NIMBY is OUT
You’ve probably heard of NIMBYs, the folks who say “Not In My Back Yard” to any major public project under construction in their neighborhood. Such opposition has led to a shortage of Affordable Housing in several US cities.
Say “Hello!” to YIMBYs, a growing movement of people saying “YES In My Back Yard” to new housing projects in an effort to solve America’s housing affordability problem. The diverse coalition consists of real estate developers, affordable housing advocates, sympathetic homeowners, and local politicians…all looking to foster development.
YIMBYs are most prominent where housing is most expensive: New York City; Portland, Oregon; Seattle, Washington, etc. Even San Francisco’s new mayor has joined their ranks. The movement has staying power, but it will encounter strong pushback from homeowners who worry that Affordable Housing leads to crime and other issues.
Unfortunately, there’s no end in sight to the shortage of lower-priced starter homes for sale. And their prices will keep spiraling higher as demand keeps eclipsing supply and rising mortgage rates force more buyers to stick to the cheaper end of the market. Historically, about 30% of construction catered to first-time buyers. Now…just 20%, despite the fact that real estate sites are seeing the most queries for low-end homes.
Homes whose prices are rising most rapidly are single family homes priced from $200,000 to $350,000. In major metropolitan areas such as Chicago, Atlanta, Las Vegas, Miami, Tampa, New York City, and Seattle, homes priced in the bottom third of the local price range are increasing five percentage points faster than the top third. Condos and townhouses priced from $100,000 to $200,000 are also up sharply.
Parker Associates works closely with Builders and Developers to ensure that the planning is done up front so that the final product is as good as it gets. Finding the highest and best use is important, but filling the market space is also equally important. New Home Builders that Parker Associates and the REMA Team work with are great examples of this. The REMA Team works closely with their customers to ensure they are planning the development and the homes with all of the most affordable and functional features while considering the holistic design of the site and home on the site. It doesn’t happen without a focused approach and they are very good at making sure this happens.
There are so many difficult questions that must be faced in a great many developments and building construction. We can help. Contact our seasoned professionals at email@example.com or (904) 607-8763.
If you are building or developing or have or are living in a community that is in need of improving their position, give us a call or email us. We offer FREE advice. Stay on top of the competition. Know the latest data and market research that can help improve your chance for success in business and the real estate industry. PTC Computer Solutions, Parker Associates, and REDdot Marketing work closely as the REMA Team to provide a great number of services for developers, builders, and professional business operations. Contact REMA for more information.
David WB Parker is a principal of Parker Associates of Jacksonville, Florida, marketing consultants to the real estate industry; President of PTC Computer Solutions, IT Specialist, and an active real estate sales professional with PARFAM REALTY based in Jacksonville, FL. He can be reached at 904-607-8763 or via email firstname.lastname@example.org.