The success of New Development projects depends not only on technical site analysis, market research, design, and optimal construction management, but also on sales, marketing and utilizing technology to present renderings, data, and value trajectory that make buyers confident in spending an average of 20%+ premium over resale.
As we continue to work through global uncertainty, including increased cost-to-build, we are also beginning to see distinct preference patterns emerge that allow developers to squarely meet buyer expectations. Buyers are demanding move-in-ready spaces with amenities that account for a WFH lifestyle. They are also continuing shifting to diversified investments inclusive of ‘usable’ assets like real estate.
Following are new development trends that we believe have staying-power and provide value-add offerings for buyers.
(1) Wellness-Focused Developments
The Global Wellness Institute defines wellness real estate as living spaces that intentionally put people’s health at the center of design, creation and redevelopment – supporting proactive habits and behaviors that support mental and physical health. Our homes, communities and surrounding environment directly affect our daily behaviors and lifestyles, and together these determine up to 80–90 percent of our health outcomes, thus making residential real estate a target frontier for the wellness industry.
Amrit Ocean Resort and Residences on Singer Island, FL is set for completion in Spring 2021 with 182 ultra-luxurious condominiums, including 11 penthouse residences with private rooftop terraces set on 7.5 ocean-front acres near Palm Beach. The Amrit is a collaboration between the world’s leading luxury spa innovators and the renowned Himalayan Institute, recognized worldwide as the foremost authority on holistic health. It offers complementary medicine practitioners, naturopaths, nutritionists, acupuncturists, oceanfront demonstration kitchen featuring mid-day cooking classes focused on super foods, juice cleansing, plant-based cuisine, organic healthy food, Ayurveda and more.
Prices starting from $875,000
Villa Valencia in Coral Gables is a collection of 39 residences, including three penthouse levels, offering hospital-grade air, energizing light and pollutant-free water to protect from contaminants, free radicals and aging. Its design philosophy was based “on the pillars of wellness, nature, and technology”— from the luxurious spa with hammam and hydrotherapy plunge pools to a state-of-the-art fitness facility. Outside, a 78-foot lap pool with a waterfall is complemented by two summer kitchens and spacious sunbeds.
Prices starting from $1,800,000
(2) Expansion in Boroughs Beyond Manhattan
Billionaire’s Row in NYC had been the development media darling in recent years, but Brooklyn and Long Island City have attracted both developers and buyers with lower prices, more square footage, and parking options.
At 67 stores, Skyline Tower is the tallest condo building in Queens and features garage parking plus valet, 75-foot swimming pool, pet spa, business center and children’s playroom to perfectly balance urban and suburban lifestyles in one building.
Prices starting from $660,400
The iconic Austin Nichols House, is an landmark building located on the Brooklyn waterfront at 184 Kent Avenue in Williamsburg. The building offers 338 homes and 176 unique floor plans with 30,000 square feet of amenity space, including a waterfront gym, children’s playroom, landscaped courtyard and roof deck, residents lounge with catering kitchen, co-working spaces, movie theatre, music rehearsal room, zen garden with firepit, and building garage.
Prices starting from $950,000
(3) Boutique Developments
COVID accelerated demand for boutique developments of less than 50 units, often featuring private elevator or ground floor access and parking accessibility. Privacy and suburban amenities withurv=ban convenience is top-of-mind.
707 Willoughby is a boutique development in the Bedford-Stuyvesant section of Brooklyn of 20 one- and two- bedroom residences, all with private outdoor space and all the amenities of larger condos, including a roof deck and outdoor kitchen & grill, fitness center, deeded parking spaces, and bike storage.
Prices Starting from $575,000
199 Chrystie is a collection of just 14 bespoke, interlocking villas hovering over the treetops of Sara D. Roosevelt Park on Manhattan’s Lower East Side. With 18’3” double-height ceilings, the residences possess a sense of scale and grandness atypical of Lower East Side homes. Huge windows let in plenty of natural light, and private balconies and terraces make al fresco living and dining dreams possible.
Prices starting from $2,250,000
(4) Combined Lodging Assets
Longer stays and investment in condo-hotels have buoyed the travel sector, which experienced an average 5% decline in short-term rental demand from April 2019 to April 2020 while transient hotel demand dropped by an average 29% in the same time period, according to a joint report by The Highland Group and All The Rooms.
Condo-hotels feature individual units that can organized into a shared vacation-rental program when not in use by the owner. They are often rich in amenities, including spas, health and fitness centers, fine dining, business centers, valet, concierge, and housekeeping. Miami has been the forerunner in the growth of condo hotels, with the Ritz Carlton, W, SLS Fountainbleau, and Faena leading the way. Investment options like condo-hotels
The Faena family of hotels, hotel-residences, and condos exemplify the combined lodging asset trend. The Faena Hotel Residences consists of 10 unique fully furnished penthouses located on the top two floors of the Faena Hotel in Miami Beach. Next door is Faena House, an 18-story luxury condominium situated on the widest stretch of white sand. Faena condo and hotel residence ownership also includes a complementary 2-year membership to Faena Rose, an exclusive private members club that builds a dynamic community through the engagement of cutting-edge cultural experiences. Owners and residents also enjoy VIP access to all events throughout the Faena District.