The real estate market in urban areas, especially in the central San Jose sectors, both east and west, has been mutating into vertical condo towers of apartments that offer attractive facilities for ‘social coexistence’. This new market niche is being led by a new generation of buyers: the Millenials.
A new culture of co-habitation has evolved, and goes hand-in-hand with modern condominium regulations, and has adapted to this way of living. The “Millenials” refers to the generation born in the eighties and early nineties, and that today average around 30 years of age. This age group is also the age in which many of these young people have completed or are completing their studies, and may already be in the labor market. On a personal level, although some are at the stage of establishing new homes, most enjoy an unmarried lifestyle, with or without a partner. This lifestyle seems to becoming more prolonged, and this generation doesn’t seem to be in a hurry to make changes.
In addition, the Millenials prioritize differently. For this generation, success is not about relevant status, or accumulating possessions. For them, their goals are more focused on creativity, free time, and independence, and they seem to show a more entrepreneurial spirit. They are also globalized and technology-savvy, so their world is beyond its immediate surroundings.
This profile needs to be thoroughly analyzed by project developers when planning and designing, so the final product is attractive to this segment of new buyers. Thus, the new projects must include more amenities that are innovative, and provide an added value to the purchase of a new home. Developers should also consider the other needs of this generation, such as connectivity infrastructure, audio-visual equipment in common areas, joint work-rooms (co-working), and convenience stores integrated into the project, to mention a few examples.
Other perks Millenials will be looking for include centrally located, urban environment, with easy access to services, alternative transport, restaurants and shops, closeness with work centers, internal services and security, innovative architectural designs, as well as social spaces and sport facilities. Therefore, the vertical condominium, or units that combine a variety of uses are becoming increasingly trendy.
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