Condo Buyer s Criteria 5 Factors That Influence Buying Decision

Transcription

1 Condo Buyer s Criteria 5 Factors That Influence Buying Decision

2 MARKET TRENDS Condo sales are at an all-time high. And why not? After all, buying a condo is accompanied by a lavish, low-maintenance and easy lifestyle. This month, Toronto Real Estate Board President Mark McLean announced that there were 7,656 condominium apartment transactions reported through TREB s MLS system in the second quarter of 2015, representing a year-over- year growth rate of 17 per cent relative to Q However, an increase in demand is always followed by an increase of supply, undoubtedly increasing competition. The condo boom is as fierce as ever in Toronto. According to a report from the Bank of Montreal, a record 10,368 units were completed in the city last month, shattering previous totals. Despite demand being high for new condos, there are now over 1,600 units on the market, a 21 year high. The question is, how can you set yourself apart from the competition? And the answer, lies in the Buyer s Criteria. 1

3 BUYER S CRITERIA The best companies understand that they must have a unique selling advantage. A customer value proposition is a business or marketing statement that describes why a customer should buy a product or use a service. It is specifically targeted towards potential customers rather than other constituent groups such as employees, partners or suppliers. However, an effective customer value proposition involves knowing exactly what your potential customers are looking for. In this report, we ve compiled our research to reveal the 5 features buyers look for before buying a condo. 1. LOCATION Location is still at the top. A year ago, it was ordinary to see lineups of prospective buyers when new projects were launched. Now, that only happens when the condos are smack up against a transit line and in a neighbourhood loaded with amenities. In a stagnant market, condos with the right mix of design and features, price and location will find owners. 2

4 2. LOBBY You only have one chance to make a first impression, and as far as condo buildings are concerned, your lobby is that first chance. The way a lobby is designed expresses what kind of building residents and visitors are walking into, both in style and in what kind of service residents can expect. It sets the tone for the value of the building. The lobby is the building's face. If a woman is going out to an evening function and you see her step out of the car and she has on a beautiful cloak and nice shoes and diamond earrings, that's the street. When she walks into the party and takes off her coat, that's the lobby. The lobby is the whole picture. It's the value, the dress, the smell of the perfume. The lobby is the whole romance of the building-you get a sense of what the apartments are like from the lobby. 3. SOCIALIZING SPACES Second on buyers amenity wish list are entertaining and socializing spaces. Party rooms of the past appeared to be dull, low-ceilinged spaces with uninspired finishes. But the current incarnations boast sophisticated, hotel-like style with seating areas, bars, dining areas and catering kitchens. With suites getting smaller, people are paying attention to how they can entertain and continue to have the social calendar they had before, accompanied of course, by aesthetic appeal. They see the party room as an extension of their suite for private parties or potluck dinners. 3

5 The party room is something that has to be really well-thought out. Potential buyers are looking for party rooms with couches and chairs, a fireplace, TV screen, bars where you can put down drinks and even a separate dining area that can be open to the other spaces or closed off, so it s more intimate and formal for a sit-down dinner. 4. SQUARE FOOTAGE Space is a factor in terms of actual square footage and in the number of rooms found in a specific suite. If a prospective buyer intends on using the condominium unit as a home-office, an additional bedroom, bonus room, or den may be necessary. A person who entertains frequent guests may also need an extra bedroom. These concerns must be addressed regardless of whether the buyer is looking at singlefamily homes or condominium units. Often, since 4

6 condominium space is at a premium, the floor plans in a condominium unit maximize space with little to no unusable space. 5. APPLIANCES Many newer developments will offer upgraded appliances, such as stainless steel ranges, refrigerators and microwaves. Older developments may have standard appliances or, in many cases, will have upgraded to the newer, more desirable stainless steel appliances. Most units will have washer/dryer hookup, though each unit owner typically must furnish these large appliances themselves. If you enjoyed this report, find out how we can help! Contact Darlene Janeiro Design at