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When right-sizing is the only way to go

While many people have moved to remote work in recent years, the flexibility of relocating to the city has become increasingly popular. Gone are the days of moving from the city to the suburbs; now, all demographics, ranging from young professionals to empty nesters, are “rightsizing.”

When considering relocation, two important questions arise: What will improve my living experience? and What am I willing to compromise? However, with rightsizing, you don’t have to give up anything. When people hear the term “rightsizing,” most make the inference that it simply refers to living within one’s means, but it’s much more than that.

In designing right-sized multi-family condo complexes and apartment buildings, we aim to offer residents more than just the units they buy or rent. One of our top priorities is to ensure that each resident feels that the amenities offered are an extension of their home. You’re not just getting hundreds of square feet; you’re getting thousands beyond your door. From shared spaces to recreational areas, these amenities are meant to be used and feel as if they are in your backyard—because, in essence, they are.

Rightsizing is so much more than meets the eye. When you are right-sized, you get to keep the outdoor fire pit you’ve been accustomed to in your backyard, all while still being able to host friends, enjoy drinks, and hang out. You now have access to a pool—something you’ve always wished you had in your backyard and that gym space just steps or an elevator away, as well as dedicated office space in your building’s amenities. This allows you to break free from remote work at your kitchen or bedroom desk and instead utilize the private and shared workspaces in your building. This way, you can maintain a comfortable work-life balance without sacrificing the comforts and amenities of your home.

Whether you’re downsizing, upgrading, or just rightsizing, our goal when designing a building is to ensure that each resident feels like they’re getting the best amenities available. We want to curate spaces that fit residents’ lifestyles, creating a comfortable, welcoming environment where you can make the most of your home and enjoy life to the fullest.

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Too Much Space, Not Enough Revenue?

Trends come and go but making money and finding creative ways to boost your bottom line never go out of style. With square footage to spare, apartment and building complexes often find themselves with intriguing possibilities in underutilized spaces that do neither them nor their residents any good.

Instead of residents staring into empty spaces while walking through the lobby, consider a newer approach gaining popularity with our clients when designing or redesigning lobbies.

At CDG, we focus on the niche market by creating spaces that provide residents with opportunities and services they didn’t know they wanted until they saw them. Imagine a pet grooming shop in a pet-friendly apartment complex or a juice bar in the lobby. These amenities allow residents to sleep in later or take more time getting ready, as they can conveniently visit these shops on their way out. Not only do the apartment and building complexes enhance their budling but also foster a better living experience, not to mention generate additional revenue from the businesses operating in the lobby. This unique approach ensures the complex remains a desirable place to live while at the same time boosting its bottom line.

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3 reasons to have advanced technology in apartment living

ONE: Enhanced Convenience and Efficiency: Advanced technology in modern living allows residents to easily manage mundane tasks in their daily lives. Whether it’s turning off the lights, having high-speed internet that allows security systems to work more efficiently, or controlling the heater or AC during cold freezes or heatwaves, these simple yet irritating inconveniences are replaced by ease and convenience.

TWO: Blazing Internet Elevates Daily Experiences: Integrating high-speed internet for all the residents in the building significantly enhances their lives, whether they are working remotely or enjoying leisure time. With high-speed internet connected to a central hub, residents can work from home with ease, completing daily tasks and responsibilities without needing to leave the building. As remote work and online schooling continue to rise, offering and implementing high-speed internet is essential to keep up with the times and ensure the community amenities are the best they can be.

THREE: Top-of-the-Line Appliances Are Essential: When it comes to appliances, no one wants outdated, unreliable equipment like a microwave on the fritz or a washing machine that leaves clothes smelling unpleasant. Top-of-the-line appliances offer cutting-edge technology that enhances convenience and efficiency. For instance, modern ovens and washing machines can be controlled remotely via a tap on a smartphone app, making it safer and easier to run errands at the same time. Additionally, advanced security systems provide peace of mind by allowing residents to monitor who is approaching their door. Investing in high-quality appliances not only boosts property value but also supports eco-friendly practices, as these appliances are designed to be more energy-efficient and environmentally conscious.

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Top Things Students (And Parents) Want In Student Living

THE STUDENT:

Privacy: When students hunt for an apartment, one of their top priorities is having their own space. This means a private bathroom, a personal room to relax in, and a separate area to host friends. College life can be hectic, with constant interactions and activities. After a long day of classes, work, and events, nothing is more important than coming home to a personal sanctuary. A place where you can close the door, lock it, and enjoy your own space. No need to trek to a communal bathroom to wash your face—you have the convenience of your own private bathroom just steps away. This personal space extends to your own room, where you can keep things clean and organized, ensuring it’s always a comfortable retreat from the chaos.

