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Markets heat up when a neighborhood turns cool


NEW ORLEANS – March 17, 2014 – Tulane University School of Architecture geographer Richard Campanella says “the curious cultural phenomenon known as cool” has helped transform dangerous and disregarded neighborhoods into hot real estate markets.

The neighborhoods that become “cool” tend to be known for their history, architecture, walkability and other features; but Campanella argues that it’s their renewed “coolness” driving a recent popularity among homebuyers.

“Coolness constantly needs to be ahead of the mainstream,” Campanella explains, “and if the mainstream catches up, coolness goes elsewhere.”

He points out that a deluge of young buyers in New Orleans after Hurricane Katrina discovered the St. Claude Avenue area, transforming these neighborhoods while eschewing once-popular areas like Bourbon and Frenchmen streets.

City planners nationwide are now making the creation of a “cluster of cool” part of their urban planning strategy.

Source: New Orleans Times-Picayune (03/12/14) Campanella, Richard

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Related Topics: Trends