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Things Are Heating Up In The Kitchen And The Bedroom For Today's Homebuyers

Homebuyers Willing to Make Compromises for Must-Have Features

ATLANTA, -- Today's homebuyers are seeking surprising key features, and they are willing to make sacrifices to get them, according to the latest PulteGroup Home Index Survey (PGHI) by PulteGroup, Inc. (NYSE: PHM), one of the nation's largest homebuilders. 

The kitchen was the most important area when choosing a new home, according to 29 percent of Americans.  Following closely behind the kitchen wasn't the bathroom as most would suspect – but another priority – the bedroom.  The master bedroom ranked as the second most important room in a new home at 22 percent.  And the living room surprisingly was cited as the third most influential in their decision-making at 18 percent. 

"As consumer confidence improves and the appetite for homebuying increases, consumers today aren't just looking for the biggest house on the block.  They're looking for more efficient use of space and a greater area allocated to 'workhorse' spaces, like the kitchen," said Ryan Marshall, executive vice president of homebuilding operations, marketing and sales for PulteGroup, Inc.  "Homebuyers want unique features and amenities and will do what it takes to find the home they truly want, even if they have to pay more for a move-in ready home."

MAKING COMPROMISES

According to the 2014 PGHI, nearly half of adults (44 percent) are willing to give up a location near public transportation in exchange for must-have features in their next home.  Further, more than one-third of respondents (35 percent) said they would give up better schools and proximity to entertainment and shopping (34 percent) for their desired in-home amenities.

INFLUENTIAL HOME FEATURES

More than half (51 percent) of adults surveyed indicated that they want their next home to be larger than their current residence and 64 percent preferred their next home be move-in ready.  Consistent with the desire for more space, critical features homebuyers are seeking include:

• "His-and-her closets" ranked highest among master bedroom features (31 percent), followed by spa-like master bathrooms (23 percent)
• A large eat-in area was the most preferred feature in the kitchen (23 percent), followed by a kitchen island (22 percent)
• At least one bathtub in the home was the most sought after bathroom feature, desired by more than half of respondents (54 percent)

"In addition to the more common home options, we're starting to see regional trends emerging among homebuyer preferences," said Marshall.  "From outdoor kitchens in Florida, to spice kitchens in California, shoppers are increasingly discerning when it comes to home features that could be the deciding factor in their next move."

Regional trends identified by PulteGroup include folding, accordion-style glass doors in the Southwest, multi-generation floor plans and screened-in porches in the Southeast, balconies off the kitchen and rooftop terraces in the Northeast, and "Jack n' Jill" bedrooms and coffee bars in the Midwest.

November Construction Retreats 11 Percent

NEW YORK, Dec. 19, 2013 /PRNewswire/ -- At a seasonally adjusted annual rate of $524.8 billion, new construction starts in November fell 11% from the previous month, according to McGraw Hill Construction, a division of McGraw Hill Financial.  The downturn followed heightened activity in October, which showed the strongest pace for construction starts so far during 2013.  Both nonresidential building and nonbuilding construction pulled back from their elevated October amounts.  At the same time, residential building showed modest growth in November, continuing the steady upward trend that's been present during most of 2013.  For the first eleven months of 2013, total construction starts on an unadjusted basis came in at $475.3 billion, up 6% from the same period a year ago.  If the volatile electric utility category is excluded from the year-to-date statistics, total construction starts for the first eleven months of 2013 would be up 14%.

November's data produced a reading of 111 for the Dodge Index (2000=100), compared to 125 in October and 118 in September.  For the first eight months of 2013 the Dodge Index had averaged 105, as it hovered within the fairly narrow range of 100 to 108.  While November showed a decline from the prior two months, the level of activity was still above what had been reported earlier in the year.  "The monthly construction start statistics will often show an up-and-down pattern, given the amount of large projects that are included in any given month," stated Robert A. Murray, chief economist for McGraw Hill Construction.  "Although November witnessed a decline from the heightened activity in September and October, the construction start statistics when viewed in the context of 2013 as a whole are still trending upward.  Housing during 2013 has strengthened on a consistent basis.  Nonresidential building is gaining momentum, aided by improving activity for commercial building from low levels while the institutional building sector stabilizes after a lengthy decline.  Nonbuilding construction is weakening due to a sharply reduced amount of new electric utility starts, but its public works component has shown surprising resilience this year.  For 2014, the upward trend for total construction starts is expected to continue.  One plus for construction and the economy going forward is the recent budget pact approved by the U.S. Congress, since it removes the uncertainty that would have come with the threat of another government shutdown in early 2014."

