Direction 2030: Your Voice, Your Choice the new Comprehensive Plan for Kenton County has picked up momentum since the completion of the first round of public meetings. The current economic downturn has made it more important than in the past to analyze market conditions including housing statistics such as foreclosures and vacancies; data on commercial real estate and to understand generational preferences which are key factors in attracting growth and development. Evaluating and understanding the dynamics of the current market is important to help ensure that the new comprehensive plan assists to make Kenton County economically competitive, affordable and attractive. The next step in the process is to understand the current marketplace to assist in making recommendations that will set policies that realize the vision shared by residents.
National trends on generational preferences for jobs and housing indicates that different generations desire different products. For example the baby boomer generation which includes people born between 1946 and 1964 desire smaller lots with smaller homes which translate to less maintenance. This generation is approximately 25% of the current population of Kenton County. Baby boomers want to age in place but does the housing market in Kenton County provide the product that this generation desires? The market place assessment will provide an opportunity to understand the current state of the housing market including products available and provide an indication of what products and amenities may be needed in the future to retain and attract different generations to Kenton County.
“We are committed to recommending policy that is rooted in market reality while taking the public’s desires into consideration. In order to assist us with the market place assessment we have contracted with Mr. Michael Dinn, CRE of Dinn Focused Marketing Inc. located in Wilder, KY.” said Keith Logsdon, AICP, Deputy Director for Long Range Planning. Mr. Dinn has over 24 years of experience in residential and community development and has worked extensively in Northern Kentucky and Cincinnati as well as on development projects all over the country. He has devoted his career to national housing and community development with an emphasis on market performance, product positioning and alignment. Mr.Dinn was invited in 2003 to the prestigious Counselors of Real Estate®, the widely recognized organization of the finest real property advisers with only 1,100 members nationally.
“The last full housing cycle took 20 years, with the last 10 seeing a wave of housing change. The next 20 years will face a different, shifting marketplace. It is critical now to measure our local market depth and chart its changing direction. We will employ the best local data sets and collaborative professionals to trend our marketplace, striving to face forward and bring genuine forecasting to the Direction 2030 Plan. We believe that our changing marketplace will demand a greater choice in neighborhoods and a better connection to their lifestyle, their experiences. Without choice, many motivated householders will then choose with their feet; they will relocate out of Northern Kentucky.” said Mr.Dinn.
