If you’re looking to downsize, you may enjoy a somewhat tongue-in-cheek analysis from the web portal Zillow, which has looked at some of the most extreme amenities being offered inside apartment and condo complexes.
They go far beyond the old-school “pool and spa” pitch. And tennis courts . . . meh.
Choosing to downsize in the current market could be a smart move.
With the value of existing homes growing 32% in five years, it’s inevitable the market is going to take a pause, especially given most folks are waiting for a cut in interest rates and the ensuing reduction in mortgage costs.
Zillow forecasts a slight decline in home prices (1%) over the next 12 months, while others are more optimistic. Realtor.com believes 2.5% growth is likely and J.P. Morgan has put its money on 3%. Depending on the area you choose, apartments and condos could appreciate in line with these predictions.
Either way, you’re not going to miss any boom lurking around the corner.
Instead, you should expect an excellent price for your home, and then enjoy great buying opportunities if you’re targeting an apartment or condo. Zillow says that the number of homes for sale is now at a five-year high, so you should have a good choice.
Let’s look at the on-trend amenities you might consider.
Zillow offers this guidance:
On-site diner and bar – The ability to walk into a bar that’s a few strides from your front door is a premium feature. It exists at the Mill District City Club Apartments in Minneapolis, which has a ramen restaurant and Japanese bar. The Lodge in Marlborough, Massachusetts, has its own residents-only bar called The Night Owl.
Zoomie heaven – Pet parks are popular with the downsizer set. Astoria Apartments in Washington has one, while another Astoria in Tecoma offers on-site hydrotherapy for dogs. The Kestrel in Bozeman, Montana, features a dog washing station and a “bark park”.
Podcast studios – Broadcast your thoughts to the world in a dedicated studio at AMLI at the Ballpark in Texas. A separate complex in San Diego offers a recording studio. Old rockers never die!
Keep peddling – The cutting-edge Peloton cycling craze is alive and well at The Preserve apartments in Illinois. In fact, these Peloton cycle and treadmill systems are becoming an increasingly common feature within complexes marketing a healthy lifestyle.
Strike! – Staying on the sports theme, bowling alleys are a thing inside apartment complexes. Lanes are popular in separate complexes in New York and West Hollywood. Golf simulators and courts for badminton and pickleball are increasingly common, too.
Movie nights – If you’re over the whole “popcorn and teenagers” experience at movie theaters – and who could blame you? – you’d love the Morganton Apartments in Fayetteville, North Carolina, which has its own four-level theater.
Farmers market – Okay, there’s no farmers market on site at the Ora Flagler Village in Fort Lauderdale, but there’s one next door. Going one better is Belterra rental homes in McAllen, Texas. Residents have established their own market each Sunday morning.
Thanks to Zillow for these insights!