The Anna Maria Island Sun Newspaper

Vol. 13 No. 6 - November 21, 2012

REAL ESTATE

The new extended American family

 

Tomorrow is Thanksgiving Day and although we may not be thankful for the national economy we’ve been enduring during the past four years, we are all thankful for our families. But what happens when families may be a little too close for comfort like living in the same house?

Last week I talked about micro living units either being built or at least being considered in large cities. These micro units are fulfilling a need for affordable housing for single young people and seniors. The need to fill this gap has multiplied since the financial crisis with adult children moving back in with their parents who also may be responsible for providing living space for aging parents.

One out of five college graduates ages 25 to 34 is living with his or her parents according to the Pew Research Center. In addition, the number of shared households, meaning an adult not enrolled in school living with another adult who isn’t a spouse, rose 11.4 percent between 2007 and 2010. At the same time, the baby boomer’s parents are aging and want to downsize, making for an interesting collision of generations living under the same roof.

Traditionally, single family homes located in suburban communities have not encouraged and have made it difficult for underused space like garages and basements to be turned into living areas. Zoning laws in suburban areas were intentionally designed to keep communities of single family homes at a low density. But with changing demographics and radically changing economies, should some of these strict zoning regulations be reconsidered?

Across the United States, homeowners are pressing for changes in zoning to allow separate apartments within their homes to accommodate either their adult children or aging parents. In addition, aging homeowners who want to age in place also are asking for some zoning changes to allow them to rent space in order for them to offset the increasing expense of maintaining their home in the face of declining interest income.

Builders in some states are starting to pay attention to the demand in houses for in-law suites or quarters with separate entries to accommodate the new extended American family. Lennar Corporation has rolled out a Next Gen model calling it a home within a home.

The houses, which range between 1,600 to 4,000 square feet, feature a completely separate unit within the footprint. The home within a home has its own entry, kitchen, bathroom, bedroom and living area which is attached to the main house with a double door similar to adjoining hotel rooms.

The company says they can’t build them fast enough, indicating people want to live together either because of choice or necessity, but do not want to live on top of each other. Since the houses are attracting buyers that are primarily families who use the extra units for their grown children or elderly parents, they aren’t facing much resistance from municipalities that may be worried about an excess of rentals in their area. At this point, Lennar is offering the Next Gen model in Arizona, California and Nevada.

Everything old is new again, and multiple generations living in the same house is really a throwback to an earlier time. Since most people are occupying housing that is three to four times what they really need, maybe Next Gen housing is an idea whose time has come.

Have a wonderful Thanksgiving and enjoy your family, no matter whose roof they’re living under.

Real Estate Transactions
Real Estate Transfers from June 1 to June 30, 2012
Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

08/31/2012 379,900 348,500 211 Elm Ave # B 749 2 Br/1 Ba Condo
08/03/2012 599,000 548,000 807 Jacaranda Road 2832 62.0x100.0 2 Be/2 Ba SFR
08/10/2012 400,000 380,000 317 Magnolia Ave. 1064 52.0x120.0 3 Br/2 Ba SFR
08/15/2012 800,000 800,000 108 Beach Ave. 2722 150.0x106.04 Br/3.5 Ba SFR
08/15/2012 589,000 565,000 311 Tarpon St. 1022 75.0x110.0 2 Br/2 Ba SFR
08/27/2012 600,000 649,000 212 Palmetto Ave. 1819 52.0x110.0 3 Br/2.5 Ba SFR
08/17/2012 415,000 375,000 300 N Shore Drive 1680 78x100 2Br/2.5Ba Inc, bank owned
08/06/2012 317,000 300,000 812 Jacaranda Road 61.0x108.0 Vac.
08/29/2012 975,000 875,000 749 North Shore Drive 60x125 + Vac.

Bradenton Beach

08/10/2012 115,000 115,000 1603 Gulf N Drive # 25 380 1 Br/1 Ba Condo, bank owned 08/22/2012 125,000 125,000 1603 Gulf N Drive # 28 380 1 Br/1 Ba Condo
08/10/2012 215,000 240,000 2306 Avenue C 1674 50.0x100.0 2 Br/2 Ba Inc., bank owned
08/01/2012 169,900 150,000 2508 Avenue C 50.0x100.0 Vac.
08/01/2012 169,900 150,000 2510 Avenue C 50.0x100.0 Vac.Cortez
08/31/2012 285,000 260,000 9604 Cortez Road # 234 1800 3 Br/ Ba Condo
08/07/2012 295,000 282,000 12416 Baypointe Terr. 139x98 Vac.

