"The difference in this cycle is the organic first phase—the colonization by artists and other real estate pioneers—is either brief or nonexistent. Instead, developers in some areas are creating new “up-and-coming” neighborhoods out of whole cloth, taking advantage of the fact that many of today’s high-end buyers are less resistant to the harsher realities of city living. “Developers are selling authenticity and the urban experience, which is more in favor than 15 years ago, when suburbia was viewed as the utopia,” said Paul Habibi, a lecturer in development at UCLA’s Ziman Center for Real Estate."
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