The Luxury Condo Market Is Booming

A terrace of a condo overlooking a city with big buildings.

All across the country, the demand for luxury condos is on the rise, and developers are eager to tap into this lucrative new market. What defines a luxury condo? It varies from property to property, but generally speaking, luxury condos include the following:

  • Plenty of living space
  • Pools
  • Full gyms with fitness classes
  • Concierge service
  • High-end appliances
  • Professional landscaping
  • Local memberships and other perks

Buyers are increasingly choosing condos over single-family homes, and one of the reasons is that they can get so much more for their money in a luxury condo, and they don’t have to mow the grass. Also, with brand-new pools and gyms with the latest equipment, residents can save money by giving up expensive gym memberships in favor or working out at home.

So what does all this mean for property management companies? It means it’s time to step up their game. If residents are paying to not have to lift a finger and live a pampered lifestyle, they’re going to expect preferential treatment from their property managers.

Forward-thinking property managers will start coming up with strategies to position themselves as the go-to companies for luxury condos, and be able to capitalize on this growing trend.

Pilera is a best-of-class, easy-to-use, comprehensive online property management solution for apartments, condos, and associations. Pilera provides the easiest, most comprehensive data management capability available to property managers, leasing agents, boards of directors, and back-office personnel. Quickly and easily access whatever you need, whenever you need it, from wherever you need to be with office or mobile phone connectivity. You are never out of touch. Act on the document/information accessed from the office or “on-the-road” with Pilera-supported mobile capability. Contact us today!


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