Story By Nathan Drew, Broker/Owner, Drew Realty | November 2025
Well, it happened… I can’t believe it, but it finally happened. As of 4:56 PM on October 3, 2025, I’m officially 40 years old. Assuming I do everything “right” from a health perspective—and with a little bit of luck—best I can tell, I’m halfway through this thing called life. It’s at this moment when a guy really starts to think about things! Ugh.
To celebrate my 40th, I hosted a party of about 60 family members and friends. Not to boast, but this wasn’t just any party. It was “Nathan Drew’s R.A.D. (Ride Across Des Moines) 40th Birthday Extravaganza!” A bike ride with six stops at bars along or near the trail system through Des Moines. No gifts, bring your friends, even bring your kids. Your handlebars are calling!
While it was great to see everyone, I was most excited that the “Y Rats” showed up. The Y Rats are a group I work out with at the downtown Des Moines Wellmark YMCA. While most of them are well past 40, let it be known: these are some of the toughest people in our society. They’re the first ones through the Y’s doors every morning at 5 AM, like clockwork. They’re credentialed, top-tier athletes by anyone’s measure. Outside the gym, they’re high achievers who travel the world for adventures and physical challenges. There’s never a time they don’t have “the next thing” planned.
For perspective, about two and a half years ago, after I had just finished private lessons learning to lap swim, I was invited by the Y Rats to join their Monday/Wednesday swim workouts. It was hard. These are serious athletes. One of the first times I swam with them, they showed me the workout set. I said, “That’s great, but there’s no way I’ll finish that in the allotted time.” Immediately, in unison, they all said, “YES YOU CAN.” Straight-faced. I was speechless. And guess what? They were right. I finished every set on time, simply by pushing myself harder than I ever had in the pool.
So, what does it take to be embraced by a tribe like the Y Rats? Honestly, it comes at a price. The toll is consistently waking up at 4:15 AM, being at the gym by 5:00 AM, working hard, and—most importantly—always having a positive attitude. That’s it. Simple to understand, extremely difficult in practice. Painful, even.
In health and fitness, pain and discomfort are necessary precursors to strength. In real estate development, pain often leads to a pullback. A few things to consider in the Des Moines Metro’s new construction and lot market:
Breakdown of Inventory
A year ago, I noted the striking similarities between the 2023 and 2024 new construction markets: in 2023, 43% of all homes for sale were new construction; in 2024, it was 44%. For Q3 of 2025, that’s no longer the case. New construction currently makes up only 35% of homes for sale. Fewer new homes are being built, and more resales have come to market.
New Construction Data, Year-over-Year
- New construction sales are down 6% from a year ago.
- Average square footage of sold new construction homes has fallen slightly.
- Average sales prices are down 2%.
- Average days on market have increased 5%.
- Q3 permits for single-family and townhome construction are down 19% year-over-year.
Interest Rates
I hate to be the stereotypical real estate person who blames everything on interest rates, but they’re a big factor. As of this writing (10/29/2025), the Fed has lowered rates for the second consecutive meeting by another 25 basis points. However, Chairman Jerome Powell pushed back on expectations of further cuts this year. Even with the reduction, existing rates weigh heavily on both new home sales and the ability to start new land development projects.
Demand for housing is high, but affordability is low, which leads to caution in new project starts. In Q3, 77% of recorded residential plats were developed by the same entity that will build the houses—not third-party developers. This gives builder-developers more cushion, as they have room to work with both builder and developer profit to help keep sales moving.
NFU (New, Finished, Unoccupied)
The NFU percentage measures the share of “for sale” housing stock that is finished new construction not yet occupied.
- NFU < 24% = underbuilt
- NFU 24–28% = equilibrium
- NFU 28–32% = overbuilt
- NFU > 32% for 8+ months = recession
As of Q3 2025, the Des Moines metro’s NFU is 27.45%—right in equilibrium.
So here I am at 40. Looking back on these past 40 years and hopefully looking forward to the next 40 years, I think I’ve concluded that the secret to life is getting to the gym at 5 AM every day and getting a workout in. Then everything else, including real estate, is cupcakes and rainbows.
I’m joking… sort of. For a while, I thought that one thing was the answer to everything. But what I’ve learned from the Y Rats is that the early mornings and workouts, while important, are really just a byproduct of the true “secret to life.”
The real secret lies somewhere between authenticity, appreciation, and finding joy every day. It’s setting your attitude’s default to “yes” rather than “no,” “maybe,” or nothing at all. It’s appreciating every sunrise, being in awe of every sunset, and pursuing “the right thing” in between. If you can find a way to appreciate both the good and the bad in life—and there’s always both—that’s living authentically.
I’m incredibly grateful to have set my default to “yes” at 40 rather than waiting until 80. As a wise man once said: “Pain is a luxury of the living,” and “Today’s a great day to be alive.”
Nathan Drew, Broker/Owner of Drew Realty, a lot and development ground brokerage, has been in the business of lot and land acquisition and disposition since 2008. He keeps an ongoing inventory of all vacant lots and land throughout the Des Moines Metropolitan Area, and puts together a quarterly email blast with an interpretation of the metro’s lot market. Email Nathan to join his email blast list at Nathan@DrewRealtyUSA.com and follow him on Twitter @DrewRealtyUSA, on Facebook @DrewRealty, and on Instagram DrewRealty.