Rural Real Estate Markets and Conservation Development In the Intermountain West
Across the Intermountain West, the wide-ranging impacts of the feverish growth in both first and second home ownership, as well as the acquisition of rural properties as investments, are just beginning to be understood. It is evident, however, that the legacy of the past decade’s “boom” and its collapse has left many local real estate markets, financial institutions, developers, development projects, and new property owners in distress. This distress can be witnessed in an extraordinary oversupply of vacant lots and built product, declining values, and a loss of product differentiation and pricing power in local markets.
This background report will explore potential opportunities for conservation development projects in the Intermountain West, particularly in meeting the types of real estate demand likely to emerge as the U.S. economy heals. The market’s potential appetite for innovative subdivision approaches that incorporate homesite clustering along with significant open space set-asides for land conservation, viewshed protection, natural resource and wildlife habitat preservation, and sustainable agricultural production will be examined.
The report also will identify the probable factors driving these emerging appetites and the changing market in exurban land development. These factors include shifting consumer attitudes, impacts of the financial crisis on economic fundamentals such as demand and effective purchasing power, and demographic trends impacting future growth across the Intermountain West.