A panel of experts discussed the condo craze at yesterday's opening of NAREE's 38th annual real estate journalism conference being held at the Hilton Americas in the Houston CBD. Michael Desiato, group managing director for the New York City-based Real Estate Media Inc. and NAREE president, moderated the panel of pros.
Michael Curtin, senior vice president of marketing and sales for Bonita Springs, FL-based WCI Communities Inc., said Baby Boomers are the "demographic sweet spot" as they fuel a second home-buying frenzy. He said 50% of WCI's revenues are generated by its "sky homes." To date, WCI has developed more than 45 high-rise properties along the Florida coastline. "Convenience and security are the two main factors in purchasing a condo," Curtin said.
Architect Paul Twitty, a founding partner and CEO of Schwab, Twitty & Hanser Architects of West Palm Beach, FL said security features like private elevators are the rage, offering a direct connection between the central core and parking areas. Another highbrow feature attracting high interest is a separate suite or cottage for visiting relatives and friends. Angular designs affording all units the same view as a corner are hot picks as are the marriage of luxury apartments to resort hotels in a high-rise setting and shared amenities.
Patrick Rhamey, the California developer for Dallas-based CLB Partners Ltd., said lofts, always the trendsetter, are using arts districts' properties to appeal to Baby Boomers. He said CLB's marketing campaign, once targeting young professionals, now focuses on hosting art shows and other equally appealing events to acquaint patrons to urban lifestyles and designs with exposed ceilings and concrete columns.
Until now, Houston has never been much of a condo town in comparison to other US metros, said Edith Personette, president of Personette & Associates in Houston. She said the city's condo market will debut $50 million of inventory this year. As a result, Houston's price per sf for condo product is projected to surpass $200 per sf this year versus $120 per sf in 1997. And the buyers, she said, are just like elsewhere--Baby Boomers.
Today, NAREE gets under way with a 10:30 a.m. keynote address by Gerald D. Hines, legendary developer and founder of locally based Hines. NAREE's jam-packed agenda incorporates tours of the Energy City for an up-close look at its successful CBD revitalization to its suburbs, which includes a trip today to the 27,000-acre Woodlands and a visit tomorrow to NASA's Johnson Space Center and the surrounding Clear Lake community.
The NAREE conference runs through Thursday and will be dovetailed by the International Real Estate Federation's World Congress, which wraps up Saturday. Real estate mogul Sam Zell is the lead play for the federation, which will open its session at 9 a.m. Thursday at Hobby Center for the Performing Arts in Downtown.
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