SANTA CLARA, CA—With added demands for technology and altered work streams in the remote working environment, Americans are increasingly reconsidering the suitability of existing homes. In the process, many people decided to relocate, seeking more space, larger homes with home offices, quieter neighborhoods and affordability, according to the National Association of Realtors.
The shift uncovered a noticeable migration away from expensive high-density downtowns toward lower-cost suburbs as well as small and medium-sized towns. Emboldened by many companies extending remote work policies into 2021 or permanent status, many homebuyers and renters looked for larger spaces, even if it meant trading a longer commute from large employment centers, says NAR.
Some recent examples are Landsea Homes' two Bay Area communities, Catalina in Santa Clara and Skylark at Sanctuary Village in Newark. These communities are down to the final new home opportunities. To date, more than half of the homes have been sold at Catalina with just 41 homes remaining.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.