In the Dallas real estate market, land values in the city are high and the cost of land continues to grow. To keep homes affordable, in-town builders are forced to build up. That is to say, they have to build 3 and even 4 story homes and squeeze as many of them as possible on a lot in order to make building in the city economically feasible.
The downside of the vertical building style is stairs, stairs, and more stairs. Many empty-nesters are moving to the city and are scaling down from larger suburban homes. They want a house and aren't ready for a condominium, just yet. Many of them worry that stairs will become an issue as they grow older. So how do builders respond to this very real need?
The answer is simple, residential elevators. Some builders have embraced the stair issue and now offer residential elevators as options in their 3 and 4 story homes. Chesmar Homes and Khovnanian are builders in a new Dallas neighborhood called Merion at Midtown Park and both builders offer elevators in many of their homes.
In addition to the added convenience and piece of mind of having an elevator, these builders have even incorporated two laundry areas in many plans. This eliminates the need to carry laundry up and down the stairs.
How much does the elevator add to the cost of a home? Both builders in Merion at Midtown say approximately $25,000, but this is really a small price to pay if it makes you comfortable with having lots of stairs. As a general rule, homes with elevators tend to start at just over $500,000 in the urban Dallas market.
Don Neilson, Neilson Group
Keller Williams Urban Dallas