Luxury condos have strong appeal with millennials.
Luxury condos are becoming more appealing to millennials for a variety of reasons, and Houston has much to offer.
In SimpleCondoAdvice.com’s article, 7 Reasons Millennials Prefer Condos Over Other Property Types, it explained that there are multiple reasons these buildings are home to this generation of homeowners.
First on the list is that old adage — location, location, location. Condominiums are close to the action in downtown/urban areas as well as various work possibilities. Additional reasons millennials find these attractive range from hands-off maintenance to energy efficiency, affordability compared to renting, and delayed family aspirations for owning a large home, the article stated.
Nancy Almodovar, president/CEO of Nan & Company Properties/Christie’s International Real Estate, agreed that location is a big factor in a millennial’s decision to live in a condo.
“Millennials are looking for condos that located in urban areas of the city with easy accessibility to dining, shopping and entertainment destinations. They want to be in close proximity to where they work during the week and where they want to spend their time on the weekends. Walkability is a huge factor. Anywhere inside the loop is in high demand right now, especially for the luxury condo market,” Almodovar said.
According to the National Association of Realtors, 37.5 percent of millennials owned homes toward the end of 2019, which is the largest share for this group since 2011.
CoreLogic.com reported in May 2019 that 21 percent of all condo home-purchase mortgage applications were submitted by buyers age 18 to 30 in its article, Younger Millennials Will Propel Condo Demand.
Amenities are in huge demand as well. Some that capture millennials’ attention include smart appliances from smart thermostats to doorbells, and everything in between along with designated space for pets, Almodovar said.
“They also like workout rooms with state-of-the-art equipment and new technologies like virtual classes, and pool areas that provide ample seating and outdoor kitchen space. Pet amenities are becoming increasingly more important such as dog baths, dog runs, and space for your pet to run around,” said Almodovar.
Millennials are discovering unexpected perks of living in a luxury condo.
“One of the biggest advantages of condo living is the ability to share costs and enjoy amenities you might not be able to afford in a single-family residence,” Almodovar said. “Not only can you benefit from luxurious amenities, but also on-site security, cable television service, lawn care and building maintenance.”
Another is the built-in supportive community.
“It’s important for millennials to find a home that fits their needs, one of which is a sense of community. Young singles want to live in an area with high walkability. Whatever the priority is, the feeling of community is important,” Almodovar said.