excellent article this morning in the paper. some good excerpts below. all of these things relate directly to Helen and I's living in Wellington. 2 car garage...check. deck space...check. having our own yard...check. desire for community...check. family orientation...check. proximity to places of work...check. recreational amenities...check.
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In 1999, the median single-family home price was $317,500. According to the 2007 numbers, that has increased to an astounding $670,300. Incomes have not kept pace with that rise in home prices, so that the median home price in 2007 is about 851 percent higher than the median income ($78,800). In 1999, that gap was considerably smaller, with the median home price only 491 percent higher than the median income ($64,600).
Based on the information gathered during the survey, locals value community character above all else, encompassing such factors as family orientation, neighborhood appeal, proximity to places of employment, services and recreational amenities.
About 75 percent of the residents who want to buy a home in Summit County are looking for small, single-family (two bedroom) homes with a base price of about $200,000.
Balconies and decks were the most important amenities, followed closely by a desire for a two-car garage and a private yard. Locals are also thinking green tabbing energy efficiency as the fourth-ranked amenity out of 10 offered.
The emphasis needs to be on building neighborhoods, not just on the number of units, the study concludes.
The survey also asked specifically about the desirability of deed-restrictions on units that cap appreciation, with the option of buying out of the cap for $100,000. Just more than half the respondents said they would be inclined to pay the extra amount to remove the restrictions.
