What makes one condo development more popular than another? Why do some sell all their units before the foundation for the building is even laid while others languish in the listings long after the building is finished and ready for residents to move in? There are many factors which convince buyers to choose one condo over another. Here are a few of the bigger ones.
If you ask most people what their biggest concern is, they'll probably say the price. But when they say that what they really mean is value. Are the condos they're looking at worth the money the developers want to charge? If a buyer loves a condo, he or she will spend more on it than they would if they merely liked it. Savvy buyers, however, will compare the properties they're looking at with the prices of similar developments in the area along with the real estate market averages for their neighborhood.
Location is another big one. People want to be close to work but without feeling like they're living in the middle of a highway. They'll choose quiet streets over busy ones and neighborhoods close to the city center over developments in the suburbs. They also want proximity to amenities like grocery stores, restaurants, bars, theaters, and parks so that they don't have to travel far to get their errands done.
Buyers will also look at the condo building itself to see how many amenities it offers. Buildings with their own parking garages, rooftop space for entertaining, ensuite laundry, a gym, a swimming pool, or 24 hour security will fare better with buyers than basic buildings that have little in the way of common resources, even if the trade off is paying higher monthly condo fees.
Though looking beyond the paint colors and fixtures is something buyers always try to do, the aesthetics of the unit play a bigger part in their decision than they would like to admit. If they don't like the flooring, wish the cupboards were a different color, and feel like the paint colors and the appliances make the place seem cold, they will come away with an unfavorable impression even if everything else is perfect.