The Return That Doesn't Fit in a Spreadsheet

I've built enough pro formas over the years to know they eventually begin to look remarkably similar.

Different addresses.

Different construction budgets.

Different financing assumptions.

But they're still spreadsheets.

Homes are something entirely different.

A home is where children grow up. 

When my twin daughters were born, we brought them home to a house I had built. Looking back, I don't remember the details of the construction schedule, the budget, or the countless decisions that went into the project. Though, I do remember there were missing guard rails up the stairs, but after noticing my wife's twin sized belly the city inspector begrudgingly looked the other way and signed off. 

This summer my daughters turned 18 and I look around at this space and remember that a home is where life's most meaningful moments unfold. 

It's where families celebrate birthdays.

It's where people recover from illness, work from home, welcome new babies, care for aging parents, and build friendships.

Housing isn't simply another investment class.

It's the physical setting where life unfolds.

That's one of the reasons I've remained passionate about residential development despite the market cycles, financing challenges, permitting delays, and construction complexities that every developer eventually encounters. And frankly, that passion helps keep the momentum up through tough times. 

Real estate certainly has the potential to create long-term wealth. 

But I believe its greatest return is something much harder to measure.

As developers, architects, builders, engineers, and investors, we have the opportunity to shape neighborhoods that may serve families for generations. Every decision - from site planning to daylight, healthy materials, energy efficiency, durability, and thoughtful design - leaves an imprint that lasts longer than us - which is why every professional I know who is involved with building homes eventually begins talking less about returns and more about legacy.

When people ask why I continue building housing in markets that sometimes seem extraordinarily difficult, my answer isn't found in a spreadsheet.

The financial returns make great projects possible.

The human impact is what makes them worthwhile.