Nonresidential building in November dropped 17% to $179.3 billion (annual rate), following its elevated activity in October.  The manufacturing plant category plunged 86%, after being lifted in October by the start of three massive projects each valued in excess of $1 billion.  In contrast, the largest manufacturing-related projects reported as November starts were a $94 millionbiotechnology plant in North Carolina and a $75 million pipe and tube plant in Texas.  Excluding the manufacturing category, nonresidential building in November would have been up 16%, supported by the month's 31% jump for the commercial building group.  Hotel construction in November surged 212%, boosted by $476 million for the hotel portion of the $700 million67-story Korean Air Hotel in Los Angeles CA.  Also reported as a November start was $191 million for the hotel portion of a$300 million hotel resort and casino in Durant OK.  Office construction in November climbed 26%, maintaining the growing momentum that's been present during the second half of 2013.  Large office projects reported as November starts were the$336 million Transbay office tower in San Francisco CA, the $265 million State Farm office complex in Tempe AZ, and $160 million for the office portion of the $700 million Korean Air Hotel project in Los Angeles CA.  Warehouse construction was particularly strong in November, advancing 82% with the help of such projects as a $90 million distribution facility in Union OHand an $85 million Amazon distribution center in Kenosha WI.  Store construction was the one commercial category to decline in November, dropping 23% with the largest project being a $45 million outlet mall in Tejon Ranch CA.

The institutional building group in November slipped 3%.  Healthcare facilities fell 41%, sliding back for the second month in a row after a particularly strong amount in September.  The largest healthcare facility projects reported as November starts were a $136 million hospital in Chicago IL and a $90 million hospital expansion in Long Island City NY.  The educational building category in November decreased 8% from its improved pace in October, with the largest education-related projects being a$125 million museum expansion in Potomac MD and a $100 million research facility in Maywood IL.  The smaller institutional categories showed strong percentage gains in November after a generally weak October.  Amusement-related construction advanced 84%, led by the start of the $763 million Vikings Multipurpose Stadium in Minneapolis MN as well as $109 million for the casino portion of the $300 million hotel resort and casino in Durant OK.  Transportation terminal construction in November rose 13%, supported by $125 million for the redevelopment of the George Washington Bridge Bus Station in New York NY.  The public buildings and religious categories in November showed large percentage gains from very low October levels, rising 21% and 33% respectively.

During the first eleven months of 2013, nonresidential building climbed 8% relative to the same period a year ago.  The commercial categories as a whole were up 16%, featuring these across-the-board gains – warehouses, up 32%; hotels, up 24%; office buildings, up 23%; and stores, up 1%.  The 2013 increase for stores was restrained by the comparison to 2012 that included the $400 million renovation to Macy's flagship department store in New York NY.  The manufacturing building category year-to-date climbed 49%, helped especially by the three large manufacturing projects reported as October starts.  The institutional building group year-to-date was down 2%, with the two largest institutional categories performing as follows – educational buildings, unchanged from the previous year; and healthcare facilities, down 4%.  The smaller institutional categories showed this year-to-date pattern – amusement-related projects, up 24%; transportation terminals, up 5%; religious buildings, down 8%; and public buildings, down 23%.

