In my town, Franklin, Ma., the land supply is nearly depleted. They just don't make land anymore !! So, where will that leave us in the future with developing new housing? There are very few tracts of land, and the remaining parcels that are available need to be subdivided properly with a concept that will allow maximum development of that land. Fortunately, there are several concepts that have proven to be very successful in my area. My favorite concept is the Active Adult Community with condominium dwellings. This is a density concept that is in demand, even in this market. Our complexes are selling and as long as people continue to age, there will continue to be a need for this concept in the future.
The baby boomers are scaling down to a smaller, newer, maintenance free style of living with amenities galore and a low condo fee. Their children have left the homestead, and there are now vacant rooms to deal with. There are many repairs coming soon to the old house, i.e., roof, heating system, dated kitchens and bathrooms, leaky windows, siding and interior cosmetics. The owners don't want to be saddled with these home improvement projects.
The transactions that we are experiencing are cash deals. The buyers are realistic about the price of their resale home because they have enough equity to pay cash. They don't want to have to invest thousands into their existing homes before they move. They want an "as is condition" sale. They don't want to deal with repairs, and they will adjust the price accordingly. When people want to buy, they will do whatever they need to do to get from one place to another.
In this choke-hold economy, this is the age group, along with first time home buyers, who are motivated to move. When the motivation is there, the commission checks will follow.
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