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High-rises can appeal to millennials, empty nesters

May 26, 2019

Luxury condominiums make great homes, but are they the perfect fit for you?

Millennials like certain things, and so do empty nesters. The good thing about Houston’s luxury condo market is that there is something for everyone.

According to MarketWatch.com’s article, Millennials and Retirees Drawn to Luxury Rentals, and Developers Respond, those choosing to live in these buildings are attracted to the lifestyles they provide. Amenities such as fitness centers, concierge services, socializing opportunities and elaborate pet centers are common. Location is also appealing, with buildings situated in trendy, amenity-rich neighborhoods.

Mike Mahlstedt with Compass Real Estate said young professionals have the flexibility to take jobs that require frequent travel and are increasingly delaying marriage and children until later years.

“Condos allow them the ease of a lock-and-leave lifestyle that provides safety, security, and amenities that make their lives easier,” he said. “These buildings are also located in highly desirable, urban and walkable areas that young professionals desire. A single-family home with a large yard or older property that requires a lot of maintenance doesn’t make sense if you’re working 80 hours a week climbing the corporate ladder.”

With these pluses, millennials are willing to pay a premium for a product or home that brings true value to their lives, said Mahlstedt.

“A condo can make their life easier and more enjoyable with easy access to high-quality amenities with someone else like the HOA board worrying about capital maintenance,” he added.

There’s also a lot of appeal for retirees and empty nesters in a luxury condo setting.

“While there are many perks for retirees in purchasing a condominium, I think the sense of community within these buildings is one of the biggest and most important perks. You have a built-in community of neighbors, as well as group activities, reading, travel, and any number of special interest groups. With 24-hour concierge, you also have someone there to assist whenever needed,” said Mahlstedt.

Whether you are a young professional or an empty nester, you’re going to love living in the high-rise setting simply because of the convenience. One of the primary appeals is that the amenities in condo are at your fingertips 24 hours, seven days a week, and part of your HOA fees.

“When you actually evaluate the dollars spent on amenities, think gym membership, spin class, pilates, racket club, and country club plus utilities, the HOA fees start to make sense. Shared communal spaces are also appealing to both groups because they enhance the sense of community, which both millennials and retirees want,” Mahlstedt said.

If you’re not sure, there’s always the rental option or purchasing as an investment.

“Renting can make sense if you’re in a city temporarily and know you won’t be there longer than a year,” Mahlstedt said. “But purchasing an older condo in a great location that needs cosmetic updates allows you to create an investment that you can build equity in, then sell or rent if you’re transferred.”

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