mont blanc pen nibs Are townhomes the new starter homes
“You have to have density,” said John Floyd, founder of Murfreesboro based Ole South. “Forty five percent of our business at Ole South is townhomes .”Since 1986, Floyd’s company has built 11,000 homes in 70 neighborhoods, including Evergreen Farms off Cason Lane and St. Andrews Drive in Murfreesboro.More: Murfreesboro 2035 Comprehensive Plan becomes officialThe Murfreesbsoro 2035 Comprehensive Plan also encourages higher density in a variety of housing options to help homes be affordable. The city’s population is expected to grow by nearly100,000 residents in the next 18 yearsto an estimated population of 228,000, Planning Director Gary Whitaker said.”It’s a market driven economy,” said Whitaker, who noted how labor and building material costs also have risen in recent years. “Everything has gone up. All of that figures into what you have to pay for a house. You can get into a townhome cheaper thana stand alone home.”The city has adjusted some policies to make higher density development easier. This includes allowing homes to be built on 6,000 square foot lots, which is slightly bigger than an eighth of an acre, without building them through a detailed residential design plan.Townhomes becoming the new starter homeReal estate professional Bill Jakes agreed that townhomes are becoming the new starter home because of the cost of land.More: Rutherford County homebuyers face challenge in quest for affordable housing”From a builder perspective,it’s not profitable to build a $150,000 home on a lot that’s going to cost $75,000,
” said Jakes, who noted it’s difficult to find existing homes in good condition for less than $150,000.Jakes said an increasing number of people today, be they millennials or empty nest baby boomers, are choosing higher density townhomes over single family detached homes.”There’s some pretty good market data that shows that the millennialsprefercity living and downtown living to the traditional suburbs,” Jakes said.More: Arts entertainment district proposed for MurfreesboroBaby boomers also are starting to shop for higher density homesThe higher density downtown area of Murfreesboro, for example, has homes selling for $150 per square foot, and that’s higher than the $129 average for Rutherford County, Jakes said.More: It’s not just you there really are fewer homes for sale with inventory at a 20 year low”It has a lot to do with commuting, increased traffic congestion and the expenseof owning a car,” Jakes said. “Baby boomers are flocking back to cities and leaving suburbs.”More: Holders choose less stuff, more lifestyle while downsizing their home”We’re clearly seeing lifestyle changes,” said Whitaker, adding that many people don’t want to mow lawns or face the burden of maintaining property that a homeowners association for townhomeshandle.Homebuyers can pay same in mortgage what renters are payingFloyd’s company hopes people choose townhomes over apartments, including newer ones in Murfreesboro’s Gateway area charging $1,400 per month.