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Transcript/Script((PLAYBOOK SLUG: TV Post Pandemic Real Estate Market – Moskalkov
HEADLINE: COVID-19 Pandemic Still Shaking Up US Housing Market
TEASER: Prices skyrocket as demand for multifamily housing, home offices grows.
PUBLISHED AT: 07/12/2022 at 8:30am
BYLINE: Maxim Moskalkov
CONTRIBUTOR:
DATELINE: Washington
SCRIPT EDITORS: Salinas, Reifenrath
VIDEOGRAPHER: Andrey Degtyarev
VIDEO SOURCE (S): VOA news, Courtesies TBD
PLATFORMS: TV only
TRT: 2:53
VID APPROVED BY: KE
TYPE: TVPKG
UPDATE:
EDITORS NOTE: [[Zoom interviews are cleared for use]]
((INTRO:))
[[Industry experts say post-pandemic trends are still driving the U.S. real estate market. Home prices are up nearly 30 percent compared with two years ago, according to Zillow, a U.S.-based real estate marketplace. Maxim Moskalkov has the latest.]]
((NARRATION))
The COVID-19 pandemic has caused a real estate boom across America that has not stopped, industry experts say.
Zillow, the real estate marketplace company, says that since the start of the pandemic in January 2020, home prices have jumped nearly 30 percent, to an average of 350-thousand dollars.
Many homeowners are staying put.
((Jane Fairweather, Washington Metro Area Realtor)) ((ZOOM))
“There have been very few sellers during the pandemic who wanted to put their house on the market for fear of being exposed to COVID. So, the inventory shrunk. But millennials were looking to buy a house, to have more space for home offices during the pandemic. That’s where you got multiple offers…”
((NARRATION))
Meanwhile, owners want their houses to suit their new demands.
((Wilma Bowers, Bowers Design Build Vice President)) ((ZOOM))
“During the pandemic, we’ve seen two major increases in requests: one, for better outdoor entertaining space, and two, for home office space.”
((NARRATION))
A low inventory of homes and lower demand for commercial office space has pushed up demand for multifamily and apartment buildings.
As of June, only 44 percent of U.S. workers had returned to their workplaces compared with pre-pandemic levels, according to Kastle Systems, a commercial property management company.
((Jad Donohoe, Donohoe Development Vice President)) ((ZOOM))
“Any slack that was in the system as far as building the office building side is being taken up by the multifamily side, which has gone through the roof.”
((NARRATION))
Developers are considering pandemic-driven demands, like shared office space and technology that minimizes physical contact in tight spaces such as elevators. And they’re creating more spacious outdoor living areas, like balconies, gazebos and playgrounds.
Virginia-based Highland Square Holdings has built two such apartment buildings just outside Washington and is constructing four more.
((Robert Seldin, Highland Square Holdings CEO))
“All of our apartments can be legally occupied as either a place to live, a place to work or a place to do both.”
((NARRATION))
Others believe people will eventually return to redesigned workspaces.
((Andrew Bennett, BOKA Powell Director)) ((ZOOM))
“More and more options for food and beverage that are either on-site or connected to the space, like better break rooms than we’ve ever done. Giving them everything from daycare to doggie care and fitness centers that are like country clubs now.”
((NARRATION))
Many hotel and office spaces are also being transformed into apartment complexes, as many adjust to a new way of living in a post-pandemic world.
((Maxim Moskalkov, for VOA News, Washington))
NewsML Media TopicsArts, Culture, Entertainment and Media
NetworkVOA
Location (dateline)Washington
BylineMaxim Moskalkov
Brand / Language ServiceVoice of America - English
