In the Greater Vancouver real estate market, the condo is the first step on the equity ladder for most buyers. The current benchmark price is $375,100, just over one-third of the price of a detached house. And depending on size and location, there are plenty at lower prices.
But that's still a lot of money, so buyers want to be blown away. For developers, the design and feature options they offer can be the difference between instant sellout and the dreaded "unsold inventory."
These are the hot-button features for condos that sold in the last half of 2011. They either sold much faster than average or fetched a higher-than-average asking price according to the Condominium Market Opportunities Report (CMOP), prepared by industry consultants Strategics and MPC Intelligence. Clean and sleek was definitely the preferred look.
High-rise condo buyers salivated over these features:
. Laminate hardwood kitchen flooring
. Viking and Liebherr kitchen appliances
. Quartz kitchen countertops
. Vinyl bathroom flooring
. Glass-door bathroom cabinets
. Quartz bathroom countertops.
Low-rise buyers went for these features in a big way:
. Engineered hardwood kitchen flooring
. Stainless steel kitchen appliances
. Bosch, Samsung or Fisher Paykel kitchen appliances
. Glass-door kitchen cabinets
. Quartz bathroom countertops
. Glass door bathroom cabinets
Meanwhile, the 2012 TD Canada Trust Condo Poll interviewed people who have recently bought or intend to buy a condo. Vancouver respondents were almost unanimous about the major elements that help them decide to buy a condo they'd looked at:
. Low condo fees (97 per cent)
. Good building security (96 per cent)
. Attractive interior design (95 per cent)
. Energy-efficient building features (93 per cent)
. A balcony (92 per cent)
The TD study found differences between men's and women's condo-shopping preferences. More men than women want a newly constructed condo. Women are more likely than men to look for environmentally-friendly features and a balcony.
An earlier TD study estimated that single women make up 30 per cent of first-time home buyers, and they overwhelmingly choose condominiums.
According to Mark Belling, of Surrey-based Fifth Avenue Marketing, "Single women are now a power in the local condominium market. They easily outnumber single men." He adds, "Young women seem to become financially mature earlier, with the ability to save for a down payment."
Witness the new HGTV show, Buy Herself, with Realtor Sandra Rinomato guiding single women to a home purchase. Rinomato says that making a smart investment is the primary driver. Women say to her, "Well, you know it's time for me to buy a condo as an investment that I can make money off of, that I can also live in, that I can nest in- I can paint it and decorate it to my taste- Why not do it?"
Safety, a balcony and entertaining space are important to women, she says. Condos offer greater security, which is a top concern among women living alone. A balcony gives them safe, private outdoor space for chilling out. And a party room or rooftop deck lets them entertain more people if they have a matchbox-sized living space.
Real Estate Weekly