Sometimes smaller is better. Renters and buyers are considering smaller places these days. The economy probably has something to do with it. People want to save money but financial considerations aren't the only motivation. Some are looking to reduce their carbon footprint by having less stuff.
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The obvious appeal is that they are, for the most part, less expensive. Empty nesters and young professionals are also drawn to the eco-consciousness of smaller spaces that require less water and energy. They also enjoy features such as stainless steel kitchens, industrial touches and on-site amenities such as party rooms and health facilities.
"People want that high-quality finish, but they don't need the 2,000 and 3,000 square feet of space," said Chadd Fox, developer of Research Lofts in Detroit, near Wayne State University.
Fox said he and partner John Biggar have attracted unprecedented sales since opening in early 2007.
"We are 70% sold and closed and that truly is what I believe to be the best-selling product in the marketplace right now," Fox said.
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