Housing Giants - February 15, 2009 - (Page 11) FEATURE BEFORE AFTER Eliminating curved streets adds square footage, says Mollie Carmichael of John Burns Real Estate Consulting. Illustration: John Burns Real Estate Consulting profile or that buyer wasn’t excited about that lifestyle, but when it came right down to it, they could just get a better deal doing something else.” Downsizing mid-stream Laura Staines Giardino, co-principal with husband Michael Giardino of L&M Design, has an example of a doover that she actually did over. The development is located in the midAtlantic region. It’s an age-restricted, three-story community with units that range 1,300 to 2,400 square feet. “When the project was approved four years ago, before my client bought it,” Giardino says, “the marketing established a certain sales price, and it was achievable in that market at that time. Every project is predicated on having some sensibility when it gets started, and this particular marketing report indicated that there were competitive projects that were actively selling.” Giardino says the change that came with the housing bust is that people were not willing or able to pay more just to have more space. “No one is buying the largest units, although they are absolutely beautiful and the models are just being open right now,” says Giardino. “They can’t justify the price.” The community was designed with two different product types in mind. One was a larger townhome cluster, of which 12 units out of 56 were built. That product was abandoned because it was too expensive. The developer was able to terminate construction of the townhouses before too many foundations were laid, and plans were to replace them with a revised version of the higher density, three-story product originally intended. For the revised structure, two larger units in the three-story building were Prepare your community for tomorrow with Connexion Technologies… You can provide for the everchanging technological needs of residents without touching your budget. By partnering with Connexion Technologies to install a cutting-edge Fiber to the Home network in your community, your residents can enjoy the best entertainment and communications services delivered over a fiber-optic network. This network will also be ready to handle almost any new service that comes to market. Find out more at or contact us at www.cnxntech.com 919.535.7329 11 02.15.09 HOUSING GIANTS www.HousingGiants.com http://www.cnxntech.com http://www.lmdesignllc.com http://www.cnxntech.com http://www.housinggiants.com
Table of Contents Feed for the Digital Edition of Housing Giants - February 15, 2009 Housing Giants - February 15, 2009 Contents Viewpoint News Market Feature Housing Giants - February 15, 2009 Housing Giants - February 15, 2009 - Housing Giants - February 15, 2009 (Page Cover1) Housing Giants - February 15, 2009 - Contents (Page 2) Housing Giants - February 15, 2009 - Viewpoint (Page 3) Housing Giants - February 15, 2009 - News (Page 4) Housing Giants - February 15, 2009 - News (Page 5) Housing Giants - February 15, 2009 - Market (Page 6) Housing Giants - February 15, 2009 - Market (Page 7) Housing Giants - February 15, 2009 - Feature (Page 8) Housing Giants - February 15, 2009 - Feature (Page 9) Housing Giants - February 15, 2009 - Feature (Page 10) Housing Giants - February 15, 2009 - Feature (Page 11) Housing Giants - February 15, 2009 - Feature (Page 12) Housing Giants - February 15, 2009 - Feature (Page 13)
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