How green is the market? : creating a tool to evaluate the success of the new generation of “green” residential Greenfield development
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As the population of the United States continues to grow as projected, it is clear that the need for new homes will grow with it. At the same time, there is increasing dissatisfaction with conventional sprawling suburban development. In response to this dissatisfaction, new types of alternative or “green” Greenfield developments are appearing all over the country. What these developments have in common is that they all strive to be better than conventional suburban development; better places to live that are also better for the environment. This report compiles a database of these different developments and their characteristics. Next, it examines if these “green” residential developments are in fact a success in the marketplace. To do this it looks at conventional and innovative real estate evaluation methods. A new evaluation tool that can be used to evaluate the market acceptance of the new generation of “green” Greenfield development is then proposed. Finally, the need for further study including the creation of an evaluation tool to measure the environmental “success” of these projects is examined.