Residential
Rancho Mission Viejo is an emerging master-planned community in southern Orange County, California, that is beginning construction with an age-qualified enclave. But the project’s goal is to achieve what Paul Johnson, the community’s senior vice president of community development, terms an “ageless paradigm.”
Consumer demands are changing in a post-recession market. What is outside counts at least as much as what is inside the home itself. Car-free access to parks, cafés, and transit—it all adds up to time and money saved. Add edgy design—as well as affordability—and the result is a perfect housing match for millennials.
Housing will be the biggest challenge for the coming wave of aging baby boomers, said speakers at a recent Atlantic forum in Washington, D.C.. With neither adequate zoning nor a sufficient stock of “age-appropriate” housing, America is not prepared for the predicted surge in the number of senior citizens, panelists said.
While micro-units are coming soon to New York City, developers in Washington state and Texas are already betting on smaller units. These modern efficiencies appeal to those who value location and often don’t own a car.
Demand will continue to rise for infill residential development that is less car-dependent, while consumeers’desire could wane for isolated development in outlying suburbs, according to a new ULI report released at the ULI Spring Meeting in San Diego.
Homes near public transit retained their value better during the recession than their counterparts in auto-dependent areas, according to a recent study. What’s impressive is the extent of it: In five metropolitan areas, residential property values performed 42 percent better on average.
A bipartisan housing commission is calling for the complete elimination of Fannie Mae and Freddie Mac, plus a more targeted Federal Housing Administration that returns to its roots. The panel further says it is time to recognize the country’s changing demographics by placing a stronger federal emphasis on rental housing.
According to a newly released NAHB survey, buyers in 2013 are looking for bigger homes again, but also want energy-efficiency and plenty of storage.
Single-family housing starts are expected to rise 22 percent in 2013, according to a report from the NAHB’s convention in Las Vegas. “Housing is finally doing its job in leading the economy out of recession,” said David Crowe, NAHB’s chief economist.
Even if the storefront occupants are only temporary, orchestrating the right mix of retail and residential tenants helps give a redevelopment a certain vibe.