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Your real estate customers are not who you think

Experts: Local areas can have diverse micromarkets

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SAN FRANCISCO -- Your customers are not who you think they are. That was the gist of several sessions at this week's annual Pacific Coast Builders Conference (PCBC) at San Francisco's Moscone Center. The conference is sponsored by the California Building Industry Association. "There is no 'today's consumer.' They are incredibly diverse," said Brent Herrington, a panelist and president of Kukui'ula Development Co. The U.S. population, nearly 309 million in the 2010 Census, will likely grow to 400 million in the next 30 years, said James Chung, founder of New York-based strategy and research firm Reach Advisors. "America is the only fully industrialized nation in the world that's growing. Don't underestimate the impact of that on real estate demand," he said. The composition of that growth will be different from what it has been in previous decades, however. In the next 30 years, the non-Hispanic white population will grow only slightly, and "not because...