Holmes Beach

08/06/2012 349,000 310,000 6400 Flotilla Drive # 46 985 2 Br/2 Ba Condo
08/13/2012 435,000 392,500 7000 Gulf Drive # 206 1259 2 Br/2 Ba Condo
08/13/2012 1,625,000 1,460,000 3302 Gulf Drive # 201 2108 3 Br/2.5 Ba Condo
08/17/2012 425,000 410,000 5200 Gulf Drive # 501 1169 2 Br/2 Ba Condo
08/17/2012 349,900 329,000 3803 E Bay Drive # 9a 1949 3 Br/3 Ba Condo
08/20/2012 279,000 265,000 741 Manatee Ave. # 31 1179 2 Br/2 Ba Condo
08/31/2012 399,900 355,000 100 73rd St. # 101a 660 1 Br/1 Ba Condo
08/01/2012 299,000 280,000 7002 Marina Drive 905 11456 Units 2 Br/1 Ba SFR
08/03/2012 700,000 695,000 513 83rd St. 2519 90.0x103.0 4 Br/3.5Ba SFR
08/13/2012 899,000 885,000 238 S Harbor Drive 1959 2 Br/2 Ba SFR
08/17/2012 269,900 269,900 2711 Gulf Drive 1350 50.0x100.0 2 Br/2 Ba SFR, bank owned
08/21/2012 1,499,000 1,365,000 8401 Marina Drive 3311 94.0x100.0 4 Br/3.5 Ba SFR
08/22/2012 489,000 460,000 504 58th St. 1540 78.0x108.0 3 Br/2 Ba SFR
08/22/2012 427,900 427,900 7001 Holmes Blvd. 1324 88x112 2Br/2Ba SFR
08/23/2012 399,000 386,000 306 72nd St. # A 2616 4 Br/4 Ba SFR, Short Sale
08/24/2012 317,000 290,000 7201 Palm Drive 1134 103x85 2 Br/2 Ba SFR
08/24/2012 498,750 400,000 517 75th St. 1806 90.0x121.0 3 Br/2 Ba SFR
08/24/2012 389,000 382,000 231 S Harbor Drive 1441 2Br/2 Ba SFR
08/29/2012 499,000 475,000 605 Baronet Lane 2000 100x117 4Br/3 Ba SFR, Short Sale
08/31/2012 399,900 315,000 402 73rd St. 1744 3 Br/2 Ba SFR
08/31/2012 389,000 369,000 3009 Avenue E # 2 751 100.0x105.0 2 Br/1 Ba Villa
08/10/2012 559,000 515,000 200 S Harbor Dr # All 2722 94.0x106.0 5 Br/4.5 Ba Inc.

Source: Manatee County Property Appraiser’s Office

REAL ESTATE

The new extended American family

 

Tomorrow is Thanksgiving Day and although we may not be thankful for the national economy we’ve been enduring during the past four years, we are all thankful for our families. But what happens when families may be a little too close for comfort like living in the same house?

Last week I talked about micro living units either being built or at least being considered in large cities. These micro units are fulfilling a need for affordable housing for single young people and seniors. The need to fill this gap has multiplied since the financial crisis with adult children moving back in with their parents who also may be responsible for providing living space for aging parents.

One out of five college graduates ages 25 to 34 is living with his or her parents according to the Pew Research Center. In addition, the number of shared households, meaning an adult not enrolled in school living with another adult who isn’t a spouse, rose 11.4 percent between 2007 and 2010. At the same time, the baby boomer’s parents are aging and want to downsize, making for an interesting collision of generations living under the same roof.

Traditionally, single family homes located in suburban communities have not encouraged and have made it difficult for underused space like garages and basements to be turned into living areas. Zoning laws in suburban areas were intentionally designed to keep communities of single family homes at a low density. But with changing demographics and radically changing economies, should some of these strict zoning regulations be reconsidered?

Across the United States, homeowners are pressing for changes in zoning to allow separate apartments within their homes to accommodate either their adult children or aging parents. In addition, aging homeowners who want to age in place also are asking for some zoning changes to allow them to rent space in order for them to offset the increasing expense of maintaining their home in the face of declining interest income.

Builders in some states are starting to pay attention to the demand in houses for in-law suites or quarters with separate entries to accommodate the new extended American family. Lennar Corporation has rolled out a Next Gen model calling it a home within a home.

The houses, which range between 1,600 to 4,000 square feet, feature a completely separate unit within the footprint. The home within a home has its own entry, kitchen, bathroom, bedroom and living area which is attached to the main house with a double door similar to adjoining hotel rooms.

The company says they can’t build them fast enough, indicating people want to live together either because of choice or necessity, but do not want to live on top of each other. Since the houses are attracting buyers that are primarily families who use the extra units for their grown children or elderly parents, they aren’t facing much resistance from municipalities that may be worried about an excess of rentals in their area. At this point, Lennar is offering the Next Gen model in Arizona, California and Nevada.

Everything old is new again, and multiple generations living in the same house is really a throwback to an earlier time. Since most people are occupying housing that is three to four times what they really need, maybe Next Gen housing is an idea whose time has come.

