Each week the Baltimore Business Journal asks experts to answer a hot-button question about their industry. This week’s focus is on real estate and development.<\/p>\n
What will it take for the real estate development market to rebound?<\/b><\/span><\/p>\n I\u2019m confident that the market is poised and ready for a recovery. The residential builders\/developers have retooled their product to better meet the demands of today\u2019s buyers with things such as smaller lots, houses with \u2018segregated\u2019 space, i.e. living area over the garage for adult child\/in-law. \u00a0<\/span>The missing ingredients of consumer confidence in the economy and the federal government\u2019s need to implement programs designed to stimulate home buyers are key to the market\u2019s rebound. In short, the industry has worked hard to do its part with the rebound by retooling their product. \u00a0Now the government needs to step to the plate with programs to stimulate home purchase as well as continue to address issues that are impeding the growth of the economy and its impact on consumer confidence.<\/p>\n In the last few years, as we entered into the economic downturn and the shine of the homeownership \u201capple\u201d has dulled, there has been an increase in demand for rental housing. Occupancy in rental communities is high; rents have increased 10 percent since this time last year at most Class A communities. \u00a0There is a clear demand for more rental housing. The staggering Baltimore City real estate taxes have not only pushed homeowners to the less-taxed suburbs, but they have inhibited the ability for developers to move forward with new projects. \u00a0Baltimore City should follow the example of other major metropolitan areas around the country, cut its real property taxes in half, and open the flood gates of new projects and scores of new city dwellers.<\/p>\n http:\/\/www.bizjournals.com\/baltimore\/print-edition\/2011\/10\/21\/speak-out-real-estate-and-development.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Each week the Baltimore Business Journal asks experts to answer a hot-button question about their industry. This week’s focus is on real estate and development. What will it take for the real estate development market to rebound? I\u2019m confident that the market is poised and ready for a recovery. The residential builders\/developers have retooled their