Quote of the day – geezer home markdowns and new urbanist buzz

Our quote comes from Walter Russell Mead’s rumination on the Millennial generation and housing:

At the end of the day, the nation’s housing stock will have to be priced at a level the American people can afford (unless foreigners suddenly develop a massive hunger for residential property in the suburbs of Peoria), and if the only people aging Boomers can sell their homes to are debt-burdened, overtaxed and under-served Millennials, the geezers are going to have to mark down their selling price. It’s called arithmetic, and it works.

Meanwhile, many Millennials are thrown for a loop by misleading new urbanist buzz. As Joel Kotkin writes in a recent op-ed, too often an odd couple of property developers and élites in the legacy media promote values about housing to young Americans that are totally out of step with the emerging – and optimistic – reality.

The video touts Lennar Homes “revolutionary” new “home within a home” – a/k/a old wine in new bottles.

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