Close To Shopping

Close to shopping, transportation, dining, and recreation.” 

Those are golden words [when true] if used in marketing and advertising a residential listing.  It follows that without one of them, the allure of the home is decreased.  After all, since 1956 shopping malls provided important social and economic environments.  Real estate values have historically resisted massive depreciation when close to shopping malls.

Unfortunately, since 2006 there hasn’t been a new enclosed mall built in this Country. Instead, they are being abandoned and torn down.

If you have been hearing the news about retail troubles lately, it is evident that what I call the “cloud effect” is not a fad and is inserting Power and WiFi into Maslow’s famous pyramid of needs.  (This depiction is not meant to insert electricity outside of Safety Needs nor am I dumb enough to show electricity above connectivity; the former is required for the latter.)

hierarchy-of-needsSo if demographics and behaviors are changing, as they always are, is “proximity to free wifi” the next golden attribute for sellers?  If solar panels could be used to save power (for rainy days), that amenity could be golden, too.  (The economic viability of solar panels is apparently not currently positive; the government has to entice homeowners with subsidies.)

Next time you are in the market to buy and listings are touting proximity to shopping, ask the seller to disclose the vacancy rate and trends of the nearby brick-and-mortar retail entities.  Better yet, the buyer should apply their own values to the house and its location.

 

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