Chicago home restoration may trump buying new. CEO of Real Restoration Morris Gershengorin sees a cookie cutter-minded homebuilding industry that lacks customization.

  • Cookie cutter new home designs are influencing some homeowners to nest and remodel in Chicagoland area.
  • Firm will put clients up in offsite furnished apartments during remodeling work.
  • Two sources forecast 2016 to be a strong year for residential remodeling.

When it comes to new homebuilding, Morris Gershengorin sees a cookie cutter-minded industry that lacks an understanding of what the end user is looking for: customization.

As a result, Gershengorin, who serves as CEO of Chicago home restoration and construction firm Real Restoration, envisions that more current homeowners will “nest” and invest in comprehensive rehabs rather than buy new construction.

“It’s (their home) not a broken toy they have to throw away,” he said.

In a strategy to cater to these homeowners, Real Restoration is launching an elevated approached to its remodeling offerings, dubbed Concierge Construction.

The service will essentially take control of the entire remodel from reconstruction planning and design work to building supervision and completion.

As part of the new service, which is geared toward busy professionals, Real Restoration will also house clients in offsite furnished apartments during construction and provide them with transportation to and from building appointments.

Expansion to the Miami multifamily sector

Outside of the single-family sector, the firm plans to grow via a partnership with an institutional investor. Under this alliance, Real Restoration will expand its services to Miami and focus on value-add multifamily construction.

The firm’s institutional partner is looking to acquire rental properties in Broward and Miami-Dade counties, and will likely bring Real Restoration in as a general partner, responsible for taking control of renovation work and the preliminary marketing of newly-remodeled units.

Gershengorin expects this expansion together with the newly-launched concierge service to result in 100 percent growth for the firm this year.

Overall, the residential remodeling industry appears on track for a healthy 2016.

According to the Leading Indicator of Remodeling Activity, annual spending growth for home improvements will increase 4.3 percent in the first quarter of this year. By the third quarter this spending growth will have accelerated by 7.6 percent. Recovery within the owner-occupied housing market is cited as the reason for these increases.

A separate forecast released by the National Association of Home Builders, forecasts remodeling spending for owner-occupied single-family homes to rise by 1.1 percent this year.

Email Erik Pisor

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription