All the Cool Kids Are Doing It Two Trends in Condominium Developments
Paul Grucza
There is no question that the housing concept known as the condominium is here to stay. And association management personnel have the opportunity to work with this dynamic element of housing on a daily basis.
From its really basic beginnings, providing the opportunity for “home ownership” to millions of people, to becoming a downtown core staple of housing, condominium development and its attendant sales have captured the eyes of developers for countless years.
Even through the past economic downturn, while condo development somewhat stalled, it never really lost its juice— it just created less inventory at a much slower pace.
Limited Edition Residences As we watch the changing face of the condominium market, two emerging trends are becoming squarely in focus right now. The first trend: “Limited-edition residences,” which are condominiums of unique character, finish and size, are popping up all over the country. Just look to One Thousand Museum Tower in Miami and you’ll see what I mean. While small in terms of the number of total units, these “limited edition homes”
22 Community Associations Journal | November 2014
boast 4,600-square-feet of living space (or more), finishes that are just over the top and boast amenities rivaling an episode of Lifestyles of the Rich and Famous. And at a whopping $5 million and up to start, they are being gobbled up faster than developers can bring them out of the ground. Yes, multi-family construction has indeed roared back to life—but sporting an entirely new look. While in Seattle we observe a sea of cranes and penthouse units that are “limited-edition residences” selling first, even before the more pedestrian and mundane city-dwelling unit, Seattle continues to construct condominium units faster than other similar sized cities across the country.
Yet one need only look at cities like San Francisco, Dallas, Boston and Chicago to see that these “one-of-a-kind”, “limited- edition pieds-à-terre” are selling fast and furious. Case-Schiller analysis indicates that, while entry level condominium units will always have their place within the condominium landscape, developers who are creative can create a most lucrative niche market in developing limited-edition units for sale. As they have said, “rather than build low- to mid-range housing for the lion’s share of the population, more developers are going boutique, rolling out ultra high-end condo buildings with extra-spacious, amenity laden units promising a high degree of exclusivity.”
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