Ogden in Las Vegas downtown’s spotlight
U.S. housing trend shows increase in walkable urban areas
The trend hailed as the future of real estate development in America is alive and well in downtown Las Vegas. Demand is increasing for walkable urban places, where everyday destinations such as home, work, dining, shopping and school are easily accessible on foot.
Observers believe this shift from “drivable suburban” to “walkable urban” transforms urban communities for the better and yields huge cost savings for homebuyers.
“Creating walkability with restaurants and stores can help transition an edgy part of town into one that is hip and hopping with pedestrians,” said Lawrence Yun, chief economist for the National Association of Realtors, which held a May 15 panel in Washington on the subject.
The panel, organized by the Realtor University Richard J. Rosenthal Center for Real Estate Studies during the Realtors Legislative Meetings & Trade Expo, found walkable urban neighborhoods are inherently more affordable, with homeowners spending about 43 percent of their income on housing and transportation, as opposed to those living in nonwalkable areas, who spend about 48 percent.
“If a family can get rid of one car, they can increase their mortgage capacity by $150,000,” said panelist Christopher Leinberger, a George Washington University School of Business professor and president of Locus, a national coalition of developers and investors who advocate for sustainable, walkable urban development.
This accessible, easy-to-get-around lifestyle is popular among young families, empty nesters and millennials, as evidenced by the latest trend towards car shares and bike shares. Residential walkable communities also bring more value to the area, generating four times the tax revenue of regional and business malls.
“Walkable urban regions in the U.S. have a 41 percent higher gross domestic product over nonwalkable regions,” Leinberger said. “That’s the difference between countries like Germany and Ro- mania.”
Walkability has been a dominant trend in downtown Las Vegas’ revitalization, notably the pedestrian-friendly Fremont East district. An eclectic mix of restaurants, independent boutiques, galleries, theaters and markets are all within walking distance. Downtown has become a culturally dynamic, vibrant neighborhood, attracting small businesses, real estate development and new-home buyers.
Leading the housing revitalization is The Ogden, which recently underwent a $2 million renovation as part of its return to condominium residences. The Ogden set out to redefine urban living in the new downtown, with walkability being an important selling point.
Ogden homeowners are a walk away from downtown’s restaurants, shopping, nightlife, creative workspaces and cultural happenings. They also enjoy ground-floor dining, a rooftop pool, sky deck with summer kitchen, owners clubhouse, fitness center and pet park.
Homes at The Ogden range from a one-bedroom, 815-square-foot residence for $229,000 to a three-bedroom, 2,044-square-foot home for $689,000. Each has been remodeled; all offer open floor plans, private balconies and views of downtown, the Strip and the surrounding mountains.
Learn more about The Ogden by visiting its on-site sales center at 150 Las Vegas Blvd. North or online at Ogdenlv. com.