Thursday, February 13, 2014

Smaller Homes with Upgraded Interiors Trending U.S.




A recent Wall Street Journal article discusses a current real estate trend—homeowners seeking high-end, but not necessarily large, homes. 
Many real estate markets throughout the country see homeowners who desire homes with nicer amenities, but remain moderate in size. These up-scale homes oftentimes include elaborate appliances and upgrades.

Some of these homeowners even invest a substantial amount into landscaping, as they note how much time they spend outside. They prefer to enjoy the home and where they spend their time, as opposed to follow the mindset that more space equals a greater home.  These homes are more focused on the livable space, and utilizing all of the space in the home. Sometimes large homes contain substantial amounts of unused space.

Energy-efficient homes also rank amongst many homeowners as an important trait, and as noted in the Durango Herald in the last week, many homeowners are adding solar.  In Skyridge, a couple of the homes have combined solar with geo-thermal.  In Three Springs and Edgemont Highlands, most of the homes being built have high energy efficiency. 

We believe the recession served as a reminder for many consumers that bigger is not always better. Rather, cutting back in size more adequately meets the needs of these consumers. The Baby Boomer generation tends to comprise the majority of these buyers, as they are typically at the point where they are ready to downsize (children have moved out, and they are also are considering retirement).  Many of them are starting to realize they do not need the larger homes.  

In the Durango area we see this trend, as well. We also have a few neighborhoods that cater to these concepts. In town, La Questa and the Skyridge view lots contain beautiful homes that are not designed primarily for size. In La Questa, the developer has changed the minimum square footage to  2,500 sq. ft. for a new home, from the original plan of 3,000 sq. ft. to adjust to this new trend. The Edgemont Highlands area also promotes this lifestyle, as does Durango Mountain Resort and the Glacier Club.  

It is an exciting time in our area to consider this type of transition. With the offering of inventory and the variety in locations available, buyers may feel confident they are purchasing space they need, and also enjoy the finer features within these homes.  

Here is the Wall Street Journal Real Estate article:



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