The millennial generation is already making a name in the real estate industry. Millennials are known to be keen in terms of home buying and investing in real estate. As per Forbes, their generation is better at home buying compared to their older peers.
Real estate companies seem to find a way on how to lure these yuppies into investing on their own homes, thus condo units are becoming a big hit.
As per NBC, real estate developers came up with small condo units suited for millennials. Chris Ballard, principal at McWilliams/Ballard, a marketing firm stated that millennials would be able to see the decrease in the floor area of new condos.
"They definitely notice it's smaller, so it is an explanation; it takes a little bit of an adjustment."
Ballard then added that:
"We're definitely getting a consumer that's priced out of the market, they look at older resales, and now they get to come and look at something that is brand new, and so that's a great difference, when you're comparing a 1970s build, older-type condominium with something that's brand new with all new fit and finish."
Ballard is working with Peterson Cos., the developer of Ontario 17, which is a new condominium building in D.C.'s vibrant Adams Morgan neighborhood which has yuppies and the millennial generation as residents. The condominium building is still getting finishing touches for its exterior, but 70% of its space is already sold out.
As per the website, the penthouse may have sold out in a jiff, but its studio spaces which are barely bigger than 300 square feet is getting a lot of attention from millennials.
Laina Lee, who is one of the sales managers at Ontario 17, stated that people are aware that the space is getting smaller, but they didn't seem to mind.
"Things are getting smaller, and people are starting to understand, about 80 percent of all our buyers, including our studios and our one-bedrooms, have all been first-time homebuyers."
