“What interesting trends are you following in Gated and Exceptional Communities of Palm Coast and the Flagler Beaches?”
Retired or Retiring? Are the kids grown and living in their own homes? Are you finding you no longer need all that space and property? Have you considered downsizing your home to boost your nest egg?
A recent article published in Realtor ® Mag describes “The aging of the nations’ Baby Boomer population could reshape the United States’ residential real estate market and economy in the coming years. As members of this demographic get older, many will move out of the houses where they raised families and downsize into smaller homes, cozier apartments, condominiums, and townhouses”.
Locally in the Exceptional Communities of Palm Coast and the Flagler Beaches we are witnessing a ‘Castle to Cottage’ sub-trend of the national relocation. Increasing numbers of residents are selling their larger homes in favor of smaller properties in the same or neighboring communities. Homeowners are trading down square footage while continuing to enjoy the same community amenities.
‘Castle to Cottage’ is a social phenomenon that is gaining popularity here in Palm Coast and the Flagler Beaches for a number of reasons. The obvious advantage of reducing housing costs in favor of increasing one’s nest egg helps achieve financial security. A smaller home provides for lower taxes, reduced utility bills, and less maintenance repair netting a decrease in cost of living. Local residents are enjoying the UP side of DOWNsizing with more free time and lifestyle flexibility.
Local builders have been quick to capitalize on the trend. One builder describes new smaller floor plans as ‘packing a bigger punch in a smaller package’. The theme is embraced by a growing number of green housing advocates interested in lowering home energy usage while minimizing home footprints to reduce environmental impact.
The future of real estate is predicted with rising mortgage rates, increasing cost of homes and the desire to build a personal wealth net egg to afford the expense of longer term retirement. The popular theme of learning to love less combined with less is more will likely continue for the foreseeable future. Consider the Up side of DOWNsizing your Castle to Cottage!