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THE BRANDER: Make your amenities right for your buyers

THE BRANDER: Make your amenities right for your buyers

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THE BRANDER: Make your amenities right for your buyers

Condo amenities that meet the needs of the market’s evolving demographics are a great way to rise above the competition while avoiding excessive cost.

by Adam Savoni
Community

With so many young families finding themselves priced out of the GTA’s lowrise market, there is a growing appetite for family-friendly condos that must not go unnoticed.

While three-bedroom condominiums pose similar affordability challenges to single-dwelling units, more modestly-sized units with family-oriented amenities can be a big sell for families looking to explore the condo lifestyle.

Condo amenities that meet the needs of the market’s evolving demographics are a great way to rise above the competition while avoiding excessive cost. Golf simulators and lap pools are still popular among some, but if the location and target audience are appropriate, you are bound to appeal to more buyers by offering family-oriented amenities.

With limited suite space, parents will appreciate common areas where their children can burn off some energy and play with other kids. Some of the more common amenities that cater to young families include kids’ rooms, family rooms, rooftop splash zones and even dog-walking spaces.

Make sure that the spaces are inclusive for all members of the family. Something as simple and inexpensive as a desk and WiFi connection will allow parents to catch up on work, or take a moment to themselves while the kids are at play. These amenities should act as refined spaces for both children and adults to create a healthy feeling of community that’s so important for any new development.

It is critical that the marketing agency is brought into the conversation as early as possible to ensure that the amenities are aligned with the overall brand. It goes without saying that the brand should not only create a sense of excitement for the audience, but influence how the product comes together. Your agency can offer new and innovative ideas for the amenity spaces while working with the interior design team to make sure they are on brand and on point.

It’s worth noting that the inclusion of modern, desirable amenities should not be limited to condominium projects. New purpose-built rental developments with well-planned and well-designed amenity spaces will go a long way towards changing public perception around rental projects and renting in general.

Community has launched multiple purpose-built rental brands that incorporate progressive amenities, all of which have proved to be very successful. One such example is The Livmore in downtown Toronto. The project was competing against numerous condo developments in the surrounding area, all of which had investor-owned units for rent. To stand out, our team took the amenities within the neighbourhood and complemented them with unique, modern spaces in the building itself. This immediately placed The Livmore on the same level as its condo counterparts but without the large down payment and 25-year commitment, as illustrated in the tagline “lease is more.”

Using amenities to enhance your brand are just one of many ways to help your project, whether condo or purpose-built rental, appeal to a broader audience. Your agency should be putting in the research hours to stay on top of market conditions, trends and changes. Keep that in mind when selecting a marketing partner for your next project and make sure you ask the right questions.

Adam Savoni is vice president, real estate marketing at Community.

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Condo Market

Condo Market : Is A Condo Right For You And Your Family?

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Condo Market : Is A Condo Right For You And Your Family?

Condominiums across Toronto and the Greater Toronto Area offer something for everyone, including families!

It takes a community to raise a child, and more parents are realizing that condominiums are in essence vertical communities where people get to know their neighbours in the hallways, elevators and shared amenity spaces. To accommodate this fairly new market, condo developers are including two-bedroom + den and three-bedroom designs into their suite mix. The City of Toronto now requires them to include a certain percentage of these suites, which makes a lot of sense. The demand is strong from busy professionals who want more leisure time to enjoy their children, to immigrant families who are accustomed to living in high-rise buildings.

Young urban families and couples with older children alike find living in a condo in the GTA convenient. Once the preferred choice of empty-nesters moving from large homes, the most spacious condo suites today are within the financial reach of average buyers raising kids. This is especially true with the average detached home prices at an all-time high. Condos offer the opportunity to build equity over time – and a whole lot more.

For one thing, today’s condominiums are graced with family friendly amenities, from fitness facilities to games rooms, theatres, party rooms, pools and rooftop barbecue terraces. Some condos even feature daycare facilities. And best of all, the maintenance, cleaning and repair of these areas is done through the condominium board of directors. With this and exterior maintenance being taken care of, parents truly do have more time to spend with their children. Remember, too, that the condominium lifestyle includes the peace-of-mind of built-in security measures, beginning with concierge service. Someone is always in the lobby observing passers-by and people coming into and leaving the building. Every condominium has its own set of security features, and they differ from building to building, so compare apples and apples when you shop for a suite.

And how about location, location, location? Across the GTA, condos are being built close to local amenities and public transportation access. In Toronto, this means those who work downtown can also live there. We are even seeing young families from the suburbs opting for condo life in the city, because it eliminates long commutes. The GTA and the City of Toronto are home to incredible amenities and attractions for residents of all ages, such as gorgeous parks, excellent schools, eclectic restaurants, sports and entertainment venues, galleries, museums … the list goes on. Older children can walk or use public transit to explore on their own, giving them more freedom than they may have in the suburbs. You will even find condos that include retail and services on the ground floor, for the epitome of convenience.

And let’s talk extended families! At Baker Real Estate Incorporated, we see a lot of family members purchasing separate suites in the same building. This enables parents, children, grandchildren and other relatives to live close to each other while still enjoying privacy.

The condominium as a family lifestyle choice? I say BRAVO!

BARBARA LAWLOR is president and CEO of Baker Real Estate Incorporated and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com

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