SPRINGFIELD - Despite a downturn in the housing market, one place where people still want to buy condominiums is downtown Springfield. That's the findings of a study of the downtown housing market done for the Urban Districts Alliance. The survey shows developers will need hundreds of new units in the coming years -- about 350 more in rentals and 150 more in owned units. That's a new trend with which the study says developers will have to keep up.
When it comes to loft living downtown, it's fair to call Terry Bloodworth a trendsetter. He and his wife moved downtown in 2002.
“We love the atmosphere downtown. It's a great neighborhood,” said Bloodworth.
The Bloodworths were some of the first people to rent a loft downtown. They’re also part of the changing demographic who want to live downtown.
“I can start seeing downtown becoming more of a reflection of society overall, while I would doubt we'd ever see families with small kids. I think there's going to be more folks – the empty nesters group -- to go along with young professionals and college age,” said Brian Fogel of the Springfield Finance Development Corporation.
The study done for the UDA, which was released Wednesday, seems to prove that. It found an increased demand, not just to rent but also to own lofts downtown. And the buyers aren't your typical under-30 demographic.
“We have a lot of empty nesters who call, saying ‘I want to live down here. I want to be able to walk to restaurants and the art but I want to buy. I want to own,’” said Fogle.
As a current renter, Bloodworth says he understands the demand to own a loft.
“It's something we've talked about doing ourselves,” he said.
Source: KY3.com