You might be asking yourself what the photo above has to do with the title of this post… keep reading and I promise it will all make sense by the end.

I came across an interesting article earlier this week that talked about a study conducted by the National Association of Realtors that found the following:

– 56 percent of American home buyers would choose a “smart growth” community (characterized by mixed-use development, multimodal transportation, walkability and a general downtown sort of vibe) over the single-use, car-centered suburban model that has dominated North American urban growth since the 1950s

– An even larger majority — 77 percent — say they look for the pedestrian infrastructure long absent from suburbia such as wide sidewalks when shopping for a new home

– 59 percent would swap square footage for a shorter commute

– 88 percent valued neighborhood quality over home size

– 50 percent wanted better public transit instead of more new roads

This points to a shift in trends and values over the past… which could be a key to success for downtown Las Vegas. We’ve seen that the downtown high rises can be successful when the prices make sense now that those condos are being rented out ($1-2,000/ month rent makes more sense than the $600k-2M purchase prices that they were fetching at the peak). The John S. Park neighborhood is great area with a ton of old town character and within walking distance of the downtown scene.

These areas are drawing people back in that are tired of the cookie cutter suburban homes that make up the Las Vegas valley. There is a different vibe and energy going into the area and I am excited to see where it goes in the next 5-10 years.

Is the area still a little rough around the edges? Absolutely, but that’s what makes it interesting. I think of it like an old classic car… there are some people that look at a beat up classic car and think, “What a pile of junk!” There are others that will look at that same car and see the potential that it offers. Make no mistake, anyone who has restored a car knows that it is no easy feat… it is absolutely a labor of love. But, when you can look back at what you started with and see the finished product, it’s always worth it!