These best-selling projects are like the results of a scientific experiment. What if you subjected the housing market to the worst possible conditions? What would people buy even if they were worried about job prospects, concerned about falling home prices, and couldn’t be sure economic conditions would improve?
What you’d get is a list of evergreen projects, ones likely to sell no matter the economic conditions. Within these test projects you would also be likely to find the seeds of the industry’s future—safer bets for bank loans.
To gather these test cases, we went to researchers who collect new-home sales data in local markets. We asked them to nominate projects from among the very best selling in the markets they track, projects that reflect trends, present and future.
The result is a collection of winning projects that speak to the wide variety of housing solutions that builders undertake. You’ll find one-of-a-kind urban loft projects, sympathetic infill projects that rose out of decades-old neighborhoods, and suburban tract neighborhoods priced to compete with distressed sales, to name a few.
Besides a high sales rate, the projects share other salient characteristics. Many are green, typically built to a local standard. They tantalize buyers with the prospect of lower operating costs and a light carbon footprint. Most, as you would suspect with any list of fast-selling projects, are targeted at entry-level buyers, typically touting the availability of FHA financing and federal tax credits.
Several projects evoke memories of happier times, when people camped out to get first dibs on a community, when builders developed long waiting lists before they released homes, when developers could point to monthly sales rates in the double-digits. Perhaps those good times will return one day. If they do, it will probably be because of projects like these.
Learn more about markets featured in this article: Los Angeles, CA.