We’re also seeing a rapid increase in commercial vacancies with WFH. But there are big challenges and costs to turning commercial properties into residential.
I’ve heard a lot about the problems. Surely there’s some good ideas for a solution out there?
To a degree, construction costs. We tried to build a house a couple of years ago. Got pretty far down the road, having reserved a plot, picked out a floorplan, paint, etc. When it came time to appraise, it appraised $60k under cost and the plans fell through - we’d have had to give up everything that was motivating us to build in the first place and pay twice what out current home costs for essentially a side-grade.
We’ll try again once the kids move out and we’re looking for a “forever home” without stairs and stuff that we can grow old in.