Pricing will shrink living space in future designs, real estate marketer says of survey results
Kim Pemberton
Sun
Topping the wish list of the buyers of new apartments and townhouses are efficient layouts and expensive appliance packages, suggests a survey shared this week with participants in a trends seminar.
The survey of 660 new-home buyers was released by Fifth Avenue Real Estate Marketing Ltd. The buyers bought either a low-rise apartment or a townhome in the last year in seven suburban Vancouver communities.
“It’s all about doing more with less space,” Fifth Avenue’s Mark Belling commented.
“It’s about using space for multi-activities. Having no unnecessary wasted space. It’s that kind of thinking that has to go into our future designs as we shrink our living space because of pricing.”
Belling notes geography matters: A new 1,100-square-foot apartment will cost, on average, $180,000 more in Vancouver than in Richmond.
Although the apartment buyer and the townhouse buyer apparently share the same top priorities, they differ on their subsequent priorities.
Townhouse buyers want a bedroom on the main floor for the third choice; large windows for their fourth; and granite countertops, mature landscaping, fenced yards and a sense of privacy after that.
The townhouse buyers surveyed were typically couples in the 20- to 40-years-old bracket with a combined income of between $50,000 and $80,000.
The apartment buyers placed quality of construction and a stable home warranty provider as their third priority. An enhanced sound system, video surveillance at the entrance, more parking spaces, laminate hardwood and granite countertops were next. These buyers were typically 25 to 35 years old with a combined income of $35,000 to $60,000.
The Greater Vancouver Home Builders’ Association sponsored the seminar, the first for the organization dedicated to new-home trends, but not the last, chief executive officer Peter Simpson promised.
“The market is so hot out there because there’s so much activity,” says Simpson.
“With a lot of projects being introduced everyone [developers] wants a leg up from the next guy. This will bode well for consumers getting the latest and the best.”
On the “options” wish list townhome buyers said their first priority would be for crown mouldings, followed by choosing their own paint colours, having built-in cabinetry, then real hardwood. Low-rise condo owners wanted more cupboards, followed by choosing their paint colours and thirdly, wanting luxurious bathrooms.
The wish list concerning neighbourhood amenities had both condo and townhome owners wanting to be within walking distance to buy groceries, but Belling says considering this was the top choice for community amenities he was surprised location was not even mentioned.
“You would think location would be the top of the list but yet it was floor plans,” says Belling, who gave the report’s findings to a homebuiilders association seminar on top 2006 trends.
Belling says one trend developers should be aware of is how interior spaces and exterior architecture of condos and townhomes will likely resemble resort facilities.
© The Vancouver Sun 2005
