Gentrification

Often, gentrified buildings will have gray, neutral or muted colors to attract a larger number of potential buyers
Condominiums like this in this sort of area are usually a result of gentrification

Gentrification is the process of taking lower income or older neighborhoods and building more expensive, higher class or prettier buildings in them, building condominiums, or tearing down old buildings to make the neighborhood look better, usually to make the neighborhood more attractive to wealthy people and businesses, or by their doing directly.[1]

  1. "Gentrification". Dictionary.com.

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