Real Estate News Business
 
Subscribe
 
                          
SEARCH
SITE WEB
  FEATURES

SAVE | EMAIL | PRINT | MOST POPULAR | RSS | REPRINTS

Architecture Trends That Help Condo Developers Thrive In a Down Market
Published: April 14, 2008

4111 Sunset

By Steve Mandic, Rothenberg Sawasy Architects (RSA)

Los Angeles--In today’s competitive housing market, architects are quickly learning new concepts to help buyers. We’ve identified four trends that are increasingly being adopted by our developer clients.

1. Create live/work appeal.

According to RSA Design principal Mitchell Sawasy, the live/work concept continues to be a growing trend.

With more and more people working at home, at least part of the time, the Census Bureau has indicated an increase of 23.5 percent over the last ten years, with the trend continuing.

Sunset Lake lofts, a 2007 AIA Honor Merit Award winner from the San Fernando Valley chapter, located in the heart of the artsy Silver Lake district on Sunset Boulevard, is a live/work complex comprised of multi-level units wrapping an interlocking puzzle of multi-level courtyards, gardens, sunny exterior corridors, rooftop patios, two-level full height walls of windows and wide-open live/work spaces. Developed by the Kor Group, this 43-unit community is on a tight urban site. Units went on sale in early 2007 and the project was completed in November 2007. It is currently 70 percent occupied.

"The project responds to this trend, with many of the homes locating their front doors on the street frontages, so the residents can accept customers there, while the backdoors lead to the courtyards and garages," says Sawasy. "The layouts are flexible. You can have a back bedroom or a back office. You can expand the kitchen or hide your bedroom in the mezzanine-style loft above. The units have windows along the front and the rear of the units for maximized light and ventilation."

2. Provide a sense of community.

This sense of community can be in a building, a complex or a larger community-based environment settled with others who share their interests or lifestyles. Additionally, nearby retail amenities are crucial, as are nearby destinations for entertainment needs and all the essential services of city living. Quite often, these services have been previously established in the existing urban context where many of these projects can be developed.

3. Offer something unique.

A distinctive, unique quality that often is in an architecturally significant, historic or creative loft building offers a blank canvas where residents can express their attitudes toward lifestyle and design.

4. Appeal to a buyer’s sense of social responsibility.

This trend is now becoming a purchase-driven priority by the growing demand for green and sustainable living. By definition, historic and renovated buildings meet that objective. These projects reuse existing resources and are generally within walking distance of services and near public transit lines.

"Sustainable design is quickly becoming a hot topic for the development community. The many factors and strategies that are involved with sustainable design are becoming less of a mystery for developers, with the gap in costs narrowing,” explains Sawasy. “Especially in today’s housing downturn, developers are seeing the financial benefits with sustainable projects, giving their projects the competitive advantage over their non-sustainable competition,” he adds.

“We all know that sustainable design makes sense for the environment, but the developers that are only bottom line-driven ignore this discussion often.  This is slowly changing, as demonstrated by the fact that most of RSA’s residential projects are achieving some level of sustainability, which is supported by the developer."


Steve Mandic is the studio director of strategic facilities at RSA in Los Angeles.


SAVE | EMAIL | PRINT | MOST POPULAR | RSS | REPRINTS

  RECENT FEATURE HEADLINES

Perspective: Blending Residential with Mixed-Use
Mixed-use developments are reaching greater acceptance driven by the collective impact of higher land prices, resident demands for convenience, public planning initiatives, advancing principles of new urbanism and an ongoing demand for urban redevelopment. Many of these mixed-use undertakings consider residential occupancies a major, if not central, component. Blends of retail, office, hospitality, entertainment and occasional public purpose functions have been joined with residential occupancies to make 24/7 settings that produce complete living communities in compact executions that invite pedestrian interface between all activities.


Drive Your Buildings to Peak Operating Efficiency and Save Money
Let’s rethink the way we measure building efficiency. As an industry, we have already developed effective programs to certify buildings as green and reward major development and infrastructure initiatives. These are important and they should be continued. However, if we are truly going to address the issue of building efficiently and making meaningful changes to protect the ecology of our planet, we also have to analyze the day-to-day results achieved from tweaking building functions as needed and reward those individuals who are actually driving the buildings to peak operating efficiency. We need to recognize the important role of the "building efficiency driver."


