Why Boutique Condo Living is the Best
August 7, 2020.
Villa Valencia was highlighted in a recent article by Fernando de Nuñez y Lugones, Executive Vice President & Chief Economist of One Sotheby’s International Realty titled Luxury Boutique Condominium Living. The article touches up the COVID-19 pandemic and it’s positive effects on the luxury boutique condominium market as well as highlighting the benefits of boutique living.
From the article:
One of the main trends that will emerge in the aftermath of the COVID-19 pandemic is an upsurge in the luxury boutique condominium market. Over the past three months, we have witnessed a strong shift in buyer demand preferences towards less-dense housing options, mainly single-family homes, townhomes, and boutique condominiums. Boutique condominiums have a number of important key differentiators distinguishing it from other market offerings. These include benefits to buyers such as increased amenities offerings and services, less upkeep and maintenance, and more convenience in terms of location and accessibility. Buyers are paying special attention to properties that also offer more secluded and private settings, again, moving away from overly dense condominiums.
Boutique condominiums are usually located in established neighborhoods near or within top school districts, where available properties of any kind are scarce. Generally, these boutique properties also offer unique features such as waterfront sites, a marina component, walkability, and proximity to nearby urban settings with access to creative gastronomy, rich arts & culture entertainment, and recognized retail.
From a developer’s point of view, the type of luxury boutique condominium depends primarily on the overall size of the project. This can be measured in terms of number of units, total sellable square feet, or total sales volume, but all luxury developers share one key motivator – to offer distinctive characteristics which attract a very selective audience.
Buyers who acquire luxury boutique residences are most often the end-users, so they strongly prefer to make their purchase towards the end of the construction cycle. This is particularly true for empty nesters selling larger homes or estates in an effort to “downsize.” Early adopters (buyers who are more comfortable with purchasing towards the beginning of the sales cycle), are usually buying a second home or vacation property, or they are future retirees planning ahead for housing / destination alternatives. Early adopters benefit from initial pricing and acquisition terms, mostly targeting potential capital gains. It is uncommon to have large numbers of investors in this market due to the negative correlation between the size of the units and the rental revenues measured as a percentage of the acquisition price. This can vary from project to project, but rental returns are often higher in smaller units.
Read more from the One Sotheby’s International Realty blog HERE.
Villa Valencia Offers Boutique Living as Its Best
Villa Valencia is a boutique luxury condominium situated on the private side of Coral Gables yet walking distance to the vibrant center of South Florida’s most sophisticated neighborhood. Villa Valencia offers 39 luxury residences offered furniture-ready and outfitted with that the latest home and wellness technology alongside a suite of thoughtfully-designed indoor/outdoor amenities that include a 78-foot pool, wellness center and park.
Contact our team to learn more about Coral Gables’ most luxurious address.