Question of the Week: How has the local single-family home buying frenzy created a ripple effect, leading to a boost in luxury condo sales?
Rishi Kapoor, CEO of Location Ventures, explains the trend.
“Right now, the high-end residential market is selling for a premium,” Kapoor says. “As many locals are benefiting from the sale of their estates, we’re seeing buyers who are looking to ‘right-size’ into spacious condos in a boutique building. Many are attracted to the hassle-free lifestyle, with perks such as a 24-hour concierge, comprehensive amenities, and much less upkeep. At Villa Valencia, we are also seeing a change in buyer demands, who are hyper focused on wellness, health tech, ample outdoor space and the opportunity to customize; they are also creating custom home offices. The demand for these attributes are much stronger than the previous market cycle and we believe it will continue, becoming the new standard.”