Tuesday, January 26, 2010
Can you increase the value of an apartment or condo in these economic times?
A very recent article in the Orlando Business Journal summarizes the state of affairs for the condominium and single family home market in 2009. Basically, sales have driven up since '08...but value is way, way, down.
During this economic climate most owners, developers or investors are looking at ways to save money, but also imbue more value into their properties. But how? Rental communities and condominium climates are definitely different, but most seem to be focusing on one area in particular: amenities.
A building's amenities can be the life blood in maintaining reasonable and valuable prices for apartment rentals or condo sales. From gyms, to spas, in-house theatres, 24-hours concierge and more; this has definitely become a very recent trend. And with at the current rate that communities are leaning toward this kind of lifestyle, the higher chance those properties have of needing a technology solution for residential building management.
While systems that are able to automatically track packages and notify residents, host web-based resident requests, hightened security information, online social bulletin boards and community groups, advanced document storage and the like; enhance the "modern amenities" or a building, and can be added rather easy. (And very inexpensively).
Can you increase the value of an apartment or condo in these economic times? Yes, you can add value to a property rather easily--although it isn't going to reverse the economic decline of a property. It will, however, allow you to increase the service that your property is able to offer and when you talk about resident retention or unquantifiable value to an owner...service is at the heart of it all.