The builders are back at it. Drive around any area of Seattle now and you will see homes being demolished and a new home being built in a short time. This is great for the economy because as housing goes so does the Nation’s economy.
The problem from my viewpoint and experience is builders should be building some single level homes because there definitely is a market for them. The baby boomer population is aging rapidly, at least one day at a time, and they are having a hard time finding homes with little or no stairs. In West Seattle, for example, if you want to buy a one level home most likely will have to choose between this 1940s built “war house” or that 1940s “war house”. These homes are typically 2 bedrooms, one bath and from 720 sq ft to 800 sq ft.
One recent transaction saw a one level modular home that was in “fixer” condition was purchased and flipped. This home is located just west of the Alaska Jct. I saw it come on the market at $550,000 and knowing the market my first thought was this home will be on the market for a long time. Two days later there was a “Sold” sign on it. Figuring the home would need to pass the appraisal process it would ultimately sell for less. Much to my surprise, and that of every agent that is familiar with the home, was surprised to find that is sold not for the asking price of $550,000 but actually closed for an all cash price of $575,000. Not everyone wants a huge 2-story home that takes up most of the lot.
Builders take notice that you are missing an opportunity for what would be a very lucrative niche market because of the growing number of us aging people, and that include all of us.
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