Rising Land Costs Prompt Builders To...

Rising land costs prompt builders to wedge homes into smaller lots, from the Arizona Republic, reports that as land costs continue to rise, builders are looking at smaller lots to build affordable homes for the housing consumer. The average size of a residential lot for a new production home in Maricopa and Pinal counties shrank 1,000 square feet in the past six years, to about 7,400 square feet, according to Hanley Wood Market Intelligence. The closer you get to the Phoenix core, the more likely lots are to be 3,000 or 4,000 square feet. "A lot of new products (lots) are 32 by 100 feet deep," said John Fioamonti, managing director of Hanley Wood. "You can go to Coolidge and Florence and still see the 6,000 to 7,000 square-foot standard lots we are used to. As you get closer into town, you find these vertical podium builds, very narrow two-to three-story almost town homes. They have been doing this in California for years." Some homebuyers don't mind the smaller lots, as they mean less maintenance. Most cities and towns have been approving these small-lot developments to give residents more affordable homes and also to encourage more of a community feel. Look for this trend to continue.





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