Albuquerque Real Estate Market: Multi-Generational Housing on the Rise

Albuquerque Real Estate Market: Multi-Generational Housing on the Rise

(Transcript Snippet): “Tego:

Tracy, I’m going to change the subject. And I want to ask you about this trend that we’ve been seen now for quite a few years, and it’s really catching on and the thing that’s interesting talkie, well, wait, hold on, hold on. I’m building it. I’m building or making us wait. It’s the multi-generational housing and, and we’ve seen builders adjusting their, their products to this meaning that has a, you know, there’s a lot of different terms for it in law suite, in New Mexico, it’s the casita or it’s the granny flats, or, you know, whatever, whatever you want to call it. It’s, it’s kind of like the second home within the home and, and the thing that’s interesting. There were some interesting stats here. Tracy, did you see this one? I did not. Yeah, it’s a, well, there we go. So the percentage of total home sold in 2020 that were this kind of multi-generational type type home, where again, it had one of those things the, what did they call it? ADU auxiliary dwelling unit is another term you hear sometimes too. 12% of the home sold. Well, that’s a pretty big, pretty big move in there saying the spring of, of it hit it, it hit even higher. So yeah,

Tracy:

You know what I find interesting looking at this visual that you pulled up that I hadn’t seen before is the most common age range of these buyers for these homes that have, that is 41 to 55. Now that’s young. These are people who are being [inaudible], but and the second age bracket is 75 to 95 years old. So they’re buying it and having a space for them and moving in one of their child, children or something. But it’s interesting. Cause 41 to 55 is pretty young right together. It’s really young and they’re buying these houses with a Caseta or an in-law suite or an extra living area that  is available. So

Tego:

Did you want to hit on the benefits that people are saying from it was that where you were going?

Tracy:

I wanted to just say, you know several years ago Dr. Horton and Pulte started adding that option into their floor plans and they had spectacular, they have spectacular floor plans that have that in, you know, the in-laws suite, isn’t just a bedroom with a bathroom, right. It’s typically on a main floor if the whole house isn’t main one, one level. But it also has some sort of an extra living space. So you’ve got a little living room in addition to a bedroom and then a small little kitchenette in addition to the bathroom, separate entrance sometimes. So we’ve seen that lately in Abrazo homes where they’re building in the new neighborhood in the parade,

Tego:

You know, what can we just sidebar here for a second? Because we, we, we overlooked it. And we were talking about the parade of homes this weekend and that Abrazo homes, which is a local locally owned home builder here. They have a neighborhood right by the balloon park. Just what would it be? Just West, North,

Tego:

South and West of the balloon park, if you can envision that and

Tracy:

Behind the big horizon business building,

Tego:

Right? Yeah. Yeah. But they have, you know, a lot of their models they have there do have the option of the in-laws suite or the,

Tracy:

They call it the casita. And from what we understand, they just started opening up that neighborhood to sales. It’s a gated neighborhood right there. It’s only like 34 home sites. Yeah, it’s right next to the balloon park. So I would suggest you go and check out the Abrazo homes, but they said that most people who have committed to purchasing there have taken that Kasita option and put that into their floor plan.

Tego:

It does make sense. So just to wrap up this conversation about this, this multi-generational housing trend and in some of the benefits that people are seeing is it, it takes the budget and it helps combine it. Right. Right. You know, it also, you know,

Tracy:

And you take two families. I mean, together, they can live in one home, both of their incomes from both families. They can typically afford a bigger home, but then, or a pricier home, but then they can sort of take care of each other and watch things. One can go on vacation and the dogs are taken care of and yeah. Not just health-related, it’s just, you know, the yard, the upkeep.

Tego:

Yeah. Yep. Yeah. And you know, and obviously it’s, you know, quality time together is, is always an important thing. Obviously, if you like your in-laws or your children or your parents. Yeah. and, and, you know, the, the way these floor plans are built now, they, they do work really well and get plenty of space for forever.

Tracy:

And then shared caregiving duties, which, which is the obvious one. So yeah, multi-generational housing, not a new trend, but definitely still on the rise.

Tego:

Well, and it’s, it is, it is a thing. And it’s I don’t think gonna go, go away anytime soon, especially with the millennial boom and the baby boomers, you know, aging too.