The Houston Chronicle reports millennials love luxury condos for a number of reasons including location which tends to be in downtown or urban areas. Quoting data from SimpleCondoAdvice.com’s article, 7 Reasons Millennials Prefer Condos Over Other Property Types, other key reasons include hands-off maintenance, energy efficiency, and affordability as compared to owning a large home. “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,” said Nancy Almodovar, president/CEO of Nan & Company Properties/Christie’s International Real Estate,
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.Read More