Tuesday, November 30, 2010

Look for These Trends in Hawaii Kai Housing in 2011

Realtor.org has published their list of the 7 trends which will have the biggest impact on housing next year.

1. Big builders are wringing the extras out of construction costs and dropping the national average cost-to-build 36% to $52 per square foot.

2. Starting in 2011, Energy Star will ramp up its efficient design and quality installation standards. To get Energy Star certification, builders will have to install the right insulation, HVAC systems, and other features related to energy efficiency correctly every time.

3. Sheds are the next evolution. As homes get smaller, a separate shed will become a popular home addition.

4. There are 81 million "Echo Boomers" who were born from 1981 to 1999, compared to just 78 million Baby Boomers born from 1946 to 1964. These children and grandchildren of Boomers will drive home-building for years.

5. By 2015, demographers say, more than two out of every five households occupied by Generation Y people born between 1981 and 1999 will be WINKs (women with incomes and no kids).

6. Make room for the "Sandwich Generation" – Baby Boomers living with both their kids and their parents. These families like having two master suites, a second cooking area, and lots of storage.  (Read my blog on the forecast for the multifamily housing industry in 2011.)

7. Baby Boomers want to keep working and continue to live where they have always lived. They want a first-floor master bedroom near the washer and dryer and lots of convenient storage.

Look for these trends in Hawaii Kai housing.  While we don't have much new construction (#1) and our square foot building prices will be higher than the national average, we fit the movement toward smaller, more energy efficient housing.  And Hawaii Kai - in fact, island wide - because of the culture's commitment to revering our elders, will most certainly follow the trend to more multi-family housing.

Contact me to look at some homes to satisfy what needs you will have next year, or to modify your housing to accommodate the changing needs of your family members.

Barbara Abe, Realtor