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Five Opportunities For Multifamily Real Estate In A Post-Pandemic World – Forbes

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The current pandemic and global response is a once-in-a-lifetime event that has affected all of our lives in significant ways. In addition to rapidly addressing the short-term implications, real estate leaders must begin to think strategically about the long-term implications of the event. As MIT Technology Review’s Gideon Lichfield wrote, “We’re not going back to normal.”

From my vantage point working with multifamily owners to anticipate changing resident demands, the following are five developments that I predict will accelerate in the future, post-pandemic age. Beneath each trend lies an opportunity for owners and operators to capture in the coming years.

1. Increased Adoption Of Delivery Services 

Prediction: The percentage of residents who shop online for necessities will increase, with online grocers seeing the largest percentage of new adopters. Online grocery apps are being downloaded at record-breaking rates. This trend will continue and be a lasting change in the new normal.

Opportunity: Multifamily owners who adjust their operations to best receive and distribute a variety of packages (including perishables and high value) to residents will be at an advantage. The e-commerce boom and resulting increase of packages has been an existing logistical issue for multifamily owners. While smart package mailrooms are part of the solution, it will be increasingly valuable to create additional layers of service to ensure safety and cleanliness, particularly for perishable items.

2. Remote Working Acceleration

Prediction: Remote working will become more widely accepted and employers will increasingly need agile real estate strategies that maximize value and flexibility. Many of us have had too many Zoom calls to remember in the past few weeks. This personal experience is indicative of widespread adoption. In the midst of a chaotic time, tools for remote work have proven reliable for many. This short-term success of remote working coupled with companies’ need for flexible real estate strategies will accelerate the acceptance of remote work.

Opportunity: Residents who are working remotely for a portion of their workweek will desire a third space outside of the home, so multifamily owners who operate a workspace in their buildings will create a competitive advantage. A workspace offering will add the most value when it goes beyond providing a basic space and chooses to align itself directly with end-user needs, such as bookable meeting rooms, programming and events.

3. Automated Public Spaces

Prediction: A general shift in social norms and social behaviors will increase the use of automation in public spaces. Implementation of all types of touchless technology will increase, from automatic doors to voice-activated elevators to hands-free light switches.

Opportunity: Owners who are adept and first to market at retrofitting and adding these smart elements to their buildings will have an advantage. How operators strike the right balance of frictionless automation with human-centered hospitality will be key.

4. Increased Importance Of Property Management 

Prediction: As residents spend more time at home, they will expect more from property management, and the importance of service, cleanliness and reliability will increase. Over time, brand recognition of property management companies will increase and more substantially differentiate one multifamily asset from its competitive set.

Opportunity: Multifamily owners who build a strong consumer-facing brand based on operational consistency will have an advantage. Owners who add additional layers of service, whether provided through an affiliated third party or in-house, will achieve further differentiation, especially in class A multifamily.

5. Human Connection Becomes Increasingly Valuable 

Prediction: The core mission of my company is to draw people out of isolation, which makes this trend particularly important to me. As society moves from wide-spread quarantine to the new social norms, the already existing loneliness epidemic will, unfortunately, continue to grow. In 2018, three in five adults (61%) reported feeling loneliness in the well-documented Cigna study. Tragically, we expect this percentage to rise, which may have serious health implications.

Opportunity: Multifamily owners who create operational rhythms for resident connection before, during and after work will attract and retain a disproportionately large number of residents. This operation likely functions similar to a hotel bar, drawing residents out of units and into a space with opportunities for connection. The current lobby and first-floor amenity space is the ideal location of this connection hub. As technology continues to remove friction and human interaction from the consumer experience, people will be more hungry than ever for human interaction. Buildings and operations that can provide places of connection will be in high demand.

In the age after the pandemic, customer-centric sensibility will be critical to best position existing assets in what will be a more competitive landscape. Winston Churchill famously said, “We shape our buildings, and afterwards our buildings shape us.” The coronavirus will more than likely shape us in such a way that our buildings and operations will need to be reshaped. Multifamily owners and operators who are best positioned to address the change in behavior will not only be good for society, but will perform the best in the new normal.

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Canadian Real Estate Just Made The First Back-To-Back GDP Drop In Over A Year – Better Dwelling

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Canadian Real Estate Just Made The First Back-To-Back GDP Drop In Over A Year  Better Dwelling



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In a competitive real estate market, it pays to shop smart – Vernon Morning Star

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Today’s real estate market may seem a bit intimidating, especially for first-time buyers, “smart-sizers,” or those who are looking to move up. No matter what your position on the ladder, these days buying a home requires knowledgeable, expert advice, and not just to choose the right area.

