Melida

The Lifestyle of the Condo

Condo sales are off, but is a condo still a good way to define a lifestyle? Learn what the four types of buyers in the just-passed real estate boom have to teach you.

In the real estate boom of the last five years all buyers were active. There were, and still are, four potential types of buyers. Speculators, Investors, End Users, and the Second to Fifth Home Market.

Speculators, planning to flip the properties for a quick profit, buy pre-construction, flipping the property to another buyer before closing, or close, then quickly sell. Investors, willing to hold the property for a longer period, consider real estate a tangible asset, possibly less risky than other investments, or as a complement to a diversified portfolio. End users, seeking a primary home, are first timers, move-up or down buyers and are in the work force or retired. Second to Fifth Home Buyers, choosing a second to fifth home in a portfolio of homes, are leisure-seekers, or wealthy, still-working owners, with business or family interests in multiple areas, and are using all their properties during some portion of the year.

What can all four types of buyers teach you about getting what you want and wanting what you get?

Buy something you have a need for, buy unique, and analyze the lifestyle you have or want.

As with any real estate, the location is often the lifestyle. A condo is a bustling urban/modern hub, a live/work combo, a beachside resort, a suburban sanctuary, an elegant, branded hotel and spa destination, a traditional home in the sky, a coach home, a two, three or more level townhouse, a historic row house, an eclectic studio, and sometimes, a soaring multi-story loft. A condo delivers boating, a New Urban Village, the city, the suburbs, the desert, the beach or golf.

Consider the neighborhood, the size, the type, the amenities, the lifestyle, the features and finishes, the designer and builder, and how it is built. Heres how to do it:

The Neighborhood

Is the community urban chic, young family, active adult, age restricted, mixed age and demographics, pet friendly, child or teen friendly? Is the location city, rural, hometown, new urban/traditional development, country club, within walking distance, short commute, long commute, no commute, on a transportation hub with rail, bus, tram, trolley, and car service? Does it offer boating, sailing, canoe/kayaking, swimming, fishing, diving, snorkeling, jogging, equestrian, nature trails, golf, tennis/outdoor, spa, country club? Is it near restaurants, shopping, cultural activities, banks, dry cleaners, grocery stores, schools and medical facilities?

The Size

Is it a small inner city urban loft or an 8, 0000 square foot mansion in the sky?

The Type - Living a Lofty Life?

Of modern and minimalist design, lofts feature open layouts, large windows, and distinctive finishes, and soaring floor to ceiling windows, 10 to 14 foot (or higher) ceilings and open living areas.

Live Work Spaces v. Homes in the Sky

Do you want a 24/7 life, where the community is equally important to both work and life? Or do you need a super-sized home in the sky?

The Amenities

Do you value pools, marinas, gyms, saunas, clubs, social rooms, meeting rooms, office space, stores, shops within the building, restaurants, clubs, snack, juice bars, lounges, reading rooms/libraries, hair salons, barbershops, tailors, banks, party rooms, high tech media centers, mailrooms?

The Lifestyle

Do you want walking trails, fitness rooms, clubs, jogging trails, swimming pools, spas, nutritionists, chefs and meal programs, fitness centers with group and personal trainers, Green and Sustainable Buildings and Communities?

The Features and Finishes Exterior/Interior

Modern, Classical, Mediterranean, or an exposed concrete and steel loft? Choose quality in the interior and exterior building finishes, the exterior cladding concrete, glass, stainless, wood, stucco; the exterior and interior doors, windows and hardware.

Who Designed It?

Did a professional with star power choose the kitchen and bath appointments, lobby and common room furnishings, and front entrance statements? This can mean more than cachet; it can mean that the target market was correctly interpreted.

How is it Built?

Dont forget that your ultimate comfort may depend upon air temperature, air quality, mechanical systems, noise and vibration, interior and exterior distractions.

This article is not about profit-making, but finding your perfect lifestyle. If in the market, consider spending some time up front, making lists of the things most important to you. Armed with such a checklist, you may be able to spot value, quality and the lifestyle of your dreams.

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