Generation Y, those of us between the ages of 20 to 34, are playing a large role in the multifamily market and reshaping how it will look moving forward.
“Clearly Gen-Y is having a huge impact on the real estate community. What’s really significant is that real estate developers and the whole community are studying demographics and incorporating it in strategic plans. We didn’t have much of this in the past,” Stan Ross, Chairman of the Board of the University of Southern California’s Lusk Center for Real Estate, told HousingWire. “The key thing here is that they’re using it in an analytical way to build their plans as to where and what they develop.”
This generation graduated college and was immediately thrown in a struggling economy with very few jobs. Because of this, many in this group either were forced to move home or live with multiple roommates in order to afford their housing.
Ross says that many in Gen-Y are often surprised when they find out how much a mortgage costs and what an adequate down payment is in order to buy a home.
Analysts at the Lusk Center say that once this group does move into their own place, which is typically a rental at first, the biggest appeal are affordability, on-site amenities, nearby retail and restaurants. Greater square-footage now gives way to easy transit for this generation. “As a developer doing my strategies, I’ve got to really reevaluate the location,” Ross said.
One developer, AMF Development, is taking this into consideration with its first in a series of complexes that caters directly to Gen-Y. Elevé Skydeck & Loft, which will be located in Glendale, Calif., will be a 208-unit multifamily complex expected to open in the early spring of 2013.
“This concept is designed specifically to appeal to young professionals who would rather live in a smaller, yet well designed apartment set in a vibrant, hip and social community,” said Alan Dibartolomeo, chief development officer of AMFD. “Given the pent up demand for this type of housing in Glendale as well as many other urban areas, the timing is right.”
AMF Development, who holds 22 years of history building large multifamily projects, decided to develop this complex based partly on a research project completed for AMFD by The Futures Company. The project revealed that 62% of respondents would prefer to live in a smaller living space alone, than in a larger space with a roommate, even if that meant spending more money.
Elevé will be located within a quarter-mile of more urban amenities than any comparable project outside of New York City, said Greg Parker, CEO of the development company.
“There are 108 restaurants, 161 clothing and accessory stores– both local and national chains, the main public library, 12 churches and two weekly farmers markets all within walking distance,” Parker said.
Those looking to rent in this complex will need to be willing to give up apartment space in lieu of amenities. The Elevé apartments themselves are space efficient, coming in under 400 square feet. This includes a full kitchen, bath, living room and bedroom.
“They’re able to spend less of their total income on the unit and still be in an urban area where they prefer to be,” Dibartolomeo said of potential renters.
Dibartolomeo added that socialization on-site is important to AMF, so a 26,000-square-foot roof level deck called the “Sky Deck” will be included in the development. This space will be designed with semi-private cabanas, a media center, grills, fire pits and a separate deck with hot and cold spas and a fenced dog park.
via housingwire.com
Tag Archives: Armonk Realtor
Armonk 2012 Sales up 31% | Median Price down 17% | RobReportBlog
Armonk NY Sales 2012 2011 92 Sales 70 0.31 UP $862,500.00 Median Price $1,050,000.00 0.17 DOWN $150,000.00 Low Price $325,000.00 $9,300,000.00 High Price $2,950,000.00 3668 Ave. Size 3809 $328.00 Ave. Price/foot $310.00 207 Ave. DOM 209 0.9372 Ave. Sold/Ask 0.9378 $1,264,648.00 Ave. Sold Price $1,184,917.00
Facebook Nearby: This Week in Social Media | Armonk NY Real Estate
Dr. Doom Roubini: Housing and lending recovery is real, but overstated | Armonk NY Real Estate
4 Ways to Profit From LinkedIn | Armonk Homes
Armonk Sales up 16% – Prices down 15% | RobReportBlog | Armonk NY Real Estate Report
Armonk Sales up 16% – Prices down 15% | RobReportBlogArmonk NY Real Estate Report – last six months
2012
50 homes sold
$890,000 median sales price
$150,000 low
$3,753,750 high
3479 ave. size
$329 ave. price per foot
196 ave. days on market
93.66% ave. sold to ask price
$1,136,011 ave. sold price
October Prices Lag in the Midwest | Armonk NY Real Estate
Price growth was strong in every region in October, including the Northeast where prices rose more than any other region. However, Midwest prices continued to trail the nation as the recovery is still fragile in the nation’s heartland.
