The Changing Nature Of Real Estate Development

A major change in the way residential development takes place will force smaller developers to change the way they compete.
September 18, 2003, 7am PDT | Chris Steins | @urbaninsight
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"Flush with cash, many of the super-builders are sidestepping traditional development companies. They're buying their own large tracts, getting approvals, finishing land and building on their own lots. They enjoy the higher margins of land development and control over lot delivery in a timely and cost effective manner... Now, as creators of communities themselves, they must think more about the bigger picture of what it will take to make a group of homes livable... As the super-builders take over more of the industry, we may see a homogenization of construction styles because there are fewer builders to choose among. The innovation, creativity and local flavor of a smaller builder is lost. The result will be much like what happens when Wal-Mart moves into a new area, bringing standardized products in the place of the sometimes quirky, individual tastes of owner-operated stores."

Thanks to The Practice of New Urbanism

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Published on Monday, September 15, 2003 in Washington Business Journal
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