Condos and Gas Prices

With gas prices in some areas crossing $4 per gallon, people can hardly afford to coomute to work anymore. I remember back in 1999, I paid less thsn $1 per gallon for regualr gas. That is over a 400% increase in just 9 years. That is crazy! With the average commute to work beign 30 minutes each way, gas prices are really having a negative effect on people's budgets. The solution is living closer to work. The solution is buying a condo in or close to the area that you work. The majority of people in major cities work in the city and the closest single family home developments are relatively far away. With all the high-rise condos popping up in major metropolitan cities, more and more people are deciding to live in the cities because it is closer to their jobs and where all the action is at night. People like to live where they can work and play as well. In fact one of the slogans for living in downtown San Diego and buying a San Diego condo, is "Live, work, and play."

With gas prices so high and cities booming with development, it is almost a no brainer to buy a condo to live in or as a second home in a major city close to where most people work.  Chicago is a great example of a market where people are snatching up condos across the entire city because their average communte used to be 1 hour and now people want to live in the cities. I feel that the higher gas prices go up, the stronger sales will be for downtown condos.