Convenience: In student living, convenience is everything. It means living close to campus so you can walk to class, saving on gas money, or having a dedicated bus from your apartment complex to campus every day. It’s about having everything you need at your fingertips—a cozy spot to hang out with friends, study rooms for those intense study sessions, and amenities like a gym to keep your life balanced. These conveniences make it easier for students to juggle their academic, social, and personal lives, ensuring a smoother, more enjoyable college experience.

Top-Notch Wi-Fi and Internet Connections: Reliable and fast internet access is a non-negotiable for today’s students. Imagine the panic of trying to submit a paper at 11:55 PM, only for the Wi-Fi to crash with only 4 minutes to spare. Or the frustration of logging into a mandatory Zoom class and being marked half an absence because the Zoom connection was buffering. Reliable internet isn’t just about schoolwork; it also impacts your downtime. After a long day, the last thing you want is for your Wi-Fi to go out in the middle of a show or while you’re scrolling through TikTok to decompress before diving into homework, work, or going to plans for the night.

 

 

THE PARENT:

When it comes to being a parent, safety is always at the forefront of their minds, especially when their child leaves for college. When parents are assisting in finding places for their students to live, the primary concern is often about safety. Questions arise: Is it a gated community? Are there security guards at night? What systems are in place to enhance my child’s safety, and what protocols ensure that only residents and approved visitors have access to the building?

The latest trend in student living focuses on safety, with key fobs playing a crucial role. These key fobs allow only residents access into the building, their designated apartment, and even their specific room. Functioning as transmitters, these key fobs communicate with locks, granting access only if it’s assigned to a certain lock. Research shows that
“KEY FOBS PROVIDE A HIGHER LEVEL OF SECURITY COMPARED TO PHYSICAL KEYS, AS THEIR LOCKS CANNOT BE PICKED. ADDITIONALLY, IF A
KEY FOB IS MISPLACED OR LOST, IT CAN EASILY BE DEACTIVATED, PREVENTING UNAUTHORIZED ACCESS TO THE APARTMENT.”

This system adds an extra layer of security and peace of mind for both parents and students alike.

Lifestyle Expectations

Young Professionals: Transitioning from the convenience of student living to the complexities of finding a suitable place in the real world….in search of accommodations that reminisce of their student housing experience while meeting the demands of their new lifestyle. 

In their search for the perfect living space, young professionals seek out amenities that they have become accustomed to. This includes fitness centers, communal areas, modern technology infrastructure, and stylish interiors that cater to their desire for convenience and elevated living standards. 

Community and socialization play a crucial role in their housing decisions. They look for co-working spaces, and outdoor areas with amenities like barbecues, fire pits, and pools, where they can connect  

Prioritizing wellness and work-life balance, young professionals seek living spaces that support their mental and physical well-being. They desire areas dedicated to relaxation, exercise, and personal growth within their communities, allowing them to maintain a healthy work-life balance while addressing their everyday needs and challenges. With like-minded residents and foster a sense of belonging and inclusivity. 

 




 

First Impressions are Lasting Impressions

First impressions matter. Buyers, tenants and developers often make lasting decisions based on the first few seconds they see a new place or site. They can make the difference between “show me more” and “I think we’ll pass on this one.”

In the era of Covid-19, they expect to see safety measures. In a world of high-tech, they anticipate custom technology with ease of function. And in the vein of “think globally, act locally,” they admire thoughtful local touches that make a meaningful first impression.

Fortunately, great design can create that welcoming, enticing first impression, ushering in potential clients from the front door through the lobby and into a building’s every nook and cranny. While small spaces and corners are often overlooked by development teams, an ID team can collaborate with you to incorporate thoughtful details and functions into every corner, offering outlets in common furniture or installing sports simulators, for example. These unique touches add up to heightened interest, improved occupancy, and positive reviews.

A memorable first impression begins with the right lighting and a sense of aspiration. Amenities such as firepits and pools, cityscapes and private spaces, discoverability and local culture should incorporate both human-centered technology and personal touches. Community spaces are more important than ever, so lobbies, shared areas, and conference rooms must help to sell potential tenants on the beauty and utility of a space.

If you want help in establishing the right impression from the very first moment, The Childs Dreyfus Group can help you create well-designed spaces that sell safety, technology, culture and community for the perfect first impression.

Smart Design Promotes Physical, Academic and Mental Health

As most students across the country head back to school—in person, this year—more developers are taking a closer look at the unique needs of student housing. Students want design, functionality and comfort in equal measure – with consideration paid to community spaces, private study areas, workout facilities and trend-setting aesthetics. These spaces for living, studying and socializing can contribute to the holistic student success.

