Gas prices affect homebuyers

The rise of green building for commercial and residential properties is not the only response to climate change. The increase in fuel prices around the nation is making a significant impact on real estate sales.

As talk of carbon emissions and hybrid cars are part of our everyday conversation, people are more conscious of how their choices affect the environment as well as their pocketbooks. Now more than ever before, individuals are factoring the cost of commuting to and from work into the overall buying decision.

Suburban developments located many miles from city centers may not be as appealing as they once were, particularly to homebuyers who want residential opportunities closer to the workplace. According to RisMedia, consumers in the Los Angeles area are seriously considering fuel costs and commuting time when they choose to buy. The demand for housing is high for outlying areas like Santa Monica, Beverly HIlls, Bel Air, and Hancock Park, which are located near the city center. The CBS Evening News recently reported that Los Angeles commuter rail ridership went up by 8 percent from 2010.