According to Senior Housing News, ‘Hipsturbia’ is the newest trends appearing in real estate.
The ideas of Hipsturbia have been rising, along with senior living developments and are also popular among the younger generation as well. The term comes from the mixture of suburbia and hipster combined and was used for the first time in 2013 by the New York Times.
There are people in their early 20’s and 30’s moving to communities on the outskirts of the big cities. Eventually, they would make it a hipster hotspot that consists of locavore restaurants, including antler laden boutiques. This kind of community is turning up all over the country. In fact, a recent report of PwC has identified Hipsturbia to be an emerging real estate trend for 2020.
It may sound like a strange location to put a Senior Living Community, as hipsters are often represented to be way too cool for the Gen Z’ers or millennial’s and will often have vintage clothing stores, coffee shops that specialize in decors being in the shade of overgrown vegetation, and of course, craft breweries .
Although seniors may not fight through crowds in order to attend a skinny jeans emporium, they have begun visualizing themselves living in places that they find attractive such as Hipsturbia for many different reasons. Developers have been meeting the demands of senior housing located in Hipsturbia, working with many international projects throughout the process while creating unique designs.
The Evanston Example
There were several Hipsturbias that were name-checked, this included the city of Evanston and is located north of Chicago in Illinois (on Lake Michigan’s shoreline). Evanston has provided a case study they performed themselves, which is relevant to a senior living community having the hipsturbia trend. Being one of the first-ring suburbs to bounce back after such a long duration of declining housing trends. The reason for this is that the population began to shift at the end of World War II, and people were moving to suburbs further and further away from the big cities where they could purchase cheaper land. However, in the beginning, the first-ring suburbs had failed. For instance, take the case of Evanston, in the year of 1956 the Old Orchard shopping center was built in the city of Skokie and when it opened it made a hard impact on Evanston.
Over a period of twenty-years or so, there was nothing left except a loud smacking sound to remind Evanston of his hard fall and even harder times. When major department stores began closing the battle was all but lost to the newer and modern shopping malls. Eventually, the corporate headquarters gave into the cheaper office parks, according to journalist T.R. Goldman who had written an article in 2015 for Politico. This made it possible to trace down the decline and rebirth of Evanston.
When the 1980’s rolled around things had become dire, with a rate of only 18% vacancy in the downtown area. The whole time, the city had plans to turn the tide back to the way it once was. This was to be done through the changing of parking regulations, changing the zoning areas, as well as taking advantage of doing trade and having the presence of Northwest University, including access to Chicago’s public transportation. It was the goal of Evanston’s leaders to be able to turn the downtown area into an environment of living, working, and playing 24/7.
It took more than 20 years to make its fruition, while facing many different challenges from critics who would argue on denser construction, and the use of high-rises, which compromised Evanston’s morale character. The end result was the downtown area being revitalized. There was more than one part to this success because the city leaders were fortunately willing to use more conventional wisdom when it came to parking matters. An advantage of living in the suburbs was to own a vehicle. Not many people were willing to give this up. However, Evanston was willing to wager on this believing that walking and using a transit infrastructure, including multiple bus lines, the Metra commuter (rail station), and the ‘El’ train which was a rail station that ran right into the heart of Chicago.
The very first Evanston apartment building to be built in the downtown area having no parking space at all for a good 100 years was built by Condor Partners (located in Chicago). This is known as the Centrum Evanston and is 12 stories high, with 101 units in all. It was originally opened in the year of 2017 and “it has been very successful ever since,” according to what Michael McLean, a Condor Partner, stated to Senior Housing News.
McLean also stated that there were several factors involved with the success of Evanston’s reinvention strategy that were not in the city’s reach and this kept them from getting immediate control. Worth mentioning would be the collapse of real estate markets throughout the Great Recession. In fact, according to McLean, the homes in Evanston have only barely recovered. A new light was shed on homeownership due to those who could do nothing except watch the equity in their homes disappear during the recession. Today however, people have a very different outlook on homeownership.
The idea of purchasing a home to make a profit is looked at in the real estate industry as a permanent idea, according to what McLean has told SHN. The recession gave many of the younger generation and others a false psychological shift that there were more cons than pros to being tied down with homeownership. There was an increase in the psychological shift for the younger generation, senior housing development, and urban multi-families in general, and the value was being placed in having an easier access to amenities and culture instead of being a real estate owner.
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