Residential Housing Market: Is opportunity upon us?
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Transcript of Residential Housing Market: Is opportunity upon us?
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ResidentialHousing Market:Is opportunityupon us?
Alan P. MarkPresident, The Mark CompanyMay 24, 2011
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Agenda
• Tracking homebuyer trends
• Top buying groups• How to reach them• How to design for them• What’s next?
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The Mark Company
• Design development, market research, sales and marketing
• Mid- to high-density residential developments
• Projects throughout Bay Area, Los Angeles, San Diego, Denver, Las Vegas
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Homebuyer Trends
• Gen Y and Baby Boomers emerged as biggest home- buying groups
• Interest in urban locales & convenience of HOA
• Why they are buying NOW
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Who are they? Baby Boomers
• Between 46 - 64 years old• Roughly 75 million people• Experienced buyers• Drawn to urban locations• Empty nesters• Looking ahead to retirement• Gay couples• Second homes• All-cash purchases common
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Who are they? Gen Y
• Between 16-33 years old• Roughly 80 million people• First-time homebuyers• Well-educated• Tech-savvy• Lifestyle driven• Value sense of community• Financial assistance from parents
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Buyer Profile Trends
Note: Based on TMC projects in San Francisco Bay Area, Los Angeles, Denver during past four years.
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Top Purchase Drivers
Baby Boomers Gen YLow maintenance living
Finishes ValueLocation Sense of community
Views AmenitiesBrand names Lifestyle
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Brand Names: Baby Boomers
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Marketing To Baby Boomers
• Promote sense of community and refined living
• Use imagery and models that look like them
• Traditional and non-traditional media
• Be aware of other stakeholders: children or financial advisors
• Buying for themselves for adult children
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Brand Names: Gen Y
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Marketing To Gen Y• Messaging needs to be value
and lifestyle-driven- Attainable luxury living
• Use imagery and models that look like them
• Text/email over phone calls• Drawn to sense of
community- Events - Social media- Online - Co-
marketing
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Designing For Baby Boomers
• Convenience & walkability• Amenities: Emphasis on refined lifestyle• Unit Design: Comfort
- Single-level- Impeccable design- High-end finishes- Fewer bedrooms- Larger living/dining rooms
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Designing For Gen Y • Amenities: Emphasis on
social
• Unit Design: Flexibility- Built-in office/desk- Stylish finishes, but not top
of the line- Smaller space ok
- Community room- Fitness center- Dog run- Rooftop deck- SmartHome technology
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What’s Next? • Buyer profiles will continue to evolve and
change• Fannie Mae and FHA guidelines becoming
more stringent• Emphasis on lifestyle and value