Environment-friendly homes and sustainable home design have been the victims of the economic recession, with the demand for green homes stagnant during the last two years, according to a speaker at the 2010 ULI Fall Meeting in Washington D.C.
Melina Duggal, senior principal at the real estate consulting firm RCLCO said that going green has become less of a priority for consumers who are now preferring smaller houses with simpler designs.
The demand for green homes was promising before the recession. Home buyers were interested in related concepts like walkable neighborhoods and healthy urban living. Consumers had the extra money to spend on such things as energy-saving home appliances, low-VOC paints, and environment-friendly insulation.
But Duggal said that if the economic recovery gains momentum, sustainable home design may stage a comeback. “All the information we have right now suggests that green is going to be a long-term trend once the economy recovers.”
