In looking ahead to the future of housing in the Triad, the economy isn’t the only factor that will make an impact on new home construction. Lifestyle preferences and buyer tastes will shape the residential real estate picture over the next decade and beyond. Two local authorities weigh in on the development trends they see on the horizon.
Roy E. Carroll II, founder, chairman and CEO of The Carroll Companies, thinks the area will have more urban infill. The commercial and multifamily home developer cites the revitalization of city neighborhoods like Greensboro’s Southside in which developers are creating an urban/suburban blend of homes and businesses. For some, the central location and proximity to shopping and entertainment make it a more preferable place to live compared to the relative isolation of the suburbs.
Social scientists have noted recently that the massive move by the working and middle classes from cities to the suburbs that began after World War II has slowed significantly. Increasing land prices, higher energy costs associated with commuting, and the revitalization of downtown areas are motivating people to move closer to city centers.
Not everyone is ready to abandon their suburban communities just yet, and those new neighborhoods are adapting to accommodate the demands of buyers. People are looking for more of a sense of community and connectivity with their friends and neighbors, Carroll says. To facilitate this, neighborhoods have begun incorporating more amenities like pools and community centers. “I think people are searching for a sense of belonging. We all are,” Carroll says.
Billy Tesh, president of the Greensboro Builders Association and president of Pest Management Systems Inc., is plugged in to shifts in community development and has noticed this trend as well. For example, some neighborhoods in the Lake Jeanette area include trails and usable, open space to encourage walking and recreation close to home.
Along those same lines are communities targeting soon-to-be-retired baby boomers.
This age group tends to want a smaller home, but with same high-quality amenities like deluxe kitchens and roomy master suites, as well as shopping and services close by.
“Baby boomers are aging out of these big houses. They want smaller, one-level houses with limited yards. That way, they get privacy and reduced maintenance,” Tesh says.
Addressing the trend are active adult communities like Southern Gates in northwest Greensboro from D. Stone Builders and Charlotte-based McAlpine Group’s Wrenn Farm near downtown High Point. The planned projects will feature a mix of single-family homes, townhomes and retail space.
Lisa W. Grigg can be reached at 887-2656, ext. 209, or by e-mail at lgrigg@news-record.com.