High Times Single Zip HOT!
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High Times Single zip
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Our list of top 10 zip codes shows a mix of homebuyers eager to find value in the vicinity of high-priced metros, and buyers opting for high-priced zips in low-cost metros. These hot zips offer considerable bang for your buck with larger-than-average homes at lower-than-average prices.
As companies are slow to bring employees back into the office, remote and hybrid work arrangements continue to put pressure on relatively affordable markets with spacious homes. The pandemic-fueled shift in working arrangements has resulted in a re-shuffling of living preferences. Some buyers are looking to be a commute away from a high-cost metro, while other buyers are opting for more space in lower-priced areas. On both fronts, buyers looking in the hottest zip codes tend to get more space for their money. Homes in the hottest zips are larger, on average, than in their surrounding metro, resulting in a higher median listing price. Homebuyers shopping in these zip codes find larger homes than they would find around the country, with a median square footage of 1,946, which was about 60 square feet larger than the typical home for sale around the country in June. Controlling for home size, the outright or relative affordability of these zips really shines through. Price per square foot was lower than either the surrounding metro or the US average in all of the hottest zips. The price per square foot for homes in the hottest zip codes was 8.7% lower than their surrounding metros in June.
Demand in all of the hottest zip codes outpaced US demand. The number of visitors per property on realtor.com in the top zip codes was 3.6 times higher than for the typical U.S. property, on average. Viewers per property in the hottest zip codes were 1.6 times as high as their surrounding metro areas.
With homes selling quickly, successful shoppers are well-qualified with higher credit scores (742 vs. 728) and larger down payments than is typical across the country (15.0% vs. 14.2%). Because these areas have higher incomes than is typical, there are plenty of potential home buyers in these hottest zips. In fact, 8 of the 10 hottest zips have a median household income above the national median and as a group the average is $87,500 compared with $72,465 nationally.
As it turns out, millennials value homeownership and are pursuing it in earnest. Though the share of millennial householders (age 25-44) is 29.3% in the top 10 zip codes, compared to 31.6% nationally, the rate of homeownership in this age group exceeds the national rate. In the hottest zips, 57.1% of millennials own compared to 51.3% nationwide. More specifically, more than half (54.4%) of younger millennials (25-34) own in the hottest zips, on average, compared to the national rate of 44.5%. Similarly, 63.8% of older millennials (35-44) own, on average, in the hottest zips compared to just 57.1% nationwide. The millennials in these areas also tend to have higher incomes than their peers nationwide, boosting their buying power and enabling higher rates of homeownership.
These new entries largely attracted viewers from higher-priced metros based on cross-market demand data from the first half of 2022. Roughly a third of the viewers to ZIP 18017 (Bethlehem, PA) were from the New York City and Philadelphia metro areas. Only 24.0% of viewership to ZIP 37604 (Johnson City, TN) was from within the metro area. Johnson City drew significant attention from the higher-priced Washington DC, Nashville, Asheville, Atlanta, New York and Chicago metro areas. Following the same trend, listings in ZIP 02760 (North Attleboro) attracted as many viewers from Boston as they did from the local area (roughly 37% of views each). Finally, listings in ZIP 04210 (Auburn, ME) attracted the highest proportion of views (21.8%) from the higher-priced Portland, ME metro area.
The surrounding Longacre Square neighborhood was renamed "Times Square" during the tower's construction, and The New York Times moved into the tower in January 1905. Eight years later, the paper's offices moved to 229 West 43rd Street. One Times Square remained a major focal point of the area due to its annual New Year's Eve "ball drop" festivities and the introduction of a large lighted news ticker near street-level in 1928. The Times sold the building to Douglas Leigh in 1961. Allied Chemical then bought the building in 1963 and renovated it as a showroom. Alex M. Parker took a long-term lease for the entire building in October 1973, buying it two years later. One Times Square was then sold multiple times in the 1980s and continued to serve as an office building.
