Competition for bigger or unique condos has broken out in the wake of house prices that have climbed largely out of reach. As real estate’s spring market heads into high gear, realtors are seeing a startling surge in demand for hard lofts, unique condos and townhomes as more house hunters realize all that concern about a bubble may be just a lot of hot air.
In New York, new luxury condominiums are proliferating in Manhattan, creating an excess of high-priced homes for sale at a time of limited supply for buyers seeking more affordable options. “The elements are there for price growth in the resale market over the next year because inventory is not growing,” Jonathan Miller, president of Miller Samuel and a Bloomberg View contributor, said in an interview. “The supply isn’t there.”
And, moving over to the mid west, Chicago unique lofts (both hard and converted) are sprouting up for sale everywhere. Take this Streeterville loft for example; it packs a lot of punch for $400,000 and includes the classic exposed brick walls, tall timber beams and ceilings, in-unit washer and dryer and an updated kitchen. However, the location is equally solid, being just steps away from Navy Pier and Oak Street Beach.
Lastly, to sunnier climates, want to know what it takes to appeal to the Miami buyer? Labels. With a slew of residential and hotel developments, Miami is embracing the notion that homes, like cars, handbags and jewelry, should carry luxe designer labels. The trend has spread from Europe, Asia and the Middle East, where developers discovered a few years ago that luxury-branded hotels and homes could command huge premiums that the moneyed set would happily pay.