As has been reported through numerous outlets time and time again, the housing downturn in previous years damaged real estate sales. Though the degree to which markets were affected has been debated, one thing’s for certain: luxury real estate took the brunt of the downturn. Fortunately for many, recent reports from the Census Bureau may finally lay to rest the concerns of the downturn in favor of looking ahead to what the future will bring.
Released on Monday, June 2nd, the most recent figures from the Census Bureau report real estate sizes have increased drastically in the past year. Though it doesn’t mean the downturn can be completely forgotten, these new figures bring hope that the recovery is finally in full swing. With the average home built in 2013 boasting a spacious 2,598 square feet, many are breathing a sigh of relief. Those involved with luxury real estate in particular can rest easy as one-third of new homes last year featured at least three bathrooms and 44% had four or more bedrooms. Despite a brief decrease in real estate square footage during the downturn, home sizes are once again on the rise.
Further good news for the luxury real estate market, it appears builders and developers are focusing primarily on higher-end developments. 85% of homes built in 2013 included a two-car garage, while greater than one-fifth of luxury real estate developments included a garage designed to house three or more cars.
The news comes this week after the San Diego office of Colliers International announced a major land sale set to spur luxury real estate development in the Rancho Santa Fe community. The new development plans to feature homes with the majority of square footage upwards of 3,500 square feet. Considering there will be a total of 12 homes of this size built in the Rancho Santa Fe community, this report serves to confirm the Census Bureau’s figures. This new luxury real estate development, combined with Monday’s good news, seems to reassure the real estate and luxury real estate markets that the future is bright.
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