestrian traffic, and entertainment in many cities.  A city center, which may also be called r “downtown” or a “business district,” has features such as:

• Transportation hubs such as train and bus terminals.
• Convention centers for business events.
• Hotels for tourists and business travelers.
• A wide selection of restaurants, retail shops, and entertainment (e.g. nightclubs, theaters, concert halls).

Neighborhoods

While a city center is, by definition, the hub of a city, neighborhoods can be scattered around and may extend into the suburbs. While city centers often attract tourists, business travelers, and residents seeking entertainment, neighborhoods are more known for:

• Residential areas
• Schools
• Churches, community centers, and civic organizations

Obviously, there’s overlap between the two as people do live in city centers and there have always been retail, restaurants, and other attractions in neighborhoods. Now, however, we’re seeing more diverse businesses and activities in neighborhoods.

The Revival of Neighborhoods

City centers are still popular in many ways, especially for tourism and business events. However, the focus is shifting to neighborhoods in some important ways.

Retail Returning to Main Street

As Fast Company recently reported, retail is returning to neighborhoods. Retail stores and other businesses are finding that many customers prefer to find goods and services in neighborhoods where they live. Retail intelligence demands that savvy businesses anticipate customers’ preferences. Fulton Market in Chicago, for example, has recently grown quickly as one of the nation’s most trendy shopping areas. What is driving this shift? There are actually a number of factors.

• Convenience. Most people live in neighborhoods and don’t always feel like traveling to the city center for necessities or leisure activities.
• Community. Shopping locally gives people a chance to socialize and get to know their neighbors.
• Diversity. Suburban malls and city centers are mainly populated with chain stores. Main Street businesses are often independent and owned by locals.

Community and Civic Improvements

Aside from retail, many neighborhoods are enjoying the revitalization of community services. This is evident in several Midwestern cities. In Milwaukee, Co:lab, a coalition of civic organizations, is launching many community projects designed to strengthen neighborhoods, provide people with essential skills, and revitalize the economy. Similar efforts are underway in Madison, where community groups recently received a grant to work with troubled youth in the Mellowhood neighborhood. Such efforts are designed to improve safety, help at-risk populations, and make streets and malls more appealing to shoppers.

Such community strengthening efforts can have a significant effect on neighborhoods. They encourage more retail investors in these areas. They help to boost both commercial and residential real estate. A growing and improving neighborhood creates a submarket for developers and small businesses to invest in.

Smart Parking Solutions for neighborhoods that gain popularity over city centers

One implication of retail expansion in neighborhoods is that cities need efficient solutions to make life easier for businesses and shoppers. Traffic and parking, for example,  are a major issue in many cities today. Popular shopping districts need sustainable parking solutions.  There are several key issues that drivers and businesses care about.

• Availability. People want to know that they can easily find a parking space.
• Cost of parking. If parking is expensive, it discourages shoppers from visiting an area.
• Traffic congestion. Efficient parking cuts down on congestion
• Safety. It’s important that drivers feel safe parking and leaving their vehicles unattended while they’re shopping.
• Aesthetics. Parking solutions can either blend well with a neighborhood or an eyesore.

Neighborhoods in many areas such as Chicago, Milwaukee, Madison, and many other areas, are experiencing an exciting renaissance. This is good news but it also means that smart solutions are needed to accommodate growth.

Parqex offers innovative parking solutions for builders, developers, property managers, and residents. GuestParq makes it easy for property managers to organize guest parking. Access+ allows drivers to manage gates, doors, and garages. Enforcer helps you catch parking violations. These are some of the tools Parqex has introduced to make life easier as neighborhoods grow and attract more traffic. To find out more about our services, contact us.

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1. Space saving

Sustainable parking systems save space compared to traditional parking lots. Space is maximized by reducing empty spaces, using less space per vehicle, and utilizing machine parking. For example, machines can be used to park cars rather than relying on human skills to optimize space.

2. Reduce accidents

Sustainable parking lots decrease the probability of accidents. Also, they reduce the chances of car damage when parked. Nobody would like to park his car in a parking lot only to return to a damaged car.

3. Cost-effective

Sustainable parking is cost effective compared to conventional parking. It saves time and cost of wasted fuel as cars move faster and effectively. Also, maintenance costs are lower because they use green technologies.

4. Increase safety

We’ve all heard cases of theft in parking lots. You leave your laptop in your vehicle in the parking lot and find it’s gone when you come back. With sustainable parking, security is prioritized and hence decreasing cases of theft.

5. Improve visual aesthetics

A parking structure should not be a dull and boring collection of parking lots. It should be bright and beautiful. Sustainable parking is not only functional but also aesthetically appealing. Beautifying aspects such as easy to maintain plants, shrubs, and green beds and landscaping are used generously.  These help improve customer experience, as the live plants enhance the quality of air.

6. Energy Efficiency

Sustainable parking employs advanced technologies to increase energy efficiency. It uses lighting controls and sensors to optimize energy use. Some parking structures utilize natural daylight and solar energy to achieve energy efficiency. They install solar panels to tap solar energy instead of using grid electricity.

7. Reduce environmental impact

While conventional parking encourages emissions as drivers circle slowly to find parking, sustainable parking does not. With sustainable parking lots, drivers locate parking in the shortest period possible. Plants in parking lots absorb carbon dioxide emitted by vehicles and increase oxygen supply. Less emission means healthier and cleaner cities.

8. Enhance personal safety

Sustainable parking structures increase personal safety especially, at night. Stories of hooligans attacking people in the parking lots are nothing new. However, with adequate security and lighting, parking structures become safe. Sustainable parking also improves the safety of road users such as pedestrians and cyclists.

9. Caters for all users

Traditional parking is known to neglect users with special needs and cyclists. Sustainable parking provides options for all users ranging from cyclists to people with disabilities. Cyclists have a designated place to store their bikes. Also, people with disabilities are not left out and have accessible parking lots to meet their needs.

10. Improve user experience

Sustainable parking optimizes users experience by designating drop-off, pick-up points, and waiting areas that are well-lit and secure.  Also, it allows easy use of the facility and users do not spend much time locating open spaces and walkouts.

Parking structures are important parts of our communities and city design. They are the most used outdoor spaces and gateways to buildings. Therefore, it is essential to take parking structures seriously and design them thoughtfully. Sustainable parking lots have benefits for users, owners, and society as a whole.

ParqEx is a sustainable parking solution that is easy to use and environmentally conscious. It connects people to parking spots and saves them the headache of searching for parking. ParqEx aims to solve the problem of urban parking and save the environment from the emissions of drivers looking for parking. Rather than constructing more parking lots, ParqEx believes in sharing existing parking lots. Call us today to schedule a demo.

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