While current quarterly gains are all under 5 percent, October marks the fifth consecutive month of quarter-over-quarter home price growth. Nationally, prices edged up 2.1 percent over the rolling quarter, higher than over September’s rate of growth. The West came in strong again, with quarterly gains of 3.7 percent. The South posted gains of 2 percent over the rolling quarter, according to Clear Capital’s October HDI Market Report.
Previously trailing in quarterly gains, the Northeast saw the largest jump in regional performance. Up 1.7 percentage points from September, the Northeast posted 1.9 percent growth quarter-over-quarter. Price gains across the low, mid, and top tier sectors all contributed to the region’s quarterly improvement.
Meanwhile, in Midwest quarterly growth of 1.0 percent was 0.9 percentage points lower than September’s. The Midwest tends to see quicker shifts in percentage change due to relatively low price points when compared to other regions. But there are certainly states within the Midwest, like Ohio, that have made notable progress. Ohio’s recorded quarterly gains of 1.6 percent are secondary to its more substantial long term price growth of 15.0 percent since 2008.
Today the National Association of Realtors released median prices for metropolitan areas for the third quarter. Prices in Chicago are down 1.8 percent from a year ago; Madison, WI is down 4.3 percent; Bloomington, IL is down 0.5 percent; and Champaign-Urbana is down 3.6 percent.
Yearly home prices in October came in strong. National gains of 4.6 percent are the highest since August 2010, when the first-time-homebuyer tax credit was enticing buyers.
The West posted its first double digit yearly gains since 2006, at 11.4 percent. While the hard hit region showed little signs of slowing down, it has a long way to go. Current prices are still 42.9 percent below the peak. On par with quarterly trends, the Midwest saw yearly gains soften to 1.1 percent. This, in part, reflects higher prices a year ago when the region saw a short uptick.
October year-over-year home prices in the South and the Northeast made headway; each up at least 1.0 percentage point over September, to 4.2 percent and 2.0 percent, respectively. With yearly growth of 6.8 percent, Virginia outpaced its region by 2.6 points.
The highest performing metros are a diverse group. In October, strong markets like Phoenix and Seattle were bested by Atlanta. However, Atlanta is in the early stages of a recovery, highlighted by a relatively high REO saturation rate of 37.8 percent.
Atlanta’s growth of 8.0 percent over the last rolling quarter represents a significant reversal for the market. Even though REO saturation remains the highest on the list, the new found growth was supported by a 9.7 percentage point drop over the last six months.
While trends are improving, Atlanta’s price points are extremely low, with a median price-per-square-foot of just $58. That’s nearly half the national median price-per-square-foot of $107. Even slight shifts in price can have a relatively large impact on percentage change for Atlanta.
Cleveland’s quarterly and yearly gains of 7.1 percent and 4.9 percent, respectively, outpaced national, regional, and state returns
The group of lowest performing metros are a great example of how housing trends continue to differ market by market. While Ohio and Virginia are doing relatively well overall, markets like Columbus, Cincinnati, and Richmond lag behind top performers, though each has posted yearly growth.
And after coming in as one of the strongest 15 markets four times in 2012, Tampa landed on the list of lowest performing metros in October. Over the last year, the low tier segment has been a key growth driver for Tampa. But, losses of 5.3 percent over the last quarter in Tampa’s low price segment (homes selling for $62,000 and less) created a drag on the overall market’s quarterly gains of 1.5 percent. Additionally, Tampa’s REO saturation rose nearly one percentage point over the last quarter. While this market continues to see measured growth, it’s not on the same trajectory as other markets, like Atlanta.
Tampa is a great example of how seemingly small shifts in the status quo can disrupt the momentum of price gains. The housing recovery has been built upon the delicate balance between declining distressed sales and increased buyer activity. Until more of the middle class has access to credit, the recovery will be constrained.
Buyers Are Bringing Color Back | Armonk NY Real Estate
It’s not uncommon for interior designers and stagers to offer color consultations to homeowners who are struggling with white and unpainted walls. It’s a great way to start a relationship with a potential design client and for the homeowner to “test” out working with an interior designer.
