SARASOTA, FLORIDA, September 21st, 2016 – Housing they can afford has long been a gripe of millennials in the Bradenton‒Sarasota area. Now it looks that this need is finally being addressed. Some homebuilders have started purposive efforts to fill this largely unserved item in the millennials’ wish list—choices of affordable Sarasota homes for sale.
Pure economics is behind the builders’ move. Millennials now account for the biggest slice of the U.S. market, having surpassed the erstwhile leading demographic—the generation of baby boomers born from 1946 to 1964.
U.S. Census Bureau statistics released in April 2016 show that there are 75.4 million U.S. millennials (ages 18‒34) as of 2015, surpassing the 74.9 million count for the baby boomers (ages 51‒69). It is projected that the millennials’ ranks will continue growing with the influx of young foreign immigrants. In contrast, a decline in the baby-boomer count looks inevitable as the number of deaths in this generation exceeds older immigrants settling in the country.
Other recently released economic data confirm that more clout is coming from the millennials, a trend that market-savvy developers and homebuilders cannot afford to ignore. According to the 2016 survey of the National Association of Realtors (NAR) on Home Buyer and Seller Generational Trends, millennials constituted the largest segment of home buyers during the last three years. In 2015, the NAR survey showed that this young generation of homeowners comprised 35 percent of all buyers, up from its 32 percent share in 2014.
The first to focus on the millennial market’s demand for lower-priced homes was national builder D.R. Horton, having introduced in 2014 its lower-cost line of Express houses which now accounts for a growing slice of its sales. The company has been expanding market coverage of this starter home line since its launch, and now Express already has established significant presence in the Sarasota‒Bradenton area.
The way D.R. Horton figured how its Express line could offer more affordable choices of entry-level Sarasota homes for sale is actually quite simple. It came up with fewer floor plans and option packages compared with its upper-bracket and midrange models. This builder, which ranks No. 1 in the U.S., can additionally bank on its economies of scale in materials sourcing and streamlined processes.
Express home models include single-family homes and attached dwellings. For detached single family units, 11 quick move-in residences at the San Lorenzo community in East Bradenton will be opened for sale in fall of 2016. These residences are all priced in the $200s range and feature floor plans of between 1,500 and 2,500 square feet designed with two to three bedrooms.
Similar affordably priced Express home designs are available at Del Tierra also in East Bradenton and at Willow Walk in Palmetto. Going down south, choices from this entry-level home brand are likewise available at the Rapalo community in Venice where there are seven listings amongst Sarasota homes for sale. Farther southward to Punta Gorda, five Express builds are likewise ready for showing at Waterford which can earn the nod of millennials in search of entry-level residences.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>