MASTERWERKS LLC   BUILDING SERVICES   Custom Home Building, Transformations, Renovations

As Covid-19 continues to run its course, we see plenty of press about how people are adapting, often through lifestyle alterations and modifications to their living environments. Whether these changes prove to be real and lasting—or just temporary workarounds—is a matter of speculation. However, on a down-to-earth level, what remains constant is the necessity of determining where and how you want to live, what choices you’re willing to make, and how basic supply-and-demand principles may affect your plans. 



For affluent, educated people—who are better positioned to weather these trying times—the biggest change is the advent of remote working and learning. Suddenly, family members require more spatial differentiation and privacy. The shortcomings in their living environments become obvious, and in some cases, families are resolving issues by moving to new homes, although we observe more people gravitating to improvement rather than replacement strategies. As they plan modifications to accommodate new needs, they hope to save money by leveraging their structure’s existing value, while eliminating churn—the costs of sale and repurchase—decisions that require intensive evaluation. In some cases, though, it is wiser to sell than to remodel.
 
Inevitably, all of the changes trigger higher levels of construction activity, with exceptionally low interest rates providing the impetus. However, there’s an ironic push-pull: The pandemic that’s causing greater demand is also impeding supply, aggravating access to building materials because of shutdowns and cutbacks, causing unpredictable labor shortages through quarantines, which in turn trigger shipping and scheduling delays—all of which contributes to higher costs.
 
So, a word to the wise: If you’re contemplating a project, start planning now, and be prepared for an extended completion process.  Included with this bulletin are some of MasterWerks’ recent past, current, and future projects. Each reflects our clients’ reconfigured priorities, as well as our commitment to making the best use of spatial and financial resources, while crafting homes that seamlessly blend new and existing features with their surroundings.