As many suburban and second home real estate markets have boomed all across the country, the majority of cities have been on the opposite end of the spectrum. That’s slowly starting to change, however, as many buyers begin demonstrating that they’re on the lookout for good deals in urban markets, specifically in the high-end range. With activity starting to pick up, here’s how preferences have shifted in today’s market.
Commuting Is Less of a Factor
The work commute has always been an important consideration for buyers who want to live near the office. Yet for many, this is no longer a concern and, as a result, location preferences will likely have changed for a specific segment of homebuyers. Those who preferred to live close to the central business district for work reasons, for example, may begin considering other parts of the city based on lifestyle or amenities.
New Perspective on Luxury Buildings
The way we perceive luxury apartment buildings has undoubtedly changed forever. For this reason, many of today’s most exclusive developments are installing cutting-edge technology to offer contact-free services and peace of mind, such as package drop-offs and dry cleaning. Cold-storage for grocery deliveries is also becoming a standard offering.
Outdoor Space Is a Must-Have
A private outdoor area has long been considered a nice-to-have feature for many luxury buyers. If given the choice, they would prefer to have it, but it wasn’t necessarily at the top of the list. That has changed dramatically as many urban dwellers have a newfound appreciation for fresh air and open space.
Prime Neighborhoods Have Extra Appeal
More than ever, we all now value the comfort and safety that the home provides. In addition to that, many luxury buyers also have a new appreciation for the home as a hard asset. With a degree of uncertainty still ahead, buyers are more likely to make a safe investment in a prime neighborhood that’s firmly established than look for a good deal in an up-and-coming or newly revitalized location.
