These days, homebuyers are thinking smaller. When they go to buy new construction, they want less space. This is posing an interesting dilemma for developers with unfinished subdivisions. Should they offer alternative models that are smaller? In St. Charles, the City Council is hosting a forum to address this very question of whether to mandate minimum sizes for new homes in partially completed subdivisions. Smaller may not be better to many in St. Charles.
Both city officials and representatives from local builders will be on hand to present the impact of home sizes on particular developments which often lie south of I-70. The city will explain the bill and allow residents to ask questions. During the second part of the program, attendees can visit one-on-one with builders constructing homes in their subdivisions. The individual meetings will allow residents to learn about homes being offered in their subdivisions and builders' future plans.
The average home in America averages 2,521 square feet, about 150% the size of the average home in 1977, 1,720 square feet. The stereotypical family of two adults and two children (rounded up from the statistical child parts statisticians account for) has enjoyed an increasing amount of space for themselves and their "stuff." Now more people are realizing that the price of more space is a larger carbon footprint - and higher utility and maintenance costs. Beginning in 2008, median housing sizes started dropping for the first time since 1995.
City officials are concerned that smaller homes will also be less expensive homes that will yield less tax revenues and bring down neighborhood property values. They also don't want to anger residents. Some homeowners with $350,000 homes would prefer a few vacant lots to having $150,000 starter homes next door. Builders counter that vacant lots will do more to detract from property values than homes of different sizes. In addition, "smaller" does not necessarily equal "half the price or "inferior quality."
Already suffering from a decline in demand that has devastated the construction industry, builders such as Whittaker Homes claim that excessive restrictions on home size would harm property values if the lots remained unfinished for years. Ultimately, lots could be bought up by different developers who might introduce a different style of home into the subdivision. Pat Sullivan, executive Vice President of of the Home Builders Association of St. Louis and Eastern Missouri, states the case for area builders: "We request that you allow the market to work. It will best secure property values by seeing that products are offered that have demand."
The builders' attempt to both respond to the recession and save their businesses are provoking debate in many areas. In nearby Wentzville, for example, Whittaker Homes sold only five villas in 2009 in part of a subdivision, so hoped to offer some downscaled models for $20,000 less, as well as offer some detached villas instead of the two family buildings that are the norm in the development. Company spokesman Tim Busse noted that the company's "goal is to complete the community and have it be successful as opposed to being half-done. If we can't find ways to sell houses, the bank has the ability to take those (lots) over and slash the price of lots. We're trying to work with the community." Upcoming votes are scheduled in Wentzville in the near future.
St. Charles already mandate the minimum lot size, but the outcome of the debate could affect minimum home size, especially on subdivisions at least 60% finished. Nearby homes would have to be at least 90% of the size of current homes. However, builders could still offer smaller units they are already marketing in various subdivisions.
Regardless of how the vote turns out, St. Charles is a community that offers considerable variety in housing styles and price. The median price for 1,014 homes listed in the city is $194,900, while the average is $246,389. The oldest city along the Mississippi, St. Charles offers new construction and older pre-owned home that will meet your space requirements and your desire for a welcoming community for your family.
Check out www.thestlhomefinder.com to view the extensive choices in St. Charles then call the Becky O'Neill POWER Team, where we promise a Positive Outcome With Exceptional Results. We will help you narrow down the home that is right for you. We specialize in fine properties in Clayton, Wildwood, Chesterfield, Manchester, Glencoe, Ballwin, Ellisville, Ladue, Fenton, Kirkwood, Webster Groves, Clarkson Valley, St. Charles, St, Peters, O'Fallon, Town & Country, and the surrounding area in St. Louis or St. Charles Counties.
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