Multi-use condos spark renewal

Condominiums and apartments are driving the renaissance of urban areas across the country right now, as both a younger generation and empty nesters seek homes where they can live, work and play, according to multifamily housing experts attending the International Builders’ Show in Orlando, Fla. According to a Jan. 18 National Association of Home Builders news release, the condo market, in particular, has been thriving from this trend as more and more people opt for a lifestyle where they can live near their jobs, restaurants, entertainment and public transportation.

“Condos made up 30 percent of new multifamily starts in 2004, which is a record-high percentage,” said Gary Benson, president of Garrison Partners, a Chicago-based firm that specializes in condo conversions, in the release. Benson added that buying a condo is an appealing option for a number of niche markets: empty-nester baby boomers; young, well-paid professionals from the echo boom; and a growing number of new residents arriving from other countries, who are often more accustomed to living in high-density areas than their American counterparts.

“In a time of double-digit home price appreciation in many urban markets, condos have appreciated at higher rates than single-family homes,” Benson said. Even so, condos are often the most affordable option for first-time homebuyers in desirable urban locations.”

Design trends in new rental apartments and condos have been kicked up a notch in recent years to appeal to today’s sophisticated renters and condo buyers, according to Paul Campbell, a principal with the Denver-based architectural firm Kephart.

“High-tech features like wi-fi and broadband access are now standard in most apartments,” Campbell said. “We’re also seeing more open, flexible floor plans with more creativity in kitchen design.”

With many developers starting new apartment communities with an eye toward converting them to condos, appliances and finishes are also being upgraded. “There is a real emphasis on quality as well as style in the luxury apartment market,” Campbell said.