Luxury apartments have prompted homebuilders to develop smaller upscale houses, said Van Rose, president of Rose & Womble Realty Co.’s new homes division.
The apartment market boomed last year because of demand from young professionals and empty-nesters. But Rose said surveys show the younger crowd wants to own a home at some point. He spoke at Thursday’s Hampton Roads Real Estate Market Review and Forecast, which is produced by ODU’s Center for Real Estate and Economic Development.
Dwight Dunton, founder and president of Bonaventure Realty Group LLC, said young professionals who are saddled with debt and have a hard time finding a job will keep the apartment market on top for years to come.