Condos & Luxury Property Trends

Upgrading home buyers are looking for quality materials, finishes, and space for their growing families found in luxury homes. As financial stress tests go up, luxury condos with enough space for families are becoming a way to get these items for first-time homeowners.  As travel opens up and more seasoned homeowners are dreaming of being south for the winter, a secure condo unit at home ensures peace of mind when leaving for extended periods. There are many different buyers looking for the right fit for a place to call home. This article will go over the trends being seen in the condo and luxury property market.

Condo Trends

Condos are a more manageable price tag when considering higher interest rates and a more robust mortgage stress test. As companies are requesting more of their employees to return to the office, those employees are now facing another potential lifestyle change and looking for ways to save time by reducing commuting or the maintenance of a home. A condo is a welcome option for homeowners who are called back to the office, whether they prefer a downtown condo close to work or one outside the city center for a slower pace after a long day.

What is a Luxury Condos

Luxury condos have also been in high demand. Homebuyers interested in a luxury condo will find amenities such as a gym with the latest equipment, a sports complex with different courts (tennis, basketball), and even an indoor area. Often there is a swimming pool with a hot tub, sauna, or steam room complete with showers. The complex may have an elevator that takes homeowners to their condo or offer a concierge service similar to what hotels provide. In terms of individual units, luxury condos will have the considerably higher square footage, high-end appliances and flooring, and of course, high-end fixtures.

Luxury Condo Trends

Due to their larger size and amenities, luxury condos are attractive to families looking for a low-stress on-the-go lifestyle. As larger cities become more populated again after the initial “work-from-home migration,” the need and demand for spacious condos will match that. These condos provide families with a property that requires little to no maintenance and allows families to settle into a new routine quickly while having amenities close at hand.

Why an increase in Luxury Homes?

When companies began to have their employees working from home, homeowners spent more time at home and became more aware of their needs and what their current homes lacked. More and more people wanted the extra space and better locations that luxury homes provided.

What Makes a Luxury Home

Luxury homes have several prominent features. These features include more space (high square footage and land), premium materials used in the build – exterior and interior, coveted locations with pristine views and picturesque surroundings, and high-end features.

How can a Real Estate agent help you?

It’s always essential to work with a knowledgeable REALTOR® when buying or selling a home or condo. One of the reasons is that they will understand the real estate market and where it sits at the time of listing or buying. They will know if it’s a buyer’s or seller’s market, allowing them to adequately price a luxury property so that the listing is active and gets sold, so the property doesn’t get lost on the market under too ambitious a listing price.

Real estate trends can seem challenging to understand, with much speculation. Hiring an expert will help you navigate these trends with clarity and ease. Real estate agents follow these trends daily and know what to watch for and what sellers and buyers can expect. Buyers interested in luxury condos should find REALTORS® who are familiar with that market; the same is valid with condos and luxury properties.