Echo Generation Spurring Wave in Demand for More Rental Housing
The emerging "echo generation" — offspring of the boomer generation — could face a housing crunch if communities do not respond to the increased demand for moderately priced "middle market" rental units in the coming years, according to a study commissioned by the National Association of Realtors® and the Mortgage Bankers Association. "Demographic projections make it clear that we must develop a better understanding of how the middle market operates if we are going to meet our future housing needs," notes Douglas Bibby — spokesman for the study, which was conducted by Harvard University's Joint Center for Housing Studies. The echo generation includes people aged two through 19 and currently represents about 27.5% of the population. While the study finds the middle rental market to be functioning adequately at present, it recommends that communities and lawmakers work to improve housing opportunities as the market grows to encompass this emerging tide of echo boomers, as well as new immigrants, within the next two decades. (www.copleynews.com)
Copley News Service (05/24/04) Woodard, James M.
Lighting the Way
Home owners who prefer natural light and want to slash their electric bills should consider installing a vented skylight. Though more costly than traditional fixed skylights, vented models allow home owners to turn off their air conditioners and naturally cool the residence. They can be opened with manual cranks or remote-operated electric motors, and home owners would be wise to install remote-activated solar screens if the skylight faces the south or west. Home owners can save money by choosing triple-pane plastic for their skylight; but double-pane, low-e argon glass offers a clearer view and effectively blocks sunlight. (www.philly.com)
Philadelphia Inquirer (05/23/04) P. K1; Dulley, James
Buying In to Housing Stocks
Despite higher interest rates that threaten to slow the housing market, investors are once again buying the stocks of home builders and home-furnishing retailers. Investors unloaded many of their shares with the first rate hike in March, mainly because builders have had a difficult time selling their inventory in previous high-interest-rate cycles. Among the variables responsible for the recent boost in builders' stocks include a favorable existing-home sales report for April from the National Association of Realtors®; the popularity of cheaper adjustable-rate and hybrid mortgages; and a lean supply of properties for sale. Investors also note that the leading builders have substantial land holdings and access to better financing and material prices than smaller companies, from which they are commandeering even more market share. This, in turn, should keep stocks healthy in the long term. In another good sign, home building executives are now purchasing more shares than they are cashing in. Analysts believe Lennar and Toll Brothers are the safest investments because most of their buyers do not need financing. As for home-furnishing retailers, analysts prefer Ethan Allen Interiors, Lowe's and Home Depot, among others. (www.wsj.com)
Wall Street Journal (05/26/04) P. C1; Zuckerman, Gregory
Home Equity Loans Prompt Some to Dive Into New Pool
In California and other sunny locales, home owners are cashing in on the rampant appreciation of their dwellings to finance the installation of a swimming pool. Contractors say they are inundated with inquiries and jobs about new pools ranging in price from $30,000-$150,000. Owners who purchased their property during the mid- to late-1990s, when prices were down, have watched the value of their real estate mushroom over the years. In California's San Fernando Valley, for example, the median price of a single-family house vaulted by $260,000 during the seven-year period ended in February. That appreciation, coupled with continued low interest rates, is proving to be an irresistible temptation for many home owners to get the pool of their dreams. (www.chicagotribune.com)
Chicago Tribune (05/22/04) Wilcox, Gregory
Designs Elevate Front Porch
Traditional front porches were left out of residential designs following World War II, mainly because home owners moved inside to avoid automobile fumes and noise and because they preferred watching television over gathering with their neighbors. However, Shea Homes' Bill Pisetsky says porches are making a comeback as home buyers increasingly seek "almost a 'Leave It To Beaver' kind of lifestyle." In addition to nostalgia, buyers are demanding porches as a means of cooling the ground floor during the summer months to save electricity and offering a shaded place to relax. In its Ladera Ranch development in Orange County, CA, Shea Homes is building wraparound porches to give buyers a space in front to entertain neighbors and secluded areas along the side and rear of the home for personal time. (www.miami.com)
Miami Herald (05/23/04) P. 16H; Harder, Nick
Most Back Affordable Housing Next Door
