New communities evolve as real estate rebounds

To update an old slogan, when it comes to the real estate market you just can't keep a good thing down.

Already, in some markets across the country real estate is rebounding, and many would-be homeowners are seeing some real opportunities in the changing new home market.

Consumers will find a handful of developers across the country offering new home communities that put renewed emphasis on conservation, practicality and community.

"The concept of the new home community is coming full-circle," says Fred Montaño of Falcon Ridge Development Inc., a company building communities in the Southwest.

"Consumers are demanding a return to the true characteristics of a 'community.' That means more than just proximity to work, school and shopping.

"They want homes in developments that also offer jogging paths, pocket parks and a comfortable community atmosphere."

Of note, two major development styles are emerging, which address these needs: "new urbanism" has developers building communities with smaller streets, front porches and rear alleyways.

This is a familiar style to people who grew up in and around the eastern seaboard. The other modern take on comfortable community building is called the "cove community."

Both replace the monotony of grid-style neighborhoods, with communities that blend beauty with function. But that's where the similarities end.

"Falcon Ridge develops 'cove communities' that embrace the positives of new urbanism without some of the less desirable aspects, such as smaller streets and the added expense of rear alleyways," Montaño said.

"These communities give you a better sense of carving out your niche -- your own corner of the world."

Different home buyers are drawn to this type of community for different reasons. For young families, the curved streets and pocket parks offer insulation from busy traffic and proximity to other families.

Empty-nesters and seniors enjoy the inherent quiet of the neighborhood design, while indulging in outdoor exercise in the community's natural setting.

While new urbanism is probably more prevalent in the eastern part of the United States such as New York and Philadelphia, the cove trend is appearing across the country, especially in fast-growing regions like Phoenix and Las Vegas.