Real Estate Trends For 2009
December 26 2008
1 Less, with more. Single-family home builders are predicting the continued movement toward smaller homes, with many buyers opting for less square footage as a means of saving more, said Jim Chittaro, chief financial officer for Naperville-based J. Lawrence Homes.
2 Rethinking the American Dream. Homeownership has long been considered one of life’s benchmarks, so much so, that the concept earned the moniker “The American Dream.” However, in today’s economic climate, realizing that dream is no longer an option for many people.
3 Urban suburban. For years, a new-construction home in the suburbs meant moving into a cookie-cutter subdivision. But according to many suburban developers, their focus going forward won’t be simply building homes, but entire downtowns with residential, retail, restaurants and more.
4 Condo-max-iums. According to the National Association of Homebuilders, the average single-family home is 2,456 square feet. However, Chicago-area developers have noticed buyers—from young families to downsizers—are looking for the same amount of square feet when buying a condominium.
5 Online toolboxes. According to the 2007 National Association of Realtors Profile of Home Buyers and Sellers, 84 percent of buyers use the Internet to search for a new home. Taking a cue from these findings, leading Chicago-area residential brokerage firms will be enhancing their sites with user-friendly Web tools. In 2008, @properties released the @properties Market Report. This report, which is updated bi-annually, shows the average sales price and market time divided by neighborhood, and also by number of bedrooms and number of baths.
6 Common ground. In the city, where green space is as high in demand as parking, some developers will start going the extra “yard” to give Chicagoans more outdoor community spaces.
7 Resurgence of rowhomes. Dating back to colonial Philadelphia and Boston, the rowhome is a hallmark of traditional city living. But at Port Clinton Place, a community in Vernon Hills developed by Opus North, and the Residences at the Grove, a 294-unit rental community in Downers Grove, managed by RMK, even suburban residents will be enjoying the urban flavor of this classic housing style.
8 Creating community. Many developers today are taking strides to form a sense of community among new residents before their homes are built, a trend that is expected to continue into 2009.
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