Home buyers recently have been requesting color consultations, too, for a combination of reasons:
Timing is everything
The perfect time to have the walls painted is before any furniture is moved in. Buyers who have contracts on homes but haven’t quite closed yet still want to get started on their decor. In many cases they already have furniture, art and accessories that inspire the wall color for the new home.
Global influence
Buyers are inspired by art, decorative pieces and area rugs selected while traveling and want to highlight their experiences in their home. Art and area rugs are fabulous ways to inspire a room’s wall color and overall palette. Additionally, more global textiles and fabrics are making their way to national home furnishing retailers, and these warm and bold colors are subtly influencing color in the home.
Beyond walls and furniture
Color is more prevalent in design these days, and buyers are starting to have more confidence about using it in their homes. We’re not sure that the avocado fridge is making a comeback, but we are definitely seeing more color being offered in home products — from kitchen sinks to large appliances — as well as continued encouragement about painting the walls from various home design television shows and displays at various hardware stores.
If you’re fortunate to be a buyer or just want your home to feel new, add some color to those walls and “break out of your beige haze!”
The Viral Video Formula Revealed: 7 Key Elements for Viral Content | Armonk NY Real Estate
So, at about this time in our study of viral videos, we should know a few things: it’s rarely an accident. I’m about to break down a formula from the good people at Salesforce, who were kind of enough to make a video about this early this year. But a mere formula always has one thing missing: it’s easy enough to say you’ve got to make great content, but you have to know what that is and how to make it. If you have the ability to make it, then this formula should work fine. It all comes down to how much work you’re willing to do after creating and publishing a great video. Let’s take a look.
A Formula and Equation for Viral Success
Let’s take a look at their video, provided by Jamie Grenney, VP of Social Media at Salesforce:
The formula breaks down like this:
Frequency (Who is talking about it?) x Proximity (How many people have they shared it with?) x Potency (How potent is the message?) x Incubation (How long after someone shares the content is it ultimately viewed?)
7 Key Elements of the Viral Video Formula: A Viral Loop Checklist
The formula comes from how actual viruses are spread. So how do you make content spread like a virus? They’ve broken it down into a checklist:
1. Answers a question, or evokes an emotional response.
The first part of this step is why “how-to” videos do so well on YouTube. Giving people information about things they are actively seeking. Like, for instance, I suddenly thought of pancakes. How do I make pancakes? Wait…how do I make perfect pancakes?
Making pancakes. 1 million views. Answers a question, makes me hungry. In fact, that video also evokes an emotional response.
Emotional responses were a huge factor for the Olympic Games this summer. It’s what distinguished the top brands when looking for viral success:
2. Addresses a hot topic that people are searching for or talking about.
Remember the pancakes? Well, actually, that kind of thing is always on people’s minds, or maybe it’s just mine. Anyway, pancakes aren’t likely to be a “hot topic” unless they’ve hit the news somehow. And believe me, we don’t ever want to see pancakes make the news, unless scientists find a way to make them even more fluffy and delicious and it’s a slow news day.
But maybe there’s a trending topic floating around. It’s not hard to find those if you’re roving around Facebook or Twitter or news outlets. You can totally capitalize on this. For instance, when the Higgs-Boson particle was discovered, it generated a lot of interest, and curiosity. What is so darn important about the Higgs-Boson anyway?
Not done:
Not nearly done:
Seriously, Minute Physics took a topic and ran with it for three videos. That’s genius. If you’ve got particular knowledge on a currently trending subject, or if you have a way to incorporate a trending topic into one of your videos, you can use that tent-pole event to raise interest in your video.
3. Title, description, & video thumbnail are compelling and drive clicks.
I hate it when people talk about thumbnails, because that’s something YouTube hasn’t completely ironed out yet. And then I look like a jerk for expressing the need to make good thumbnails, when A.) some people can’t generate custom thumbnails because they’re not allowed and B.) they have to rely on the good ol’ 3 randomly generated thumbnails that YouTube provides. They’re getting better at this, and most any channel that’s been around for awhile can do them. But hey, not everything is YouTube. Many services allow you to do what you like with thumbnails. And you should have a compelling one.
