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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