Our goal in the CREM Group Journal is to bring you new ways to look at probate and trust properties in the greater context of the real estate market. In this post, we want to let you know about a trend that may change the way people live and buy homes.
Our last blog post on Partitions in Probate Properties indicated that the recent sizzling-hot real estate market puts new pressure on the events surrounding a probate, trust, or conservatorship transaction. Bottom line: any market forces can affect probate, trust, and conservatorship properties in both the residential and commercial arenas.
What is a 3D printed home?
The basic idea of 3D printing is additive manufacturing. It’s a build-up of layers of a given material based on the information about a three-dimensional object that is stored in a digital (computer) file, one layer laid upon another. A July 24, 2020. Forbes Magazine article outlined ten items that could be 3D printed, among them human bones, dental crowns, kayaks, pastries (!), and… yes, buildings.
How a building is printed
A machine is brought to the site where the building will be printed. (It is not built. It’s printed) You can see how it’s done here. The video shows that while some homes were printed in other parts of the world, a home in Austin, Texas became the first in the United States!
According to a Zillow article authored by Catherine Sherman, 3D homes were just beginning to be built (printed) in 2018. At that time, a 600 to 800-square-foot home could be built (printed) in an underserved community for around $4,000 in less than 24 hours.
Fast forward to February of 2021, and a CNN report mentioned that the first 3D printed home in Riverhead, New York-listed for $299,000. It’s a three-bedroom, two-bath, 1407 square foot home, which you can see here.
3D Coming to California
A May 5, 2021, SteelGuru Business News blog post announced a 15-home, 3D-printed community is coming to Rancho Mirage in Southern California. The 1,450 square-foot properties will have two bathrooms, three bedrooms, a deck area, and a swimming pool, and start at $595,000. The project is a collaborative effort between a real estate group and a sustainable building service that uses 3D printers to produce a prefabricated set of modular panels made of a patented, light stone material.
The article indicates that the 3D method eliminates 99% of the standard-built construction waste and reduces construction building time by half. Sustainable? Yes. The Rancho Mirage homes will be solar-powered but with a backup connection to the grid if needed and with the ability to sell surplus electricity back to the power company.
Will 3D Printed Homes Affect the Probate and Trust Home Market?
Will these homes reduce the demand for probate and trust properties? We don’t think so. These are different markets. People who want “regular” (wood-framed) homes will not be in the market for a “printed” home yet. They are too different. However, the good news is that 3D printing may take some pressure off the real estate market—probate and regular—so everyone can breathe again, and the homeless can find shelter.
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As long-time real estate agents for all kinds of properties in Los Angeles and Orange Counties, we have made sure we support our clients, so they know the legal aspects of selling their probate, trust, and conservatorship homes in California. We also try to ensure that our readers are aware of many trends in real estate.
As always, contact us by email here if you have any questions about real estate, probate real estate, conservatorship, or trust real estate properties, especially in Los Angeles and Orange Counties in California.
DISCLAIMER: This content is meant purely for educational purposes. It contains only general information about real estate and legal matters. It is NOT legal advice and should not be treated as such. We recommend consulting a legal or tax professional before acting on any material, opinion, or point of view described herein.
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COVID-19 Safety Update
We at the CREM Group are still wearing masks indoors as we market and sell our inventory of probate, trust, and conservatorship homes for our clients.
Fortunately, the outdoor mask mandates are being relaxed. Stay tuned for state mask mandates as they apply to the real estate market in your county. With luck, the next time we see you, we hope to see your whole face and a great big smile!
#3DPrintedHomes #Homelessness #RealEstateTrends #ProbateTrustConservatorshipHomes