NYC Condo Buyers’ Wish Lists Shifting
During the flush times of the mid-2000s, new condo buyers sought out brand-name, high-end appliances, along with jaw-dropping amenities and niche details. Now, they are much more intent on making sure fixtures actually work the way they’re supposed to. And because today’s buyers are more educated than ever, they can easily spot the difference between flash and substance. — “Pickier purchasers: Today’s condo amenities are less sexy, more functional,” The Real Deal, March 1, 2012.
NEW YORK — You have often heard me speak about how the real estate market, like so many other financial markets, is cyclical. Recently we have learned that the amenities apartment buyers look for while searching for a new home are also cyclical.
It wasn’t so long ago that buyers had an all-that-glitters-is-gold mentality. Brand-name appliances, everything automated and computerized, and no matter what your friends bought, you needed to have better. Wall Street was booming and it seemed as though new millionaires were being created daily.
Well, things change.
Life is cyclical, and today’s buyers are looking for more functionality and less fanciness, more simplicity and less glitz. As a result, developers have taken on a different mindset: New is good, but make it simple, functional and durable.
The article below goes into more depth about buyers’ changing desires of buyers. I hope you enjoy it as much as I did. And, as always, if you or someone you know is thinking about buying, selling or renting property in New York, please let me know.