how to differenciate a square foot“location, location, location” isn’t everything, everything, everything.
Luxury is luxury because it’s exceptional. But when it comes to real estate development, luxury has become the new normal. More and more new rental and condominium buildings are being built, targeted and priced for the same high-end audience. In fact, the vast majority of large developments completed in the last year are classified as high-end. So when exceptional is everywhere, what else can you do to make your development stand out? The answer is branding. From quicker pre-sales and lease-ups to the ability to charge a higher premium, a desirable real estate brand can provide some of the highest ROI for your money. But you can’t just stick a logo on a building and call it good; an effective brand must be as integral to the blueprint of the building as, well, the blueprint. In this guide we’ll take a quick look at the two audiences driving the luxury real estate market today and where your brand can fit in. We’ll then discuss the seven key steps you need to take to build a high-end real estate brand that truly differentiates your building in the eyes, hearts and minds of your audience.the choice of two generations
If you want to know what’s driving the luxury real estate market trend, it never hurts to follow the money. You’ll end up looking at the two largest genera- tions in US history: Baby Boomers entering their golden years on one end and Millennials entering adulthood on the other. Each has different needs and desires, but both combine in their wish for a high standard of living.baby boomers
According to the US Census, there’s an estimated 74.9 million Baby Boomers (ages 51-69) alive today. They achieved the American Dream of a white picket fence, 2.5 kids, two cars in the garage and an idyllic life in the ‘burbs. But with the kids gone and the house paid off, many Boomers are getting bored. They’re trading in the hassles of home maintenance and lawn mowing for a swanky downtown building full of amenities that’s walking distance to their favorite restaurants, the arts and entertainment. While many downsizers choose to buy a condo, more and more Boomers are choosing to rent: according to research by the Urban Institute in Washing- ton, the number of renters who are 65 or older will reach 12.2 million by 2030, more than double the level in 2010.millennials
Not to be outdone, Millennials are upending generations of traditions for this age group. Start with the size: at 75.4 million, the US Census reports that Millennials are the first generation to surpass Boomers as the nation’s largest living generation. But it’s not just size; it’s mentality. This is a generation that came of age during the Great Recession. They saw how insecure the security of homeowner- ship can be, and are choosing to rent longer in greater and greater numbers; recent Census reports show only 39% of Millennials age 25 to 34 own homes compared to 47.5% in 2007, while according to Zillow a typical new home buyer in their early 30s rents for 6 years before making their first purchase, up from 2.6 years in 1970s.share +