Tips & Tricks

Trendspotting: “New Aging” and the new way to buy condos

By November 29, 2018 No Comments

Heard of New Aging yet? Another word for it is “Retirement Real Estate”; young buyers are picking condos and loft spaces that are not only practical today, but for their futures as well.

It’s a growing trend amongst New York architects, as well, to design homes geared towards young buyers who are looking for an (exceptionally) long term investment. These smaller-sized homes serve a dual purpose as they must satisfy the needs of buyers today as well as anticipate what will be important to them years from now.

You might be surprised to learn that young and older investors’ checklists actually share many commonalities. It appears to be the twenty to thirty years in the middle of life, however, where the trends diverge greatly.

Buyers at the starting gate and finishing line of their careers are often looking for the same things: a smaller space (either out of financial need or because they are downsizing), a pool and gym, commonly shared areas that are maintained by a management or cleaning team (the young are time-poor while older people would rather spend their time socializing with friends or family), conveniently situated in an enviable neighbourhood with walking access to restaurants, theaters, and public transportation, concierge services if needed, and of course, accountable management and security.

Security is of growing importance to condo communities not just for specific segments of the population but for all those choosing to live in smaller, shared spaces.

“The difference is people live here,” said David Hyde of David Hyde & Associates, a security risk consulting firm. “If you have a security issue, it impacts your home and your family and private life.”

“It’s the procedural element that is typically missing,” says Terry Hoffman of Hoffman & Company, a security management consulting firm, in the same interview.

“Automated security and accountable personnel are extremely important to me,” said Deirdre May-Delores, a late-twenties investor looking for a long term home in Chicago. “I don’t know how the city will change over time, but amenities like security, space, and accessibility never go out of style.”