Builders hoping to lure millennials unveil "Responsive Home" at builders show
Responding to what they believe is a pivotal shift in aspects of the home buying process for younger buyers, Pardee Homes launched a "Responsive Home" project at this year's International Builders Show in Las Vegas. In a nod to the travel revolution centered on renting a spare room, one design includes a "revenue suite."
The Responsive Home concept was influenced by a survey of millennials that revealed 83 percent of respondents stated they are seeking more space and 71 percent want to personalize their home - findings that industry leaders called a "familiar yet reimagined American dream." Researchers reported this cohort is not willing to compromise on their desire for more space. Other must-have options include outdoor living space, an open kitchen and a two-car attached garage.
Pardee collaborated with BUILDER Magazine to design and build the model homes.
Their project includes a Contemporary Farmhouse and a Contemporary Transitional concept home designed to appeal to the nation's 77 million millennials who collectively represent the largest share of the U.S. population. The builders said the project intends to appeal to homebuyers of all ages with homes that showcase design innovation, sustainability and smart technology.
"Millennials want to move to the suburbs for many of the same reasons as generations before them, but they want to take elements of their urban lifestyle and 21st century ideals with them," said Klif Andrews, president, Pardee Homes Las Vegas. He noted the project bridges this gap and inspires young buyers "to purchase a home at an attainable price point that offers the lifestyle they want."
Supporting that belief, the pre-show survey found that 84 percent of millennials cited financial readiness as a top motivator for home purchase; in contrast emotional readiness was a traditional motivator for past generations.
One reporter suggested the housing finance system may need to evolve if young adults are going to get drawn into the new-home market and play a key role in the housing recovery.
Wall Street Journal real estate correspondent Laura Kusisto said one way it's taking different directions and forms is with revenue suites, such as what's found in the Responsive Home Contemporary Farm House model. That plan includes two guest suites with separate entrances that can be rented on home-sharing sites such as Airbnb.
Both the farmhouse model and the transitional plans offer evolution-over-time floor plans with powerful indoor-outdoor workflow, technology-enabled automation, energy performance and bold design finishes. Designers said homeowners can personalize their space in multiple ways including options for additional bedrooms, office or fitness room, and casita living spaces.
The Responsive Home models are located in the Inspirada master-planned community, surrounded by acres of parks, trails and wide open spaces just minutes from the Las Vegas Strip in Henderson, Nevada.
The International Builders' Show, organized by the National Association of Home Builders, is the largest light construction building industry trade show in the U.S. It draws more than 100,000 attendees and alternates locations between Las Vegas and Orlando.
Pardee Homes, a member of the TRI Pointe Group, traces its roots to 1921 in Southern California. Its projects are concentrated there and in Las Vegas. The company was among the first to embrace master-planned community concepts; green homebuilding measures; environmentally sensitive development practices; and customer-focused processes for new home purchase.