Allied Chemical reactivated the news zipper on the building's facade in March 1965 as part of a joint venture with Life magazine. Allied Chemical turned on four 39-foot-high (12 m) electric signs atop the tower in July 1965. The Times Tower was officially rededicated that December as the Allied Chemical Tower. Shortly after the renovation was completed, Allied Chemical's nylon division had outgrown the space, and the building's elevator service was also reportedly unreliable. The Stouffer Foods Corporation also agreed to operate an English-themed restaurant on the 15th and 16th floors. The restaurant, known as Act I, opened in 1966. The United States Postal Service officially changed the building's address from 1475 Broadway to 1 Times Square in September 1966.
Due to the building's small size, it only housed a single office tenant during the 2000s and 2010s: the production company in charge of the Times Square Ball drop. In early 2006, the lower floors were occupied by a pop-up store operated by J. C. Penney and known as The J C. Penney Experience. The pharmacy chain Walgreens leased the entire building in 2007, paying $4 million yearly. The chain had previously operated a store in the building for four decades until 1970. Walgreens opened a new flagship store in the space in November 2008. As part of the store's opening, Gilmore Group designed a digital sign for the facade, constructed by D3 LED. The 17,000-square-foot (1,600 m2) sign ran diagonally up the western and eastern elevations of the building and contained 12 million LEDs, surpassing the nearby Nasdaq MarketSite sign as the largest LED sign in Times Square. The sign operated 20 hours a day and advertised Walgreens's products.
Jamestown started renovating 1 Times Square in May 2022 at a cost of $500 million. To finance the project, Jamestown received a $425 million mortgage from JPMorgan Chase, a building loan of $88.7 million, and a project loan of $39.8 million. S9 Architecture designed the renovation, while AECOM and Tishman Construction were the general contractors. The advertising boards on the northern facade remained in place, but the advertisements on the other three facades were removed. The 1960s marble facade would be removed and replaced with a glass curtain wall. The structure would contain only one story of office space after it reopened; the museum would occupy six stories. Technology companies would be able to lease 12 stories for interactive attractions. The building's observation deck would be open year-round, and the Times Square Ball would drop several times a day throughout the year. Jamestown would also install a new elevator to the building's observation deck. The building would continue to display ads on its northern facade, and it would host New Year's Eve celebrations during the renovation, which was to be completed in 2024. The Durst Organization, which owned the neighboring 4 Times Square, sued the city's DOB in July 2022, claiming that the scaffolding around One Times Square would attract crime while worsening congestion on the sidewalk.
Above the 16th story, the roof of the northern section was made of wire glass. The trapezoidal "tower" above the southern half of the building was designed to resemble a square campanile. Each elevation of this tower contained one arched window flanked by smaller, single windows. Critics compared the tower's detail to that of Giotto's Campanile in Florence. Arthur G. Bein of American Architect magazine said: "The architect has been free to reproduce almost exactly Giotto's great machicolated cornice with perforated parapet above." Each corner of the tower contained projecting piers, designed in a manner that resembled turrets. Originally, Eidlitz had planned to build a dome atop the southern part of the building, but he scrapped these plans because of the difficulty in placing a circular dome above an irregular trapezoidal massing.
The building contains three basement levels, the lowest of which is 55 feet (17 m) deep. The Times Square subway station encroaches on a portion of the first and second basement levels. The subway station itself is placed 22 feet (6.7 m) below ground and has a ceiling 10 feet (3.0 m) high. The pillars of the subway tunnel were covered in brick and were placed atop sound-dampening sand cushions, minimizing vibrations caused by passing subway trains. Part of the superstructure is cantilevered above the subway tunnel, since the city's Rapid Transit Commission forbade any obstructions in subway tunnel's right-of-way. The northern wall rests on a 30-short-ton (27-long-ton; 27 t) plate girder above the subway tunnel; at the time of construction, it was the heaviest girder in the world to be installed in an office building.[c] This girder measures 60 feet (18 m) long and consists of a group of three I-beams, which collectively measure 3 feet (0.91 m) wide and 5 feet (1.5 m) high. Seven piers in the basement, each measuring 43 feet (13 m) high, carry the entire structural load of the upper levels; they are encased in Portland cement. 041b061a72