2024 Condominium Trends: What to Keep an Eye On
FirstService Residential featured in Multi-Housing NewsIn the second installment of our outlook series, experts weigh in on buyers' changing needs and the condo sector's prospects.
This year has been more challenging than many real estate specialists initially predicted. For those in the condominium sector, 2023 was particularly difficult, mainly due to the prolonged monetary tightening, combined with stricter legislation in several parts of the country.
Many big cities—from New York City to Miami—are implementing more stringent energy codes and benchmarking requirements to reduce reliance on fossil fuel, and curb carbon emissions. To keep costs under control and abide by the new standards imposed, condo associations and owners need to make their properties and residences more energy efficient—from transitioning to LED bulbs, smart thermostats to weatherization projects—these changes can reduce energy costs overall, according to Kelly Dougherty, president of FirstService Energy.
"We’re also seeing communities come together to invest in sustainability programs, from installing EV chargers to investing in water conservation measures,” Dougherty said. “These low-hanging fruit projects will not be enough to meet their climate goals and larger, more expansive projects like the conversion to electricity of heating and domestic hot water production will have to be planned,” she added.
While developers strive to find creative ways to overcome all these challenges, those who are looking for a condo apartment have refined their needs and wants. Before COVID-19, location was among the most important factors for buyers searching for a home. While that still matters, preferences changed post-pandemic, and buyers are now more interested in having top amenities and modern residences. Fitness centers, swimming pools, work-from-home spaces and dog parks are still among the most sought-after, but health and wellness amenities are becoming more of a priority for residents.
“Another condo trend we’re seeing is a desire for high-level concierge services and amenities. In the wake of the pandemic, people have refined the meaning of home,” Robert Smith, region president at FirstService Residential Florida, told MHN.
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