When you make titles it should be something that is not only compelling, but relevant. I think some creators kind of tiptoe a line with this, but in the end, you want a title that you yourself would click if you came across it. So that’s why you see a lot of “BEST PANCAKES EVER!!!!” and “HOW TO MAKE KILLER PANCAKES!!!” and stuff like that. You’ve entered a sort of huckster field here. “Step right up, I promise you’ll see something amazing that will change your life.” You should really talk to our founder Mark Robertson sometime about this. That guy is always thinking of titles.
In the description, this is where you tell people what’s in the video. Hopefully, a bit of a teaser that will get people to want to click. Descriptions are helpful in SEO, as it describes the content of the video and helps a search engine to figure out what it is. But the small description below the video, before someone clicks, “Show More” should be something compelling, engaging curiosity.
4. Video is short and sweet, ideally 2 minutes or less.
Wait a minute…come on, ReelSEO. You tell us the top branded videos that get shared are 4 minutes, 11 seconds in length, then someone else turns right around and says, well, except for cars. So how long does any video need to be, anyway?
This could show how much length is a case-by-case basis. I think if you’re a brand, you shoot for a story to tell, something interesting and unique with your product that enriches lives, and you show how by telling someone’s story. Those go viral for different reasons than just someone trying to make a quick video hoping for it to go viral. So maybe you want to make a video about something not all that substantial, something funny, something light. Something people want to share with their friends during a busy workday. That’s where a 2-minutes-or-less video comes in. You get those people who are looking to take a break and they see that your video is less than 2 minutes, and that’s attractive during a busy day. Either way, grab a viewer within 15 seconds, as the YouTube Creator Playbook says.
This step is entirely dependent on what kind of video you want to make. So I think it’s important that when you make any video, good content reigns, and if it drags, you’ll want to edit it down to where everything “pops.” So I’m not entirely sold on the “2 minutes or less” rule described here. It kind of depends on the situation, doesn’t it?
5. Get your video off to a strong start propelled by paid, owned, and earned media.
This takes a lot of work. Well, not so much work that you’ll feel like a construction worker who hauls bricks all day, but you’re going to have to prepare yourself for lots of rejection, even if your content is good.
You want to submit your video to relevant media outlets, those who feel like your content helps them attract readers/viewers. There are a ton of news aggregation sites like Reddit, Digg, FARK, StumbleUpon, and so forth. But let’s say your content is about movies. You now have a ton of sites to send your video, as long as it’s something you think they’ll enjoy and you follow their submission guidelines. You’re going to be rejected, or just not get a response, most of the time. But if your content is good, you’ll have a few bites on it. That’s all you need. Eventually, if it gets big enough, those sites who rejected you might start posting the video anyway.
And once people start watching the video on other sites, they start sharing it with others. Facebook and Twitter become huge, especially if you get one of those “big fish” Twitter users who have thousands or tens of thousands of followers.
I pretty much always bring up Freddie Wong’s “I Am AWESOME at Price is Right” video when it comes to this. He submitted this video to Price is Right fan pages, which accepted the video with open arms, and he got a lot of views from that:
6. There are 4 reasons people share a video. Find one reason.
Salesforce outlines these 4 reasons. People share content:
- That source information and spark discussions
- That others might find valuable
- Because it aligns with their identity and how they want to be perceived
- That maintain and grow relationships
This sort of goes back to step 1: it answers a question or elicits an emotional response. What you want to have in mind when pitching this video to other people is one or more of the reasons above. One of these reasons might be your “sales pitch” to blogs and friends.
7. Eliminate things that would make people reluctant to share.
Tough source material, depressing things, perhaps too much profanity. Things that make the video toxic to a wide audience. Salesforce also mentions that too much branding in a video could be considered a turn-off. But I think if you’ve successfully navigated the first step, this shouldn’t be too much of an issue. You’re making content people want to share. I don’t know what kind of crazy video you have where you’ve successfully navigated most of this formula and then you get stopped in your tracks once you come to this one, but maybe I want to watch that video.
Give Salesforce’s blog post on this video a look. They break these steps down into other details you might find valuable.