For condo developers, boutique is the new black
Condo developers are catering to buyers who prefer intimacy
October 11, 2016 08:45AMBy Ina Cordle
The Fairchild Coconut Grove, a planned ﬁve-story, 26-unit boutique condominium, will begin preconstruction sales in 2016.
From the fall issue: Boutique condo projects designed to appeal to buyers seeking the privacy of a single-family home with the convenience of a condominium are rising up across South Florida.
Developers say they’re turning to smaller projects in order to attract baby boomers accustomed to single-family homes amid lagging interest from the region’s typical foreign condo buyers. Market experts say this trend is also motivated by the desire to limit investment risk late in the economic cycle.
“The last thing they want in this stage of the cycle is a big project where the outcome is uncertain,” said Peter Zalewski, a real estate consultant and the founder of Condo Vultures. “With a boutique, they can build it, sell it out, collect the cash and run for cover before the market shakes out. That’s the reality.” [more]
Source: The Real Deal