Will gas prices drive buyers downtown?

My colleagues over at the Bottleneck blog posted an interesting item today asking if rising gas prices will make downtown real estate look more attractive:

"We've been hearing this for awhile -- mostly from developers. Suburban residents will move into urban areas because they can't stand their commutes anymore. There's been much debate about whether this is true. But the Wall Street Journal reports that gas prices might be doing what traffic could not:

'Abandoning grueling freeway commutes and the ennui of San Fernando Valley suburbs, Mike Boseman recently found residential refuge in [Pasadena]. His apartment building straddles a light-rail line, which the 25-year-old insurance broker rides to and from work in Los Angeles...' "

The Associated Press has a similar story, reporting, "Real estate agents, transportation officials and industry surveys indicate that home buyers are placing more importance on cutting their gas bills and commute times than they have since the oil shocks of the 1970s."

More, from the A.P.: "On Wednesday, a survey of 900 Coldwell Banker agents showed a remarkable 96% said that rising gas prices were a concern to their clients, and 78% said higher fuel costs are increasing their desire for city living."

One more, from LosAngelesGasPrices: The average price of a gallon of regular unleaded in L.A. is $4.61 Wednesday, up from $4.60 Tuesday.

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com.
Photo: Los Angeles Times

Comments

[eprobert]

Sure, i'd love to trade a garage, backyard, and $100 savings per month on gas for $500 in HOA dues, homeless camps across the street and valet-only parking!

What a joke.

Downtown is cool, don't get me wrong, but nobody is going to move into a $4000/month (purchased) loft for a few dollars in saved gas.

[the problemwithcaring]

Forget downtown. I am with MyLessthanPrime. Malthusian pressures are what are at the root of the globe's energy crisis. A modest proposal to really save energy and Mother Earth? Los Anglenos need to just stop breeding all togther.

[VIPBazaar]

Come to the hills of Lincoln heights, Chinatown and Montecito heights, the best kept secret of Los Angeles. You can get homes with magnificient views for 500k. Forget the overpriced lofts of downtown. check out my site http://VIPBazaar.com for listings around north east la. close to metro station, freeways and affordable grocery stores.

[yours truly, Johnny Dollar]

****Classical Gas******
from the gas station that should be Rodeo Drive,
Union 76 at Barrington and Pico; 87 octane price update:
at 0935, 06-20-08: $4.89 point 9;
(diesel = $5.79 point 9).
(where is Mason Williams when I could use him?).

[anonymous]

Every time i stop at a gas station, i see everybody using credit cards to fill up. I hardly see people walking inside with cash..

Laker - I use debit card for everything except paying my illegal housekeeper and buying my illegal illicit drugs. Why does any 21st century'r want pennies jangling in their pocket? Am I gonna use them to pay exact change at Whole Foods?

C'mon. That comment was like H.W.Bush's marvelling at the nifty bar code scanners in supermarkets in the 92 campaign v. clinton. I didn't realize you were a Jerry West and George Mikan "Laker." Go M-L-P-S!!!

Just kidding dude. But seriously, I earn well into the 6 and I use card for everything. Cash is for Tony Montana, Pablo Escobar, Flava Flav and the Michigan Militia.

[Laker]

anonymous,
Use credit cards and earn some cash back. If you pay your bill in full by due date, it is the same as debit card...no fees, but you earn some money back.