Gaining Ground
Some prospective homebuyers see new construction as a more attractive alternative to “settling” for available inventory.
WHYY, one of Philadelphia’s best-known media organizations, ran a story earlier this year with a rather provocative headline: “Looking for a home in the Philly area this spring? Good luck.”
The story underscored an unfortunate trend in local real estate: Limited inventory in the most desirable parts of Bucks, Chester, Delaware, and Montgomery counties, combined with elevated 30-year fixed interest rates, means many prospective homebuyers are having a tough time finding homes they want at a price they can afford. As a result, some buyers have decided to sit tight and wait for conditions to change.
One alternative to choosing a home from the limited supply: partnering with a custom home builder to design and construct a new home on available land. The advantages of new construction are certainly apparent to Paul Bloomfield, the owner of Bloomfield Architects in Bryn Mawr. Whereas some builders turn out homes with similar floor plans and façades, Bloomfield prizes individualization.
“People come to us looking for some help in that regard,” he says. “We design each project uniquely for the plot that it’s on, and that means you can take advantage of the views and protect against any vulnerabilities. The design is a custom result that maximizes the property.”
Michael Duffy, a representative with B&D Builders in Paradise, Pennsylvania, an hour west of Philadelphia, has seen continued interest in a particular aspect of new construction: so-called party barns. Homeowners often invest in these multipurpose structures to host weddings and special events, or simply serve as casual gathering spaces. Duffy cites one client in Malvern who added a party barn to their property so they could entertain and have somewhere for their adult children and grandchildren to stay when they came home.
“It’s a new structure,” he recalls, “and it has everything you might need: two beautiful bedrooms, a terrific kitchen with a pizza oven, a nice sunroom with southeast exposure, a great room with a huge stone staircase, and it’s connected to the main residence by a breezeway. Those are indicative of the things people are looking for in a party barn.”
Published (and copyrighted) in Suburban Life magazine, August 2024.