Kettler Execs Share Management Insights
McLean, Va.--Kettler, a developer, builder and property manager, recently took home several Pillars of the Industry awards including one for Property Management Company of the Year, sponsored by Time Warner Cable, and one for Property Manager of the Year–Site for Michelle Priesner (who earned top in-house honors for property management in 2006). How does this company achieve its winning results? MHN spoke with both Cindy Clare, president of Kettler Management, based in McLean, Va., and Michelle Priesner, ARM, property manager at an Arlington, Va. high rise, to get their insights into the multi-faceted and demanding world of property management.


Abu Dhabi Prepares for Solar/Zero Carbon City
Abu Dhabi, UAE--London-based architect/master planner Foster + Partners continues tomake green strides around the world. The Masdar Initiative, a mixed-usecommunity being developed by The Abu Dhabi Future Energy Company will becompleted in 2016.


Winning Advice for Property Managers
Pinnacle Investment Manager Kevin M. Charcut recently took home the "Regional Property Manager of the Year" award at the Pillars of the Industry awards. Based out of Minneapolis, Charcut manages a Midwest portfolio of nine assets, consisting of 2,868 affordable and market-rate units in Minnesota, Iowa, Nebraska and Kansas, along with a 71-person team for Pinnacle, an American Management Services Company. How does he achieve market-beating results and inspire his property management team?


Demographics and Demand Drive Floor Plan Evolution
There was a time in the multifamily universe when product differentiation was not the holy grail of apartment design.  In fact, one size basically fit all. Then a remarkable phenomenon occurred:  diversity struck!


Local Investor Scoops Up Property in Midwest Market with Attractive Potential
St. Charles, Ill.—This market has seen some rent decreases in the past year, but that may just mean it is a good time to make apartment investments.


Olson
Perspective: Solution to Decaying Communities
Kenneth Olson, POKO Partners LLC


Developers Can Charge Higher Rents for Mixed-Use Developments, Say Speakers at NAHB's Pillar's Conference
Colorado Springs, Colo.—Testimonials from developers lend support to the notion that the monetary benefits of mixed-use developments are greater than for pure apartment projects.


Architecture Trends That Help Condo Developers Thrive In a Down Market
Los Angeles--In today’s competitive housing market, architects are quickly learning new concepts to help buyers. We’ve identified four trends that are increasingly being adopted by our developer clients.


Five Ways to ‘Green’ Your Landscape
There are several steps that developers and property managers can do to incorporate sustainable, green land planning and landscaping into their properties to help mitigate the threat of global climate change and improve .


Less Capital Allocations for Multifamily This Year
Orlando, Fla.— In the current environment, it may be more imperative than ever that multi-housing developers have to “play smart.” The fact of the matter is, capital suppliers are concentrating their attention on only certain deals, confirms Martin Kamm, managing director of Jones Lang LaSalle, a real estate investment manager and advisor.


Ardent Residential Teams with Post Properties to Develop $125M Four Seasons Residences Town Lake Austin
Luxury Living to Reach New Heights in Downtown Austin


7 Savvy Practices for More Efficient Resident Screening
To help you improve your property's screening procedures and overall bottom-line performance, we’ve boiled things down to seven savvy practices. These are some of the most effective ways that property managers can apply new technologies and data standards to their advantage. 


Green Cleaning Strategies
March is the time  for "the wearing of the green" on St. Patrick’s Day, so it seems only appropriate for this enewsletter to focus on a green topic: green cleaning.


IREM Launches Internship Program for Real Estate Management
Chicago--Staffing is always an issue on multifamily properties, so the Institute of Real Estate Management (IREM) has introduced a timely solution. IREM recently launched an internship program that introduces newcomers to the field of real estate management.


Spruce Up for Springtime
Spring House, Pa--March 20 marks the first day of spring, so it's time to plan those seasonal updates. The popular paint palettes of blues, greens and browns encompass colors inspired by the sky, sea and earth, which are often used along with metallics and brights to add "pop" and excitement. These eco-friendly tones have steadily gained popularity in recent years, and people have taken this trend a step farther by extending it to the type of paint they choose.


Deloitte Exec Acknowledges Credit Squeeze has Led to Decline in Valuations
New York, N.Y.—Deloitte’s analysis of the commercial real estate market at this point in time still yields a positive picture.


