- Locations that fulfills their need for instant access and convenience to work and entertainment. Generation-Y will not want big houses on big lots, isolated from everything. They will want to be where the action is...think urban locations with bright lights, night-life and walkable locations.
- Look for quirky, unique, and different designs...why not convert an old commercial building into housing such as a convenience-stores, or a well located 2-story office buildings/warehouses. How about a functional obsolete strip center close to the Las Vegas Strip. Turning these types of properties into urban town homes could be a home-run.
- Create distinct architecture, bold colors, flexible floor space, and ample amenities tailored to their interest and tastes, (such as fitness centers, wireless internet connections, and gathering courtyards).
You should also be aware that changes in household formations are forcing developers and investors to think outside the box to attract renters and buyers. In the past, household formations on average were much larger requiring larger square footages per unit for housing families. Today, the average household is less that 2.5 persons per HH and they are forming much slower during the recession. I think this is the result of gender and practical economics.
Women today are more likely to be singles and are graduating from college at a faster rate than their men counterparts. Design with this fact in mind. That's because women will likely delay marriage to pursue their careers, and their housing choices will be far different from those made by their baby boomer mothers, with their likely favorite being close-in multifamily rental or for-sale units in mixed-use communities that emphasize communal space and social interaction.
3 comments:
I may want to locate a property to convert, Could you help me with the location and the conversion? How much advice are you qualified to provide?
Thank you for the great ideas! I really enjoy your Blog.
Tracy MBA...Yes I am able to help. My speciality is multifamily projects and Land Plottage that are situated very close to the Las Vegas Strip and Downtown locations. I have worked with many investors new to Clark County and have helped them make very wise investment choices. For a discription of my qualifications please review my profile in "about me." This will give you a clear understanding of my skills and expertise.
Gary Banner
GSB,
Thank you! I will visit your profile. I am a new investor in the Las Vegas Market and it looks like time is ready for the picking there in Las Vegas. I am looking to identify a property but am hesitant since the economy is looking drab. Could you advise as to the timing of the market and would invesiting in Las Vegas be more beneficial over say.... Oregon or Southern California?
Thank you for the info.
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