Developers have built thousands of senior housing units in many markets, but the glut is outpacing demand and causing the sector to slow, CoStar Group reports. The overbuilding is most prevalent in suburban areas, notes JLL’s Year-End 2017 Senior Housing Investor Survey.More than 10,000 baby boomers turn 65 each day, and many economists predict that senior housing will be a strong market. While the long-term prospects for the sector are strong,
Townhouse construction continues to post gains. Over 2017, townhome starts totaled 104,000, a 7 percent increase over 2016, according to an analysis of U.S. Census Bureau data by the National Association of Home Builders.Further, townhouses or single-family attached housing numbered 29,000 of the starts during the fourth quarter of 2017, which is 21 percent higher than a year ago.The market share of new townhouses accounts for 12.4 percent of all
The new-home market posted some strong gains with more single-family homes and apartments underway at the start of the new year. The U.S. Commerce Department reported a surge in multifamily production and an uptick in single-family home construction in January, up 9.7 percent to a seasonally adjusted annual rate of 1.33 million units.Multifamily production led the way, with a 23.7 percent increase in January, while single-family home production p
Taylor Morrison Home Corp. is allowing home shoppers to have more say in the design of its model homes in Arizona, California, and Texas. Consumers can vote online for design amenities like flooring, cabinetry, paint colors, and countertops. The features that nab the most votes will be built into model homes in the area.Consumers can enter their design picks at www.mymodelhomeproject.com.“This is a chance for home shoppers to truly influence t
Homebuilding giant Lennar Corp. announced it has completed a merger with former rival CalAtlantic Group Inc., creating the nation’s largest homebuilder based on revenues. Both companies’ stockholders this week overwhelmingly approved the actions making CalAtlantic a wholly owned subsidiary of Lennar.“This combination brought together two leading homebuilders in familiar markets with compatible product lines,” says Stuart Miller, CEO of
When you see cranes in the sky, you know development is on the rise. San Francisco saw the largest increase nationwide in cranes dotting its skyline between July and October 2017, according to Rider Levett Bucknall (RLB), a property and construction consulting firm. RLB’s most recent quarterly report shows an 18 percent jump in the city by the bay’s crane count, putting it at 26. Largely driven by job growth in the tech industry, constructi
Housing permits, a gauge of new-home activity, slipped in the final quarter of 2017, which could worsen a housing shortage already shaking many markets across the country.Single-family permits are running at only 56 percent of normal activity, according to the National Association of Home Builders/First American Leading Markets Index.“We are concerned with the sluggish permit activity,” says Robert Dietz, chief economist at the National Assoc
When high-end property owners want to spruce up their homes, the renovation projects they tend to gravitate toward include pools, bars, gourmet kitchens, elevators, and amenities suitable for waterfront houses, according to a new study by Homes.com. The real estate portal’s research team culled sales data to analyze how homes vary regionally in terms of features, size, and price.The top three features luxury homes nationwide have in common are
The U.S. Department of Housing and Urban Development is accepting public comments about whether to lift some of its manufactured housing regulations in an effort to help alleviate housing shortages. Comments can be submitted through Feb. 26 at regulations.gov.Manufactured homes are constructed according to code administered by HUD, as opposed to the state, local, or regional regulations that govern stick-built housing. HUD estimates that more
The healthy-home movement is gaining traction, and more builders are offering products to help owners maintain cleaner homes. KB Home announced this week that it will offer door hardware on its new homes that has antimicrobial product protection.KB will be using the door hardware from Kwikset, which manufacturers products with antimicrobial coating that prevents the growth of bacteria. The antimicrobial protection is to be for the lifetime of the
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