Monday, November 15, 2010

Vertical Cities

I read this article in El Universal, a Mexican newspaper about vertical cities. Apparently, a "house" in a vertical cities is the new it item in the real state market -at least in Mexico. From what I read, these are skyscrapers that not only offer the most comfortable and luxurious housing units, but they also accommodate gyms, theaters, shopping centers, hotels, ballrooms, daycare centers, ecological systems and, of course, high security.
These real state developments are already in existence in three locations in Mexico City: Parques Polanco, la Torre Mayor and Reforma 222. They already represent a 20% of the total real state market in the nation. These developments are a response to the young families that possess the purchasing power and who apparently suffer of the Empty Nest Syndrome. These vertical cities are also aimed at reducing stress and increase productivity since they are located in business corridors, thus eliminating the two or three hour travel time from home to work so typical of Mexico City. 
Before you decide to buy your own floor at one of these tempting cities, be aware that these perfect homes are not inexpensive. They require a down payment alone of 2.5 million MXN, which is roughly $200,000 USD -depending on the exchange rate.


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