flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

NAHB sees gradual improvement in multifamily sales for boomers

NAHB sees gradual improvement in multifamily sales for boomers

However, since the conditions of the current overall housing market are limiting their ability to sell their existing homes, this market is not recovering as quickly as might have been expected.


By By BD+C Staff | February 15, 2012
 the multifamily segment of the 55+ housing market is doing particularly well, w
the multifamily segment of the 55+ housing market is doing particularly well, with an estimated 57% increase to 21,300 starts i

The segment of the housing industry that caters to those home buyers and renters who are 55+ years old saw gradual but steady improvement in 2011. This trend is expected to continue throughout 2012 as more baby boomers turn 55 and seek new homes and communities that offer the lifestyle they desire. However, since the conditions of the current overall housing market are limiting their ability to sell their existing homes, this market is not recovering as quickly as might have been expected.

Like the overall single-family housing market, the 55+ housing segment is facing a slow but steady recovery. "NAHB is projecting that the number of housing starts in 55+ communities will increase 18 percent to 53,200 units in 2012, and another 25 percent, to 66,600 in 2013," said Paul Emrath, NAHB's vice president of survey and housing policy research.

Emrath said the multifamily segment of the 55+ housing market is doing particularly well, with an estimated 57% increase to 21,300 starts in 2011, and further increases in the forecast of 25,400 new apartments in 2012 and 29,100 in 2013.

According to NAHB, the 55+ housing market should continue to gradually improve over the next few years. "Nevertheless, this market remains fragile as many people in this sector who would like to purchase a new home are having difficulties selling their existing homes," noted Emrath. "The issues constraining their ability to sell are the same issues restraining the overall single-family housing market - low appraisals, a large supply of foreclosures and tighter mortgage lending criteria."

Knowing their customer base is important for builders' success in the current economic climate. "The 55+ builders who are doing well in these challenging times are innovative and creative and are in touch with their customer base," said W. Don Whyte, president of Kennecott Land in South Jordan, Utah, and incoming chairman of NAHB's 50+ Housing Council. "Successful builders also continually conduct market research on buyer's preferences and needs."

"Meeting the needs of buyers in the 55+ market involves having a more focused and targeted strategy on how to design, build and market new homes," said Whyte. "Successful builders and developers in the current market will encompass this approach." BD+C

Related Stories

Vertical Transportation | Aug 17, 2023

Latest version of elevator safety code has more than 100 changes

A new version of ASME A17.1/CSA B44, a safety code for elevators, escalators, and related equipment developed by the American Society of Mechanical Engineers, will be released next month.

Adaptive Reuse | Aug 16, 2023

One of New York’s largest office-to-residential conversions kicks off soon

One of New York City’s largest office-to-residential conversions will soon be underway in lower Manhattan. 55 Broad Street, which served as the headquarters for Goldman Sachs from 1967 until 1983, will be reborn as a residence with 571 market rate apartments. The 30-story building will offer a wealth of amenities including a private club, wellness and fitness activities.

Sustainability | Aug 15, 2023

Carbon management platform offers free carbon emissions assessment for NYC buildings

nZero, developer of a real-time carbon accounting and management platform, is offering free carbon emissions assessments for buildings in New York City. The offer is intended to help building owners prepare for the city’s upcoming Local Law 97 reporting requirements and compliance. This law will soon assess monetary fines for buildings with emissions that are in non-compliance.

Office Buildings | Aug 15, 2023

Amount of office space in U.S. is declining for the first time, says JLL

In what is likely a historic first, the amount of office space in the U.S. is forecast to decline in 2023, according to Jones Lang LaSalle. This would be the first net decline according to data going back to 2000, JLL says, and it’s likely the first decline ever.

Fire-Rated Products | Aug 14, 2023

Free download: Fire-rated glazing 101 technical guide from the National Glass Association

The National Glass Association (NGA) is pleased to announce the publication of a new technical resource, Fire-Rated Glazing 101. This five-page document addresses how to incorporate fire-rated glazing systems in a manner that not only provides protection to building occupants from fire, but also considers other design goals, such as daylight, privacy and security.

Office Buildings | Aug 14, 2023

The programmatic evolution of the lobby

Ian Reves, Managing Director for IA's Atlanta studio, shares how design can shape a lobby into an office mainstay.

Contractors | Aug 14, 2023

Fast-tracking construction projects offers both risk and reward

Understanding both the rewards and risk of fast-tracking a project can help owners, architects, engineers, and contractors maximize the benefits of this strategy and can bring great reward on all fronts when managed properly.

MFPRO+ New Projects | Aug 10, 2023

Atlanta’s Old Fourth Ward gets a 21-story, 162-unit multifamily residential building

East of downtown Atlanta, a new residential building called Signal House will provide the city with 162 units ranging from one to three bedrooms. Located on the Atlanta BeltLine, a former railway corridor, the 21-story building is part of the latest phase of Ponce City Market, a onetime Sears building and now a mixed-use complex.

Office Buildings | Aug 10, 2023

Bjarke Ingels Group and Skanska to deliver 1550 on the Green, one of the most sustainable buildings in Texas

In downtown Houston, Skanska USA’s 1550 on the Green, a 28-story, 375,000-sf office tower, aims to be one of Texas’ most sustainable buildings. The $225 million project has deployed various sustainable building materials, such as less carbon-intensive cement, to target 60% reduced embodied carbon.

Healthcare Facilities | Aug 10, 2023

The present and future of crisis mental health design

BWBR principal Melanie Baumhover sat down with the firm’s behavioral and mental health designers to talk about how intentional design can play a role in combatting the crisis.

boombox1
boombox2
native1

More In Category


Urban Planning

The magic of L.A.’s Melrose Mile

Great streets are generally not initially curated or willed into being. Rather, they emerge organically from unintentional synergies of commercial, business, cultural and economic drivers. L.A.’s Melrose Avenue is a prime example. 


Curtain Wall

7 steps to investigating curtain wall leaks

It is common for significant curtain wall leakage to involve multiple variables. Therefore, a comprehensive multi-faceted investigation is required to determine the origin of leakage, according to building enclosure consultants Richard Aeck and John A. Rudisill with Rimkus. 


halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021