Ranches aren't the only segment of the luxury market having a hard time selling at asking price.
Katherine Clarke reports that luxury ranches are sitting unsold in places like Colorado, because Millennials aren't sold on the idea of the ranch style in the same way Baby Boomers were.
"Decades ago, a generation of America’s wealthiest, raised on television shows like 'Howdy Doody' and 'The Lone Ranger,' headed west with dreams of owning some of the country’s most prestigious ranches," writes Clarke in a Wall Street Journal article that's behind a paywall.
Hillary Hoffower provides follow up coverage on the story for Business Insider.
"Buyers aren't in a hurry to make a purchase, leading to price cuts — and some ranches have sat on the market for years," writes Hoffower, paraphrasing Clarke.
Hoffower also adds that the challenges in the luxury ranch market are indicative of challenges in the luxury market around the country. "NYC has a penthouse problem, LA has a mansion problem, and Miami has a condo problem," reads the headline for another story by Hoffower that paraphrases yet another Wall Street Journal article.
FULL STORY: Baby Boomers Are Leaving Behind a Trail of Luxury Ranches
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
Google Maps Introduces New Transit, EV Features
It will now be easier to find electric car charging stations and transit options.
Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Universal City TX
ULI Northwest Arkansas
Town of Zionsville
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.