home building

Are you 55 or older? Homebuilders are banking on you. With a quarter of the U.S. population expected to move into that age bracket by 2014, older Americans are expected to make up a large part of the home buying population in coming years.  “We believe this segment of the market is going to lead the housing industry toward recovery as the market turns around,” Sharon Dworkin Bell, a senior staff vice president of the National Association of Home Builders, said at the organization’s annual conference in Las Vegas.

 What kinds of features are older buyers looking for in a home? Three-quarters of them would like to live in the suburbs. They also want modest-size homes. “The 55-plus buyers are not interested in growing their house size,” David Crowe, the builders association economist told the Dallas Morning News . “They are asking for about a 1,900-square-foot home. They also are looking to keep costs low. “When we asked the consumer, ‘What are you willing to pay?’ they said $190,000,” Crowe said. Pulte is one of several home builders capitalizing on the trend locally with its Del Webb Frisco Lakes Community.

Today we round out our economic outlook for 2010 with expert perspectives from several different sectors of the local economy: a leading automotive company, a luxury realty firm, and custom home builders. All are encouraged by the positive signs in the economy and are looking forward to more improvement as the year progresses.

Carl Sewell, Owner, Sewell Automotive Companies: “We are seeing rising automobile sales in Dallas and Texas.  There is a shortage of large SUVs in Lexus, Cadillac, and the Yukon.  In fact, the larger the car, the larger the demand; the smaller the car, the smaller the demand.  People want to be safe and comfortable.  This is true throughout the country, but particularly Dallas and Texas.”   

Gregg Antonsen, Sr. Vice President Christie’s Great Estates:  “The highest-priced homes in the world and in the United States for 2009 were sold by affiliates of Christie’s Great Estates, of which Briggs Freeman is our only Dallas affiliate.  These sales – a West Indies beach estate for approximately $89 million, and a private residence for $43 million cash in Aspen, Colorado – affirm that important properties continue to command the attention of buyers around the globe.”

Javier Arreola, Founder Terrasse Properties, and Bob Cresswell, Cresswell Custom Builders, are both encouraged by seeing last year’s inventory dwindle.