US gasoline prices are now so high they are acting as a ‘sales tool’ for certain properties, experts have said.
Areas such as downtown San Diego, California, are becoming more popular as people try to avoid car commutes, says urban architect Chris Shears.
The Denver-based specialist said central city living was becoming more attractive as gas hits $4 (£2.15p) per gallon.
Mr Shears is the designer behind The Mark, a luxury San Diego condo project which has seen more than half its 244 residences sold in less than a year.
He said:
“It’s hard to imagine anything positive about the continuing crisis in gasoline prices, but it is sure to halt suburban sprawl and bring more people back to the central city.
“As a result, we’re already seeing a dramatic increase in the appeal of downtown living.”
The Mark has seen solid sales thanks to an asking price range of the low $500,000s (£268,000) through to more than $3 million (£1.61 million).
Features include a 24-hour concierge service, underground parking and an onsite general manager.
In June the values of some homes in Irvine, California, increased after the city was named by FBI statistics as the safest big urban centre in the US.
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