When you consider how drastically condominium design has changed over the past 25 years, it’s interesting to muse on what the future will bring. I’ve said before that on a worldwide basis, Boston is late catching onto the condo trend. If we look at New York City, we may have a snapshot of how condominiums here can evolve.
In New York, it’s normal for families to live in apartments and condominiums because the suites are more like houses. These aren’t all upscale suites, either. There’s an entire level of medium-priced condos that have three bedrooms, two bathrooms, and a powder room, as well as a family room to accommodate people with children. Right now in Boston, the large luxurious condominium suites tend to be chosen by people coming from lavish homes. Not so in the future. We may even have buildings that encompass a daycare centre and playground to appeal to this emerging market. Think of how convenient it would be for a young couple to leave for work and drop off their children downstairs in the building.
Transportation issues will also continue to attract condo purchasers who want to live in downtown Boston, and other municipalities to be closer to work. They appreciate the existing amenities that include some of the finest schools in the country. By living in an urban centre, children can walk, take the subway, and generally enjoy more freedom to get around on their own than they do in the suburbs.
Condominiums aimed at families will have to be designed differently. Families need more space, both indoor and outdoor. There’s also an emerging market of people who want grand, luxurious condos. They seek the same amount of space they have in their low-rise mansions, minus a few bedrooms.
Of course, empty nesters love the condominium lifestyle because it’s like having a beautiful big bungalow in the sky.
I don’t have a crystal ball, but I think it’s fair to predict that with the anticipated population growth of the GTA, the demand for condominiums will increase among all segments of the marketplace. It’s only natural that new markets, such as families and elite purchasers who demands large, opulent suites, will grow as well. It will be quite exciting to see how the industry responds.