Nonbuilding construction, at $127.1 billion (annual rate), dropped 21% in November.  The public works portion of nonbuilding construction fell 23%, with the largest decline registered by bridge construction, down 73%.  The bridge category in October had been boosted by $2.8 billion for the start of structural work on the Tappan Zee Bridge replacement project across the Hudson River in the Tarrytown NY area. In November, the largest bridge project reported as a construction start was a $125 millionbridge reconstruction project in Fall River MA.  Additional public works categories with November declines were highway construction, down 3%; and sewers, down 32%.  On the plus side, both river/harbor development and water supply construction showed improvement from a lackluster October, advancing 47% and 3% respectively.  The miscellaneous public works category, which includes such diverse project types as pipelines and mass transit, grew 8% in November with the help of the $300 million Keystone Pipeline Gulf Coast Expansion in Texas.  Electric utility construction in November edged up 1%, staying basically unchanged from its sharply reduced amount in October.  The largest electric utility project reported as a November start was a $400 million wind farm in the state of Washington.

For the January-November period of 2013, nonbuilding construction was down 15% from a year ago.  After reaching a record high in current dollar terms back in 2012, the volume of new electric utility starts has fallen sharply in 2013, plunging 59% year-to-date.  Running counter has been the public works sector, posting year-to-date growth at 5%.  The largest increase was registered by bridge construction, up 41%, reflecting the start of several very large bridge projects over the course of 2013.  The substantial year-to-date gain for bridge construction was accompanied by a 9% increase for highway construction.  For environmental public works, year-to-date growth was reported for river/harbor development, up 25%; and water supply construction, up 10%; while sewer construction was unchanged from its 2012 amount.  The miscellaneous public works category dropped 20% year-to-date, as the dollar amount of pipeline projects retreated from the strong pace witnessed during 2012.

Residential building in November improved 1% to $218.5 billion (annual rate).  The upward push came from the multifamily side of the housing market, which climbed 18%.  Large multifamily projects reported as November starts included a $450 million multifamily tower and the $126 million condominium portion of a $300 million condo hotel, both located in New York NY.  Also reaching groundbreaking in November were a $114 million multifamily tower in San Francisco CA, a $100 millionapartment complex in Huntington Station NY, and a $100 million multifamily tower in Chicago IL.  Single family housing in November receded 3%, pulling back after a 4% gain in October.  The November pace for single family housing was still 12% above what was reported at the outset of 2013.

During the first eleven months of 2013, residential building advanced 25% compared to a year ago.  Single family housing will come close to matching last year's strong percentage gain (up 29%), reporting a 27% increase in this year's January-November period.  By major region, single family housing showed this year-to-date performance – the South Atlantic, up 35%; the Midwest, up 29%; the West and Northeast, each up 26%; and the South Central, up 19%.  Multifamily housing year-to-date climbed 21%, a strong rate of increase although revealing some deceleration from the sharp rise (up 37%) reported for the full year 2012.  By major region, multifamily housing showed this year-to-date performance – the Northeast, up 43%; the Midwest, up 26%; the South Atlantic, up 22%; the West, up 11%; and the South Central, down 6%.  The top five metropolitan areas in terms of the dollar amount of multifamily starts year-to-date were – New York NY, up 47%; Boston MA, up 87%; Washington DC, up 9%; Miami FL, up 5%; and Los Angeles CA, down 24%.

The 6% increase for total construction starts at the national level during the first eleven months of 2013 was supported by gains in three of the five major regions.  Leading the way was the Northeast, up 21%; followed by the Midwest, up 11%; and the West, up 9%.  Total construction starts in the South Central region were unchanged year-to-date, while the South Atlantic showed a 3% decline.  The South Atlantic shortfall reflected the comparison to the first eleven months of 2012 that included the start of two massive nuclear facilities.  If electric utilities are removed from the year-to-date construction statistics in the South Atlantic, then total construction for that region in 2013 would be up 21%.

