Community is Just as Important as the Home

Builder Magazine (www.builderonline.com) recently ran a series of articles entitled "Brave New World." The gist of the articles is what will new home buyers really be looking for when they return to the housing market. Will they be looking for small units? Will builders need to accommodate more than one generation living under a single roof? What are first time buyers (Millennials) really looking for? We won't steal all of the thunder from Builder Magazine, it is really worth reading all of the articles in the series, but one statement stood out to me as really thought provoking. According a research conducted by Builder Magazine, 85 percent of people surveyed believe that "community is just as important as the home." Additionally, more than half of the respondents would be willing the accept a smaller house "in the neighborhood I want." This might seem like Real Estate 101 or the old adage "location, location, location," but we have really gotten away from this fundamental concept during the past 10 years or so. In our thirst for more land (especially, more affordable land), we have gotten away from "places." People generally want to live in a place that they can connect with. A place with shopping, dining, recreation and culture.

We have been urging our clients for as long as we can remember to seek out opportunities in established communities with great shopping, dining and schools. The Builder Magazine research confirms what we have been saying all along.

P.S. The photo above is from the Santana Row project which is an infill development in San Jose, Ca. This is a great example of a project that is located where people want to live.