John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... Marilee Utter has been an advocate of green, sustainable and transit-oriented developments before those phrases were even in our lexicon.
Utter, principal of the consulting firm, Citiventure Associates LLC, has long been active in the Urban Land Institute, and has experience in both the public and private sectors.
Here is her take on the “Old Normal” in real estate, and how it is being replaced by the “New Normal.”
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Old Normal New Normal
Suburban sprawl. Infill development.
Auto-oriented projects. Transit-oriented development
Single-purpose buildings. Multi-purpose flexible buildings.
Retail-anchored malls and Main Streets. Retail as an accessory use.
Private master developer on large projects. Private developments in small increments.
Domestic bank and institutional financing. Global capital and private equity fundings.
Home-ownership preferences. Equal rental and ownership housing.
Attention to short-term construction costs. Attention to long-term operating costs.
Cities as regulators. Cities as investors and partners.
Rapid single person household formations. Multi-person, multi-generational housing.
Residential and commercial "scrapers." Create reuse and building preservation.
Zero to 20 percent equity. 30 to 40 percent equity requirements.
Property tax protections. Property taxes raised to fund growth.
Parking requirements. Parking limitations.
Golf courses. Trail systems.
Starbucks as cheap office space. More Starbucks, less conventional offices.
Smooth roads, crummy buses. Cool buses, potholes and congestion.
Airplane business travel. Trains and video-conferencing.
Resort second homes Bed and breakfasts (B&B's) and vacation packages.
Gourmet grocery stores. Small, frequent farmer's markets.
Source: Marilee Utter, president Citiventure Associates LLC.
Video conferencing gave us a way to handle business meetings more efficiently,`*