Friday, September 12, 2008

Home builders look to Urban Development

In a couple of our prior posts (Back to the Housing Future, The End of Suburbs) we have predicted a return of housing to the inner city core where owners can be adjacent to transit and services as well as jobs. That trend is continuing and now The National Association of Home Builders, those responsible for 3/4 of all homes built in northern California,  are opening a new office in San Francisco for builders specializing in mid-rise, transit oriented structures. This new housing is aimed at "The Millennials" or "Gen Y" according to a recent article in the Contra Costa Times. It's also aimed at "the other huge group, folks over 55 who have sold the single family home when the kids moved out who live in denser condo or townhouse developments and don't want to move to Tracy and don't want a big house anymore." The NAHB points to a recent study indicating that there is a potential of 1.5 million units of infill housing in California alone in the next 20 years. Density requires multi-family housing, of course, and that usually means condominiums, so we are likely going to see a lot of new common interest developments in the inner city in the next few years.

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