While pools and clubhouses are still enjoyed and appreciated by students across the country, student housing today must incorporate ample study nooks, indoor-outdoor access, and quiet spaces that appeal to students’ academic demands and personal wellness. Balancing the need for peace and quiet to study with amenity spaces that promote socializing needs to be both techy and welcoming. Spaces need to incorporate ergonomics, the right acoustics and a sense of a home-away-from-home—all designed to set up students to network and connect with each other to create a sense of belonging—for the optimum college experience.

From colleges and universities to off-campus student housing, The Childs Dreyfus Group understands this demographic thanks to our long-time commitment to student housing and our vast experience in this vertical. The spaces we design allow residents to connect socially and technologically with other residents because the thoughtful details we put into each room, nook and walkway create an authentic experience. Our architectural interiors help build a sense of community and create meaningful connections that last well past graduation.

The Childs Dreyfus Group has orchestrated high design for higher education for over two decades and would be happy to share our expertise with you. Contact us for more information on the latest in keeping students safe, engaged and inspired.

https://www.linkedin.com/pulse/smart-design-promotes-physical-academic-mental-health-/?trackingId=Fera1sRbdJBq4iaXMFm%2BRg%3D%3D

3 Reasons For-Sale Developers Should Break Ground Now

Project sponsors can move up their timelines due to these market dynamics, according to David Wolf of Wolf Development Strategies.

With the condo market gaining steam in an already sizzling housing market, the race is on for developers looking to get shovels in the ground and capitalize on historically low inventory, as well as demand for larger floorplans, private outdoor space and other features that have become must-haves in new construction.

Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 720,000 units in April, up 84.6 percent from April 2020. Prices are trending up as well, with the median existing condo price at $300,400 in April, up 12.6 percent from a year ago, according to the National Association of Realtors.

Yet despite a strong sales market, lenders have set high benchmarks for pre-sales that often keep construction from moving forward as quickly as current demand necessitates. As a result, there’s an imbalance in the market as buyers seek out new product in markets where few options exist.

But developers have a real chance to alleviate this tension by breaking ground with less than a typical percentage of units pre-sold or no pre-sales at all—so that the start of construction is timed closely with the launch of sales and marketing.

Traditional hurdles to starting construction earlier can be navigated with the right strategy, and bringing projects to market quicker ultimately helps developers achieve stronger sell-through.

Market dynamics at play should incentivize developers to move up their construction timelines for the following three reasons:

Lower Pre-Sale Requirements, Less Competition

Waiting is simply not a winning strategy in the current market. Although construction sites remained open during the pandemic, many projects that had not yet broken ground were paused, meaning developments that break ground today will face less competition upon completion.

Moreover, developers that start construction ahead of schedule can effectively minimize their pre-sale requirement by bringing more equity or collateral to the deal. Most lenders want between 35 percent and 50 percent of units sold before they will fund the construction loan. But with more skin in the game, developers can lower this percentage, especially if they have a strong track record and existing relationship with the lender.

Quicker Sell-Throughs

From a real estate perspective, a silver lining of the pandemic was that everyone developed a greater appreciation for their home—or, in some cases, a better understanding of what they want in a new home. As a result, the housing market broke records in terms of sales and sale prices. That momentum carried into 2021, yet many would-be buyers were stymied by record-low inventory, prompting some to shift their focus from resale to new construction.

Even with the best sales tools, it can be difficult to sell buyers on a building that does not yet exist. Construction activity not only instills confidence but also shortens the window between contract signing and move-in. Our research shows developers can anticipate selling units about 25 percent faster if sales commence with construction. And as units move closer to delivery, the pace of sales often accelerates, especially if the homes are effectively marketed as “new construction without the wait.”

Sales and Marketing Advantage

When a deal is in motion and construction has started, there’s a greater opportunity to broaden your sales and marketing reach. The reality is that a project that’s viewed as in the concept stage will get less attention from other buyer agents. But once construction has started, the game changes among cooperating agents who become more likely to introduce clients to your listing, and referrals are the key to any successful sell-through.

In fact, we’ve found the announcement of a groundbreaking creates a bump in traffic and sales for a for-sale development—and there’s an even greater bump in sales six months out from units delivering.  

With the market realities in clearer focus as vaccinations continue and reopening plans take shape, developers should capitalize on the fleeting opportunity they have to break through by breaking ground now. Those who do this give themselves a competitive advantage as the U.S. economic recovery gains momentum and a new wave of residential development begins to take shape.

David Wolf is president and CEO of
Wolf Development Strategies.

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