Community Development Investment Review
August 23, 2016
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Using Place Branding Strategy to Create Homebuyer Demand for Legacy City Neighborhoods
Leaders in legacy city neighborhoods know that when the supply of homes for owner-occupancy seriously exceeds demand, it will also be immediately apparent whether their neighborhood is a place where people with choices will choose to live. When neighborhoods fail to attract appropriate residents, neighborhood leaders often think they need a promotion strategy to improve the neighborhood’s reputation. But a promotion strategy will not work if the product—the neighborhood—is not competitive. The special challenge that legacy city neighborhoods face is that being just an adequate place to live is not enough to compete for a shrinking pool of homebuyers. This chapter shares background on the concept of “place branding” and how it is working in communities across America.
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