Condo Development: Time to Live to Fight Another Day
Yes, condominiums in down markets can be recovered. Jonathan Lee, assistant vice president at the financing brokerage George Smith Partners, describes the background of the current multifamily for-sale market situation. And he delineates the various financing options and solutions available to developers holding “problem condos.” 


NAHMA Singles Out Top-Quality Multifamily Affordable Housing
Alexandria, Va.—The National Affordable Housing Management Association (NAHMA) recently announced that five property owners and/or managers are winners of its 2007 Communities of Quality Awards. NAHMA’s 15th annual awards program recognizes excellence in the physical, financial and social condition of federally subsidized properties. Property owners and managers also compete on the basis of the quality of life they offer to residents, the level of resident involvement in community life and the nature of collaborations with other organizations and agencies that contribute to the betterment of the lives of residents and the larger community.  


Creating Urban Magic: 12 Tips for Successful Redevelopment
The transformation of an aging structure into a shiny new “A” property doesn’t happen with the wave of a magic wand. It is a detailed and laborious process laced with much more financial risk than new construction


SPECIAL REPORT: Designers Dish on Hot Kitchen Trends at Builders Show
Orlando, Fla.--With kitchens more open to other living spaces, there is a trend to darker, richer wood tones for cabinetry, reported Connie Edwards (pictured), CKD, CBD, and director of design for Timberlake Cabinetry, during a seminar here at Orlando's Orange County Convention Center as part of the multi-faceted 64th annual International Builders Show (IBS), sponsored by the National Association of Home Builders.


KeyBank Aims to Triple Multifamily Financing in '08, Benefiting from the Reconfigured Marketplace
Source: Multi-HousingNews.com


2008 Tax Legislation Outlook
The outlook for the enactment of any major tax legislation in 2008 must be viewed through two prisms—the federal budget deficit and the looming November elections. However, several initiatives are of particular interest to the real estate community, such as carried interest and estate tax reform.The outlook for the enactment of any major tax legislation in 2008 must be viewed through two prisms—the federal budget deficit and the looming November elections. However, several initiatives are of particular interest to the real estate community, such as carried interest and estate tax reform.


Lighthouse Property Management: Leading by Example
Lighthouse Property Management of Wyoming, Mich. earned the Great Lakes Area Star (GLAStar) Award for “Management Company of the Year 2007” from the Property Management Association of Michigan (PMAM) during the organization’s education conference. MHN spoke with Lighthouse’s director of operations, to get his insights into successful property management.


 


Latest Headlines:
Give Your Business Its Own Books
Ladies First
 

 
  • Industry
  • Mhn About

Builders, developers, owners, architects, property managers and other professionals convene at Multi-Housing World to get the latest information they need to build their businesses, discover innovative products and network with peers.


Multi-Housing World 2008 Registration is Now Open.

   
 
Produced by: Nielsen Business Media, a part of the Nielsen Company
Nielsen Hospitality Design | Kitchen & Bath Business | Display & Design Ideas
Multi-Housing News | Commercial Property News | Impressions
Multi-Housing News is the only real estate magazine that covers the multi-housing industry thoroughly, from multifamily trends to Residential Real Estate News. Multi-Housing News sets itself apart from competitive publications by its sheer devotion to the Multi-Housing industry and Residential Real Estate building industry. Through its exclusive Multi-Housing industry awards presentations and hugely popular Multi-Housing World conferences and Residential Real Estate and Building Expos, Multi-Housing News is a real estate magazine for professionals and proves that it has the industries future on its mind at all times. Whether it is through US housing market editorials, Multi-housing industry awards, green home trade shows or just reporting the latest news on the state of the Residential Real Estate, Multi-Housing News is appreciated globally as the leader in Multifamily and Multi-Housing industry information.
Multi Housing News Home | Real Estate News | Multifamily Real Estate Product Gallery | Multi Housing Industry Rankings |
Residential Real Estate Features | Multi Family Industry Events | About Multi-Housing News | Multifamily Trends Sitemap |
Advertising Opportunities | Media Kit | Contact Multi-housing News | Residential Real Estate Newsletter


© 2008 Nielsen Business Media All rights reserved. TERMS OF USE | PRIVACY POLICY