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See Why This Mini Condo Is Attracting Millenials

Posted by Marites Alma Christiansen on Oct 05, 2015 08:00 AM EDT
Condo Construction Boom Continues In Chicago more big
CHICAGO - JULY 26: 'Condos For Sale' signage is seen July 26, 2006 on the near-south side of Chicago, Illinois. The Chicago area, especially in the downtown and near-downtown area is booming of late with new condominium construction. According to some developers, Chicago has upwards of 12,500 condominium units either under construction or in the design/proposal stage. Reportedly in 2005 the city had condo sales of just over 8,100 and the previous year fewer than 6,300. (Photo : Tim Boyle/Getty Images)

Condominiums are not just for the super rich, as property developers are now eyeing the Y generation as its prospective buyers and ultimately, residents.

A recent article on yahoo.com featured the rising tiny condo movement that is in the works in a Washington, DC neighborhood. Even though this rise for a need to make urban home ownership more affordable, the resulting downsizing of living space would be inescapable for those interested millenials. Says Chris Ballard of McWilliams/Ballard Marketing, "They definitely notice it's smaller, so it is an explanation; it takes a little bit of an adjustment." Mr.Ballard is collaborating with Peterson Cos., who is the developer for Ontario 17 -  one of the condominium complexes in the Washington, DC Adams Morgan area.

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Still in the same article, the condo building is already about 70% sold, according to real estate firm Long and Foster. In addition, most of the millenials who purchased units in the said building are first-time house buyers. 

Meanwhile in Canada, theglobeandmail.com shared another post regarding the rise of these micro-condo units. Surrey has been seeing the fast growth of micro-condo developments as it is strongly considered as one of Canada's fast developing cities. Jon Stovell of Reliance Properties, a known developer in Canada, noted, ""People who are 22 to 32 are so interested in these units," he says. "They really want to be right in the city, where everything is happening. They are walking and biking everywhere they go. It shows that there's a strong young-adult market that is willing to trade space for affordability and walkability." 

These micro-condos are best suited for "energy-centres" or transit-oriented locales, continued Stovell. He is also working on his 4th micro-condo development project and is foregoing sales for the project in Surrey, with a $139,900 starting price per unit,  as stated in the same article.

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