A recent National Association of Realtors® survey of 1,000 residents in 25 major markets found that slightly more than three-quarters of respondents would welcome low-cost housing in their neighborhoods, with 63% even approving of such projects next door to their own homes. The research refutes a long-held belief that "not-in-my-backyard" mindsets have blocked smaller dwellings and multifamily developments in many areas; but NAR believes these newest findings underscore the American public's understanding of the need for affordable housing for teachers, nurses, police officers and other working-class professionals — not just the unemployed and poor. The group's president, Walt McDonald, speculates that "more people know about affordable housing problems than we might have thought." The poll revealed that over 50% of the population believes that high real estate costs will keep their children and other relatives from living near them; but Realtors®, builders and others are hoping to change this by pushing for zoning changes and government programs to boost the affordable-housing stock. (www.usatoday.com)
USA Today (05/24/04) P. 1A; El Nasser, Haya
Affordable Housing Will Be Major Issue in Presidential Election
The National Association of Realtors® has a new survey that predicts the issue of affordable housing will influence the vote of two-thirds of Americans in the November presidential election. The National Housing Opportunity Pulse, a poll of 1,000 adults from the 25 biggest metropolitan areas in the country, reveals that shelter affordability and availability would trail only health insurance availability and job security as the issue of greatest concern for the upcoming presidential election. Moreover, the survey finds that 81% of respondents would favor efforts to put more affordable rental and single-family housing in their areas, as long as the units complement the surroundings. "Our new survey makes it clear that voters are going to take their concerns about affordable housing into the voting booth with them," says NAR President Walt McDonald. (www.globest.com)
GlobeSt.com (05/25/04) Murray, Barbra
Room at the Top
Many apartment owners and renters are heading to the roof for a place to relax or entertain outdoors, especially if their indoor spaces lack a traditional living room or are cramped. Some even plant gardens or build their own decks on a portion of the roof, but it would be wise to obtain approval from the building owner to avoid having to tear down their projects later on. Those who decide to move forward with a roof project should use real plants to enhance value, preferably herbs because they can withstand heat and do not require frequent watering. Serving alcoholic beverages is to be avoided, as the hosts could be held legally responsible if someone gets hurt. Despite the benefits of homeownership, some renters are reluctant to leave buildings with rooftop access. (www.newsday.com)
New York Newsday (05/21/04) P. D4; Fairley, Juliette
Fire-Wise Construction
There are a number of ways to make residences built in fire-prone areas safer. Home owners should trim tree branches, clean gutters and remove vines and dead leaves; and fire-resistant plants can be used to beautify the landscape while offering some protection against blazes. They also should use materials that are both durable and noncombustible. Steel, clay, concrete and asphalt roofs as well as metal, stucco and stone siding are the most fire-resistant materials. Home owners should be aware that these materials do not provide a 100% guarantee against fire; however they do offer a good measure of protection. Log homes also are reasonably safe because thick timber burns slowly. In general, home owners in vulnerable regions should use mold-resistant gypsum underlayment and fiber-cement sheathing to close gaps in eaves and soffits, as well as replace single-pane windows with low-emissivity tempered glass or cover them with noncombustible shutters. Furthermore, they should take similar precautions with decks, trellises and fences. (www.taunton.com/finehomebuilding)
Fine Homebuilding (05/04) No. 162, P. 78; Mead, Stephen; Wheeler, Jim
Priced to Move — and Print, Fax and Scan
HP's OfficeJet 4215 merges printer, fax, scanner and copier functions at a reasonable price for small businesses. The compact, lightweight machine prints laser-quality black text at a rate of six pages per minute. Though it can handle only low-volume printing, the software is easy to install. The feeder holds just 100 sheets, and the machine cannot accommodate magazines or large books when used as a copier. In addition to traditional faxing functions, the 4215 stores numbers, scans documents before dialing and provides a multitude of cover pages, among other things. The device is priced at just $150. (www.smallbusinesscomputing.com)
Small Business Computing Online (05/25/04) Kawamoto, Wayne
Small Talk
Users who want the functionality of a desktop computer and the size and mobility of a personal digital assistant (PDA) should consider the new Ultra Personal Computers (UPCs) to be rolled out by Antelope Technologies and OQO later this year. Both companies offer UPCs equipped with Windows XP, a 1GHz processor, 256MB RAM and a 20GB hard drive, but Antelope's also boasts a mobile processor from Transmeta and Pen & Internet's handwriting recognition software. The powerful devices have a couple of drawbacks in terms of screen size and data-entry. The UPC from Antelope will have a starting price of $1,600. (www.entrepreneur.com)
Entrepreneur (05/04) P. 52; Kooser, Amanda C. |