November 2013 Construction Starts(Photo: http://photos.prnewswire.com/prnh/20131219/NY36740 )

NOVEMBER 2013 CONSTRUCTION STARTS

MONTHLY SUMMARY OF CONSTRUCTION STARTSPrepared by McGraw Hill Construction Research & Analytics

	MONTHLY CONSTRUCTION STARTS
	Seasonally Adjusted Annual Rates, In Millions of Dollars
	November 2013	October 2013	% Change
Nonresidential Building	$179,292	$215,574	-17
Residential Building	218,457	215,387	+1
Nonbuilding Construction	127,068	160,148	-21
Total Construction	$524,817	$591,109	-11

THE DODGE INDEX(Year 2000=100, Seasonally Adjusted)
November 2013….111
October 2013….....125

	YEAR-TO-DATE CONSTRUCTION STARTS
	Unadjusted Totals, In Millions of Dollars
	11 Mos. 2013	11 Mos. 2012	% Change
Nonresidential Building	$155,391	$143,543	+8
Residential Building	190,949	152,205	+25
Nonbuilding Construction	128,972	151,081	-15
Total Construction	$475,312	$446,829	+6

Dallas-Based American Legend Homes Reports 67% Increase in 2012 New Home Sales

Dallas-based American Legend Homes increased its new home sales by an impressive 67 percent from 2011 to 2012. The company's growth is attributed to several key factors. American Legend took advantage of new quality positions with reasonable land pricing. American Legend's financial strength and streamlined management structure also allowed for quick decision-making on land purchases. These factors, as well as an on-going focus on quality and customer satisfaction, have been instrumental in the company's continued success.

Founded in 2003, the company's 67 percent increase in annual sales beats both the national and local numbers. By comparison, housing starts increased nationally from 2011 to 2012 by only 18.5 percent; in DFW, that increase was 28.5 percent.

American Legend Homes currently builds homes throughout the Dallas-Fort Worth metroplex under the brands American Legend and Belclaire Homes, introduced in 2009. In 2012, American Legend opened and quickly sold out homes in Coppell's Royal Oaks and Fairview's Fairview Downs neighborhoods. The organization currently builds new homes in popular master-planned communities like The Arbors, Castle Hills, Newman Village, Phillips Creek Ranch and The Tribute, to name a few. In 2013, new neighborhoods include Celina's Light Farms, Bridgewood in Keller, three unique neighborhoods in Flower Mound, and golf course Villas at The Lakes atCastle Hills golf course.

"We attribute our success to our quality homes and the communities in which we build, but also to taking great care in serving our customers," said Kevin Egan , American Legend Homes President. "Word of mouth is important in this field, and we benefit from satisfied buyers." Homeowners consistently rate American Legend Homes 98 percent or higher on "Customer Willingness to Refer" on an independent customer satisfaction survey conducted after closing.

"We are also one of very few builders to offer custom options at every price point, featuring both unique, flexible architectural designs and outstanding value," added Egan. "We are committed to green building, with our award-winning and money-saving Energy Star-certified homes."

American Legend Homes is part of Bright Industries, founded in the 1950s by H.R. "Bum" Bright, former owner of the Dallas Cowboys. Today, his sons Chris and Clay operate the Dallas-based companies that include American Legend Homes, in addition to Avanti Homes , a custom builder; and Bright Realty, which specializes in commercial real estate development. The family of companies also developed Castle Hills, a master-planned community recognized by the National Association of Home Builders as "Community of the Year" in 2012.

American Legend homes feature striking architectural detail and design options such as large spa-like baths and oversized closets, first floor master suites, gourmet kitchens with granite and stainless steel appliances, three car garages, outdoor entertainment areas, media rooms and game room options. The American Legend Homes Design Gallery offers professional design consulting where finish-out and color selections are made. American Legend builds single family homes, low maintenance garden homes, patio homes and luxury townhomes from the $190s to the $600s and is a past winner of the Builder of the Year award for quality and design by the Texas Association of Builders.

American Legend Homes builds new homes throughout the Dallas-Fort Worth area. The award-winning, energy efficient and green built certified homes are priced from the $190s to the $600s. American Legend Homes is part of Dallas-based Bright Industries, founded in the 1950s, which includes semi-custom builder Belclaire Homes; custom builder Avanti Custom Homes; commercial real estate development Bright Realty; real estate marketing Bright & Co. Marketing; real estate development including Castle Hills; oil and gas ventures Bright & Company and more. For more information, visit www.AmLegendHomes.com andwww.brightindustries.com.