Have a wonderful Thanksgiving and enjoy your family, no matter whose roof they’re living under.

Real Estate Transactions
Real Estate Transfers from June 1 to June 30, 2012
Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

08/31/2012 379,900 348,500 211 Elm Ave # B 749 2 Br/1 Ba Condo
08/03/2012 599,000 548,000 807 Jacaranda Road 2832 62.0x100.0 2 Be/2 Ba SFR
08/10/2012 400,000 380,000 317 Magnolia Ave. 1064 52.0x120.0 3 Br/2 Ba SFR
08/15/2012 800,000 800,000 108 Beach Ave. 2722 150.0x106.04 Br/3.5 Ba SFR
08/15/2012 589,000 565,000 311 Tarpon St. 1022 75.0x110.0 2 Br/2 Ba SFR
08/27/2012 600,000 649,000 212 Palmetto Ave. 1819 52.0x110.0 3 Br/2.5 Ba SFR
08/17/2012 415,000 375,000 300 N Shore Drive 1680 78x100 2Br/2.5Ba Inc, bank owned
08/06/2012 317,000 300,000 812 Jacaranda Road 61.0x108.0 Vac.
08/29/2012 975,000 875,000 749 North Shore Drive 60x125 + Vac.

Bradenton Beach

08/10/2012 115,000 115,000 1603 Gulf N Drive # 25 380 1 Br/1 Ba Condo, bank owned 08/22/2012 125,000 125,000 1603 Gulf N Drive # 28 380 1 Br/1 Ba Condo
08/10/2012 215,000 240,000 2306 Avenue C 1674 50.0x100.0 2 Br/2 Ba Inc., bank owned
08/01/2012 169,900 150,000 2508 Avenue C 50.0x100.0 Vac.
08/01/2012 169,900 150,000 2510 Avenue C 50.0x100.0 Vac.Cortez
08/31/2012 285,000 260,000 9604 Cortez Road # 234 1800 3 Br/ Ba Condo
08/07/2012 295,000 282,000 12416 Baypointe Terr. 139x98 Vac.

Holmes Beach

08/06/2012 349,000 310,000 6400 Flotilla Drive # 46 985 2 Br/2 Ba Condo
08/13/2012 435,000 392,500 7000 Gulf Drive # 206 1259 2 Br/2 Ba Condo
08/13/2012 1,625,000 1,460,000 3302 Gulf Drive # 201 2108 3 Br/2.5 Ba Condo
08/17/2012 425,000 410,000 5200 Gulf Drive # 501 1169 2 Br/2 Ba Condo
08/17/2012 349,900 329,000 3803 E Bay Drive # 9a 1949 3 Br/3 Ba Condo
08/20/2012 279,000 265,000 741 Manatee Ave. # 31 1179 2 Br/2 Ba Condo
08/31/2012 399,900 355,000 100 73rd St. # 101a 660 1 Br/1 Ba Condo
08/01/2012 299,000 280,000 7002 Marina Drive 905 11456 Units 2 Br/1 Ba SFR
08/03/2012 700,000 695,000 513 83rd St. 2519 90.0x103.0 4 Br/3.5Ba SFR
08/13/2012 899,000 885,000 238 S Harbor Drive 1959 2 Br/2 Ba SFR
08/17/2012 269,900 269,900 2711 Gulf Drive 1350 50.0x100.0 2 Br/2 Ba SFR, bank owned
08/21/2012 1,499,000 1,365,000 8401 Marina Drive 3311 94.0x100.0 4 Br/3.5 Ba SFR
08/22/2012 489,000 460,000 504 58th St. 1540 78.0x108.0 3 Br/2 Ba SFR
08/22/2012 427,900 427,900 7001 Holmes Blvd. 1324 88x112 2Br/2Ba SFR
08/23/2012 399,000 386,000 306 72nd St. # A 2616 4 Br/4 Ba SFR, Short Sale
08/24/2012 317,000 290,000 7201 Palm Drive 1134 103x85 2 Br/2 Ba SFR
08/24/2012 498,750 400,000 517 75th St. 1806 90.0x121.0 3 Br/2 Ba SFR
08/24/2012 389,000 382,000 231 S Harbor Drive 1441 2Br/2 Ba SFR
08/29/2012 499,000 475,000 605 Baronet Lane 2000 100x117 4Br/3 Ba SFR, Short Sale
08/31/2012 399,900 315,000 402 73rd St. 1744 3 Br/2 Ba SFR
08/31/2012 389,000 369,000 3009 Avenue E # 2 751 100.0x105.0 2 Br/1 Ba Villa
08/10/2012 559,000 515,000 200 S Harbor Dr # All 2722 94.0x106.0 5 Br/4.5 Ba Inc.

Source: Manatee County Property Appraiser’s Office


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