Developers with an understanding of Miami’s market are tapping into the trending “next generation home”—residences with multiple master suites. These types of developments are becoming more common in Miami and, in some cases, are even illegal once you move north and hit Broward County.
Essentially, developers are doing away with studios and one-bedroom floor plans to accommodate the buyer who plans for the next generation of the home—housing young adult children who have returned or aging parents coming to live with their children. This is another reason for the increase in self-made duplexes within condo developments.
With this trend in mind, the developers of Privé At Island Estates have a strategy for the Reserve Collection that combines two large residences. Meanwhile, the Sky Residences combine two penthouses to create the living spaces to meet the needs of those seeking a next generation home.
GlobeSt. caught up with Greg Freedman of BH3, co-developer of Privé At Island Estates, to get his thoughts on this trend. Specifically, they asked him why these types of residences work in Miami-Dade and not in Broward County?
“The demand for larger condominium units from a locational standpoint is really based on where these types of buyers are purchasing, which is outside of the urban core and mostly on the waterfront corridor running from Surfside north to Hollywood,” Freedman says. “Condos south of Surfside and west of the waterfront corridor is typically a smaller product on average.”
Freedman says these types of residences work in these specific locations based on two factors. First, these locations are more family-driven and thus require more size. The Latin clientele is very family-oriented and always has lots of family around them so they are attracted to larger floor plans with more bedroom count.
“Second, there is an undeniable paradigm shift of local and domestic Baby Boomers moving east once their kids are off to college,” Freedman says. “We continue to see droves of such clientele trading out of their large single-family homes into comparable sized condominiums.”
Freedman’s bottom line: The thesis seems to be that they want to live among the action and where their lifestyle can be improved. But they don’t want to give up the luxury of having a large residence to accommodate their kids and grandchildren to have their own space in their residence.
Source: GlobeSt.
