With a new year comes new expectations and one Arizona developer has identified five areas of growth condominium buyers are looking to see in 2019 from multigenerational living to expansive storage options.
As condominium communities continue to be in high demand throughout the Valley, there’s no shortage of supply. However, the days of wooing buyers with the same selection of resort-style amenities, lock-and-leave living and walkability are long over. Nowadays, those looking for a new home are swayed by communities offering something new like services incorporated in the amenity package, in-residence storage and smart home technology. According to Realtor.com, Millennials will make up the biggest generational group of homebuyers this year accounting for more than 40 percent of mortgages, followed by Generation X making up 37 percent and Baby Boomers making up 17 percent.
A family owned and operated company headquartered in Scottsdale, The Statesman Group entered the multifamily market nearly 20 years ago and now has nearly $300 million in residential real estate currently underway in Chandler and Desert Ridge. By conducting focus groups and understanding the needs of primary and secondary homeowners, Statesman is leading the way for condominium developments around the Valley by tailoring its communities to what buyers want now.
According to Alana Mann, president and owner of The Statesman Group, here is what to look out for within the next year:
#1: Multigenerational Living
With Millennials making up more than 40 percent of American homebuyers, there’s an increasing need for communities that not only cater to the younger demographic, but Generation X and The Baby Boomers as well. Millennials are typically entering the market as first-time homebuyers and looking for budding technology, convenience and instant gratification with their purchase. As a more mature homebuyer usually looking to downsize, Generation X and Baby Boomers are wanting to stay and feel young by surrounding themselves with family, friends and neighbors that keep them active. Striking the balance between attracting multiple generations will be a must in 2019.
#2: Expansive Storage Options
As the demand grows for condominium living, one of the top concerns among homebuyers is additional storage options. While storage facilities keep popping up all over the Valley to help satisfy this demand, Statesman found an in-home solution by being the first in the market to create air-conditioned, secure storage rooms attached to each residence for larger items like bikes, Christmas trees, golf clubs, and more.
#3: Services Offered As Amenities
It’s no longer enough for communities to only offer an expansive pool and fitness center as part of the amenity package. In 2019, buyers are looking for resort-style amenities they can’t find anywhere else from private yoga rooms and mail delivery systems to outdoor palapas, chef-inspired kitchens and social spaces. For those with busy schedules, buyers will also be looking for on-site services like a concierge who can handle booking dinner reservations or a VIP program that gives residents access to restaurants and things to do within the neighborhood at a discounted price.
#4: Increased Sound Mitigation
With all condominium homes, shared walls are a reality, but buyers today are looking for homes that have extensive measures in place to mitigate sound. Although more expensive, Statesman found that by incorporating additional space between the floor and ceiling, double insulating the walls and using sound-deadening flooring, homeowners have less noise making its way through their home. By doing this, it’s not only an added benefit for the buyer but it makes for a quieter community.
#5: Smart Home Technology
Condominium buyers are all about the convenience, so one thing they will be on the hunt for in 2019 is smart home technology. At the click of a button on a smartphone, laptop or tablet, homeowners want to be able to control their doorbell camera, air conditioning and speakers while at work or out with friends. They will also want to connect to the internet faster with fiber optic high-speed internet capabilities.
For more information about The Statesman Group, visit https://www.statesmanusa.com/.
