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I heard Ed Glaeser speak today. He went out of his way to state this same argument, and then to turn it on is head. Older units are cheaper, he would say, only when cities have continued to build newer buildings that soak up the demand for high-end residential. This assumes that all things are equal, and in terms of construction and layout, older buildings tend to be better.

"Luxury" residential is usually a term of art for realtors that describes apartments with a doorman and an elevator. That's all it is in NYC; I don't know what variations it takes on in DC.

by Neil Flanagan on Jan 20, 2012 12:20 am • link • report

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