Growth fuels more housing options in HUNTSVILLE
As the Huntsville area's population grows and becomes more diverse so does
the housing, which means options are expanding to include more condominiums,
townhouses and garden homes.
"It has not always been that way in Huntsville," says Cindy Allen, a broker
with Rise
Real Estate
Chase Park in Huntsville and a licensed residential home builder. "There was a
time when they built condos and they didn't sell. Now more and more are being
built, especially for Baby Boomers and people with very busy lifestyles who
want a low-maintenance property."
In addition to being low maintenance, today's condominiums and townhouses are more luxurious, so they're more appealing to younger executives and older buyers who are either stepping up or stepping down Allen says. With condos, you typically own the interior while a homeowners' association owns and maintains the exterior. With townhouses, you typically own a two-level structure where you own the interior, the building exterior and a smaller back yard.
"We've got people coming in from everywhere, and Huntsville has typically been that way, but with the new technology and new businesses we have an even more diverse group of buyers," Allen adds. "These people come from bigger cities where they're used to having more choices."
Bill Ward, owner and broker of the Bill Ward Real Estate Team in Huntsville, says he's seen a higher demand for low-maintenance properties in the last few years. While Baby Boomers are pushing the market, Ward says people in general desire these properties, particularly busy young, single executives and professionals.
"Less maintenance is a big factor in their housing decision," Ward says. "That is why we're seeing houses built with less maintenance products such as brick and vinyl exteriors, vinyl fences and composite decking material that never rots or has to be stained. On the inside, it's laminate flooring."
It's also why today's buyers are seeking more patio homes, condos and townhouses.
Allen says that as a buyer, you can anticipate these new housing choices to mostly be condominiums, townhouses and also more upper-en houses $600,000 and up. She has observed more higher-priced homes built in Huntsville in the last few years than she's seen in her 30-year career in the market.
"It's great," she says of growing housing choices. "I think it just shows that Huntsville is one of the best places in the U.S. to live. It's a plus for Huntsville and the people who live here. It's wonderful for the people who live here to have the choice and, moreso that newcomers have the choices they would have in larger cities."
While the area's growth sometimes also brings higher prices, Allen says it will be fine as long as "... we keep supply and demand balanced, which we've done. We've got some very good leaders in this city, good builders and a lot of experienced builders and agents in this city. It's all good."
She foresees a healthy area market for at least another five years.
"I'm basing that on everything coming into Huntsville," Allen adds. "You can't compare Huntsville to any other city. Even when interest rates were 18 percent, houses were still selling in Huntsville, while they didn't sell elsewhere in the U.S. People like to live in Huntsville."
Ward says that while affordable housing shortages have been discussed on a national level, that isn't true of the Huntsville area. While you may not readily find a large house with a large lot inside Huntsville limits, you can find a house in your price, though it may not be in the area you desire.
However, more housing choices mean more options in highly desired locations.
Garden or patio homes are a new, booming trend in the area, in which you own the house and grounds, Allen says. They are unattached to neighboring housing, have privacy fencing and typically little to no yard for easy to low maintenance. If the community has a homeowners association, you'll pay yearly fees to the association to maintain common areas.
"All in all, I think you will see more of that in Huntsville," she says of garden homes. "They will not be small and low-priced, but there will be nice, higher-priced garden homes," she says.
Ward says their growing appeal is also due to how patio homes and townhouses have changed in the last 20 years. Whereas they used to be smaller, averaging 1,100 square feet, they offer much larger living space today and they're more upscale, as seen in communities in Providence and the Ledges.
"They're not just the thing people are buying because people can't afford a nice house," he says. "They're appealing to people who can afford whatever they want because they don't want maintenance and upkeep."
Typical garden home buyers are young executives in their late 20s or 30s single or recently married, Allen says. Also, they appeal to executives over 50 years old who are likely anticipating retirement, and to empty nesters who want a luxurious smaller home that's low maintenance.
Typical condo buyers desire an environment like an apartment, but want to own instead of lease. They want access to a pool, and close neighbors more their age. They are typically single women who want a safer environment and still want to build equity in property.
"This is a hot market in Huntsville, and we don't have enough condos for that market," she says.
Typical townhouse buyers are similar to garden home buyers, but may be younger or seeking a second home or getaway place by the lake, Allen says.
"There are people just searching constantly for that market," Allen says of lake townhouses. Investors buy them to hold four to five years and then sell them. As a buyer, you may be able to negotiate a better price if you secure a location in these communities while under they are construction.
Ward says the community overall benefits from having a broad spectrum of housing options. Buyers may not find something that fits all their needs, but they can probably find something that mostly suits their needs.
While townhouses, condos and garden homes still make up a minority of the
market, Ward says demand is certainly increasing for them, and he foresees it
continuing to increase.
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