Redefy Housing News 11-28-2016
This week in housing news you can use, a prefab skyscraper sets the stage for more affordable housing, low-income housing and home values square off, the President-Elect’s impact on 2017 real estate, and a broccoli swamp takes center stage.
Prefab skyscraper could solve affordability puzzle
Like a stack of Tetris blocks, the prefab units for a 32-story apartment building came together in a snap. Developed by Forest City Ratner and designed by SHoP, 461 Dean in New York City is the world’s tallest modular building. The cost savings model of building the individual units off-site may bring the cost of city dwelling down significantly. Whether the units are for rent or for sale, modular projects could mean that young professionals wouldn’t have to abandon the city for the more affordable ‘burbs. The project itself wasn’t perfect from a development and logistics perspective, but it’s a cool building and an interesting positive step toward affordable housing.
Are home values lowered by affordable housing projects?
NIMBY no more. A recent Trulia study tracked housing prices where low-income projects were built. The expected result was that values dropped for houses 2,000 to 4,000 feet away. The 10-year study followed 3,083 low-income housing projects in the 20 most expensive U.S. Markets. On a national scale, these (new) projects had no significant effect on the values of homes nearby. In areas like Denver, there was an increase of $7.35 per square foot. Some areas, such as a few Boston neighborhoods, saw a negative impact of $18-$19 per square foot.
Zillow predicts Trump’s effect on the housing market
Zillow’s 2017 market predictions say millennials will buy more houses and pay more because of the impact of President-Elect Donald Trump’s immigration policies. That is, if he follows through with stances that could lower the number of construction workers. It’s not an original idea, and also one with no guarantee of coming true. Other predictable prognostications from Zillow:
- “Cities will focus on denser development of smaller homes close to public transit and urban centers.”
- “More millennials will become homeowners, driving up the homeownership rate.”
- “Rental affordability will improve as incomes rise and growth and rents slow.”
- “The percentage of people who drive to work will rise for the first time in a decade as homeowners move further into the suburbs seeking affordable housing.”
- “Home values will grow 3.6 percent in 2017.” (According to their own survey)
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Enjoy some broccoli soup poolside
Andy Donaldson is at it again. Because agents haven’t learned from his Terrible Real Estate Agent Photographs site, there are more disturbing photos to view. Business Insider highlighted some of the best of the worst. Save yourself the embarrassment: get free professional photos when you list with Redefy!
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