October 2021 North America Luxury Market Report

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especially

when

compared

to

the

escalating

prices found in suburban counterparts, seem comparatively affordable. However, buyers sitting on the fence might well find themselves pushed out of the market if they wait too long. Prices of condominiums are escalating as inventory levels are starting to fall, and negotiations will become tighter in terms of what a seller is willing to do to close their sale. So, too are we seeing developers starting to scale back on the concessions and discounts they offered to entice buyers, who were once skittish at the prospect of buying a condo, especially in new luxury buildings located in metropolitan markets. New developments have specifically seen an upswing in demand whether this in a metropolitan area or second home location, particularly if their specifications cater to three key demands. Space is an obvious requirement, but flexibility of its use is highly prized – rooms or spaces that can be used for different purposes, but most importantly offer a dedicated location to be able to work from home, if required. Wellness is key, from offering a truly comfortable space to air, water, and heat filtration systems. Equally, building amenities that provide residents the opportunity to enjoy a dedicated, communal location to views, amenities, and outdoor space. Townhomes or Brownstones within the inner cities were not as affected as condominiums during 2020, in fact many affluent condominium owners who could not or did not want to leave their respective city tended to upsize into these types of properties, especially if they offered a private outdoor space. Today, they are still highly prized, especially by families who wish to return to city life but are not ready to move back into an apartment block. This