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Affordability spurs townhomes' popularity By Marilyn Kennedy Melia CTW FEATURES Buyers interested in single-family homes across the country are all encountering the same problem right now: Nothing is affordable. But many are find- ing an acceptable alter- native in a townhome, says Hunter Andre, of realty firm Baird & Warner in Chicago. Buyers who are earning 10 to 15 per- cent below the median household income in a market often can afford a townhome, explains Dan Parolek, princi- pal of Opticos Design, which specializes in townhome develop- ments. Especially in higher- price markets, young adults who are marry- ing and starting fami- lies are finding that a townhouse near but not in city centers meets their needs, notes Brian Lawrence, senior vice president at Univest, a Hatboro, Pennsylva- nia, bank that lends to homebuilders. Like stand-alone houses, townhomes are counted in the single-family category in official statistical re- porting. The National Association of Home Builders reports that last year saw a 38 per- cent increase in new townhome construc- tion, a trend the trade group expects to keep growing. Townhomes are at- tractive to younger buyers, but also appeal to growing numbers of baby boomers, who like smaller yards and lower overall home maintenance, Parolek says. As a result, the design of the typical townhome is evolving, he adds. Traditionally around 2,000 to 2,500 square feet and three stories, with garages and a den on the low- est level, many boom- ers are seeking out less square footage and a one-floor lifestyle, Pa- rolek adds. It is important to keep in mind that townhomes are tra- ditionally attached to at least one other unit and are built in both small and large devel- opments. Particularly when a townhome is part of a larger devel- opment, residents are part of a homeowner association. Those as- sociation dues can add to the cost of owner- ship, anywhere from a couple of hundred dol- lars monthly to several hundred, depending on the maintenance and amenities in the project. While popular, townhomes aren't the answer for every home shopper, Parolek ac- knowledges. He also sees growth in small condominium build- ings, because the price point is lower than for a townhome. Homes | Advertising Supplement 001 BAY AREA NEWS GROUP H3