The downside is that so much new building and the low overall profit margin in residential construction limit the increase in existing home prices. Last year's modest three percent appreciation was typical. Of the more than three thousand residential purchases made each month, more than half are now sales of previously owned properties, testifying to the attraction of in-place amenities and completed landscaping. Well-priced resale houses in this market tend to sell quickly, although not necessarily at a large profit. For example, as the city's boundaries expand outward, lots with stables and pastures are being converted to residential use.
Horse properties are therefore more likely to increase in value than comparably sized lots.
The local condominium market also seems to be changing. Long thought of as the least likely residence to increase in price, condos may become the hot new property category, thanks to the baby boom generation. Condos can take the form of higher-end, generously sized townhouses with attached garages, so their owners aren't likely to feel cramped. Gated access provides a heightened sense of security. With associations caring for landscaping and community recreational amenities, condominiums also tend to be easier to maintain.