High-End Features in a Condo and the Current Dilemma for Real Estate Developers

Real Estate

Are you looking for a dream place to live? You’re not alone as millions of people also think just like you, but not everyone has a clear idea. What can be termed as a dream home as there are with too many factors involved. It is the question that both developers and buyers try to find and some them remain clueless. The luxury homes and their development has nosedived for the worst with the economic downturn playing havoc. Just like other parts of the world, it will be some time before we will see any proper development in Toronto and other major cities in Canada. 

When talking about a dream home, it doesn’t have to be spread out over thousands of yards. Or built right in front of the most strategic location on the waterfront. The size of the condo doesn’t matter at all if you want features and facilities that can make the jaw drop. While a spacious condo or penthouse will have a great effect on anyone looking at it, a small one with great architecture, design and facilities can equally attract the eyeballs. 

What Buyers Really Want?

This is the million-dollar question every real estate developer looks forward to. What extras are the potential buyers looking at so that they will buy a condo without further hesitation? Is it a fireplace or something more modern like a lift that can take them right to the foyer of their condo? Things can get interesting for the buyer with each feature added, but it increases the price. And this may not be the perfect scenario for every buyer.

Real estate developers need to think about something that can be done to please their clientele. Of course, this is not that easy getting to know about what buyers really want is the real deal. Developers cannot spend their money in coming up with a real estate project having features that their potential buyers don’t like. They have some other features of facilities in mind; thorough research is needed so that everything can be sorted out. 

The Impact of Flawless Features?

Not only for this year but for some time to come, the real estate developers have to come up with projects with facilities that will get people with less income. The COVID-19 virus will be with us for at least a few years, and its impact will be felt throughout this period, and maybe even further. That’s why the features in a real estate project, for example, condos, must cater to the needs of the people.

There can be different scenarios when we talk about condo projects because not meaning people are willing to invest in a luxury project. This is akin to making your money trapped in a project that may turn out to be a disaster for the investors. To general sentiment of the investors will remain down, the real estate developers have to come up with solid plans to attract them. Otherwise, all their investment will be doomed.

Take a look at the following example that will help you understand my viewpoint.

The Dilemma for Real Estate Developers is Real

In any case, if features will be compromised, then the small size of the condo will not be good enough. Remember what I described earlier in this blog? It isthe size of the condos, as the spacious condos are considered luxurious and a dream home for many. When the features like a lift opening up in the foyer or an 18th-century fireplace are compromised, with less space too, things will not be ideal for investors to cash in.

That’s where people look for other ways, like going through Toronto mls condo listings so that they can get a condo of their dream. This may not be the best way forward, but people do everything that they can so that they can lay their hand on a condo which suits them perfectly. The dilemma for real estate developers is real and may remain with them for some time until, at least, the economic scenario goes back to the pre-COVID era.

Over to you

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