When you think of condos, do you picture millennials just out of college, empty-nesters or senior citizens? While condo life used to be mostly linked with older people, singles or vacationers looking for weekend retreats, today you can find people of all walks of life enjoying condo life. In fact, condo living is becoming more and more popular as many Americans are discovering its various advantages. Here are eight condo real estate trends you can expect to see this spring, along with some considerations and warnings.
1. Condos That Feel More Spaciousness
One of the best perks of today’s condos is that they feel more spacious than they did years ago. To increase visual space, often condo developers use vertical cabinets, which also provide extra storage. Additionally, there’s the trend of using modular furniture, along with flat-panel TVs mounted on walls, which helps in making rooms look larger, besides updated.
2. More Amenities for Young Families
In an effort to attract young families, condo developers are including more amenities for children. Rather than living in the country or suburbs, many people with children are choosing to live in urban settings with condos. As a result, they’re looking for amenities designed for kids and teens, such as game rooms, playgrounds, IMAX theaters and even indoor pools and soccer fields.
3. More Pet-Friendly
What’s more, condos are becoming more pet-friendly. Consider how 21st century condos have become more inviting to pet owners as they offer easy-to-clean flooring, such as ceramic tile and certain laminated engineered hardwoods. Another feature that some pet owners may want is an attached garage for outdoor messes created from pets.
4. Floor-to-Ceiling Windows
Many condos today feature floor-to-ceiling windows that offer stunning views and more light, which was unusual years ago. In addition to providing incredible views, floor-to-ceiling windows can also make a condo look larger. Consider how multi-storied condos located near mountains or close to beaches and lakes can offer views that are exceptionally breathtaking.
5. Uniform Themes and a Single Color Scheme
Rather than having a different theme or color scheme for each room, today’s condos typically have a single theme and a uniform color scheme throughout their rooms. This concept works well with modern technology, such as flat-bed wall TVs and computers.
6. Larger Balconies and Patios
Many of today’s condos include large balconies or patios for growing container plants and even produce. This trend, which is known as “vertical gardening”, is an ideal way to grow plants, veggies and herbs. A large balcony or patio can also be great for entertaining guests or for relaxing with a morning cup of coffee or tea.
7. Improved Lighting and More Environmentally Friendly
Another significant trend is that condos today are more environmentally friendly with condo architects meeting energy standards, such as using LEED (Leadership in Energy and Environmental Design) lighting. Besides providing more energy efficiency, improvements in lighting designs means having more floor space.
8. Better Parking Solutions
One of the primary concerns for people living in condos has been parking. Therefore, more condos today feature gated and covered parking. For extra security, parking garages with cameras are even more appealing.
Parking can be a problem or an amenity. Residents today desire not just good parking solutions for themselves but also for their guests. In fact, guest or visitor parking is an amenity that is becoming highly desirable by tenants and residents. Having a guest parking solution has many benefits, such as higher tenant satisfaction, which then results in tenant retention. Buildings with visitor parking have a higher chance of converting a sale/renter than one that’s without.
Other Considerations and Warnings
- People with older dogs or cats may want to choose a unit that includes an elevator. An even better option is a first-story unit that has access to walkways or grass. Furthermore, condos with elevators can mean having to pay higher associations fees for repair and maintenance.
- For privacy purposes, regarding more than one bedroom, it’s best to choose a condo with a split-floor plan so that the bedrooms do not share walls.
- Condos with at least two bedrooms are more appealing to buyers than larger units with only one bedroom.
- On the other hand, in some large cities, one-bedroom condos are more desirable.
- For privacy purposes, regarding more than one bedroom, it’s best to choose a condo with a split-floor plan so that the bedrooms do not share walls.
- Angled walls can create rooms that are irregularly shaped, which can make it challenging for placing furniture.
- Amenities for multi-unit buildings can increase value.
- Although hardwood floors used to be the standard for condo flooring, today laminate flooring is becoming more acceptable as it’s both durable and attractive, besides more affordable.
Are you looking for better parking solutions? Maybe you have parking management technology that needs updating. For more information and case studies on how guest/visitor parking is beneficial to owners and residents, check out GuestParq by ParqEx.