Changing spaces

When buying a home, some factors seem obvious, including its location, proximity to schools, and the commute to work, for example. You might also consider recreation opportunities nearby and whether the home will fit your family today, and tomorrow, note Value Plus 3% Real Estate’s Paula Skladan-Roughton and Nik Roughton.

Together, they can help you figure out what you need and want in a home in practical terms and also help you navigate the fast-paced sellers’ market that is today’s real estate reality.

Changes to how homes are purchased has meant changes to how they’re sold too, and many buyers find the process intimidating and confusing. It’s essential to find a local real estate team that brings their expertise to the table to make the complicated process of buying a home in today’s hot market as enjoyable as it can be. “We know what you can expect in today’s market and will make sure you’re prepared to meet the demands of a different way of buying and selling.”

More than bricks and mortar

Buying a home today is about far more than its physical location. To be successful, buyers need to be prepared to make an offer that will tick all the boxes for the seller and the buyer.

When a home comes onto the market, most sellers are offering limited showings, and then will accept offers within a certain timeframe, meaning buyers must be prepared with market know-how and a clear idea of their real estate needs, Paula notes. With only one chance to make a blind offer, you need to know how to play the game.

“This time can be an emotional roller-coaster for buyers, so it’s important to understand the current market dynamics so you can make the best offer you can,” Nik says, noting that by looking at the history of offers on similar houses vs. the final selling prices, they’ll take into account what you feel good about paying. “Your home is a big investment, so you want to make sure it’s the right home at the right price.”

Everyone is asking when the market will crash, but Nik notes that “the way we buy and sell houses has changed since the last market correction.”

Changes to government regulations on real estate sales have created more stability in the market, and Nik doesn’t expect a correction any time soon, especially in sought-after communities like Vernon, and with COVID showing that we can work from home.

“Buying a new home is an exciting time, and we can use our experience to help you make the best offer on the home you want,” Paula adds.

Call Paula today at 250-540-9754 or email paula@VP3.ca or connect with Nik at 778-212-3737 or email nik@VP3.ca

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What Sold: 31 Newport County real estate sales, transactions (July 25 – 31) – What'sUpNewp

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Real estate, like any industry, is based on the foundation of supply and demand. Sellers are seeing premium prices for their homes due to low-interest rates and even lower inventory; which makes for a very competitive environment from a buyer’s perspective.

If you’re considering selling or simply want to know what your home may be worth in today’s market, I am offering confidential, complimentary, and no-strings-attached home value analyses to anyone interested.

If you have any real estate questions, please give me a call directly at 401-241-1851 or email me at TylerB@remaxnewportri.com.

In the meantime, here’s what sold in Newport County last week.

Peoples Credit UnionPeoples Credit Union

Newport

225 Ruggles Avenue sold for $9,391,635 on July 26. This 10,530 sq. ft home has 10 beds and 9.2 baths.

21 Chastellux Avenue sold for $7,100,000 on July 27. This 5,000 sq. ft home has 5 beds and 5.1 baths.

19 Stockholm Street sold for $645,200 on July 28. This 1,343 sq. ft home has 3 beds and 2 baths.

26 Mumford Avenue sold for $589,000 on July 30. This 1,320 sq. ft home has 3 beds and 1.1 baths.

50 Admiral Kalbfus Road sold for $410,000 on July 27. This 988 sq. ft home has 3 beds and 1.1 baths.

109 Church Street #3 sold for $360,000 on July 28. This 697 sq. ft home has 1 bed and 1 bath.

35 Pelham Street #E sold for $357,500 on July 28. This 810 sq. ft home has 1 bed and 1.1 baths.

Middletown

241 Tuckerman Avenue sold for $1,265,000 on July 26. This 1,807 sq. ft home has 3 beds and 2 baths.

35 Bliss Mine Road sold for $705,000 on July 29. This 2,228 sq. ft home has 4 beds and 2 baths.

14 Pocahontas Drive sold for $535,000 on July 27. This 1,914 sq. ft home has 3 beds and 2.1 baths.

1 Wood Road sold for $445,000 on July 26. This 1,552 sq. ft home has 4 beds and 3 baths.

28 Stockton Drive sold for $355,000 on July 30. This 1,116 sq. ft home has 3 beds and 1 bath.

Portsmouth

50 Eastover Road sold for $3, 200,000 on July 26. This 6,597 sq. ft home has 6 beds and 5.2 baths.

33 Strawberry Lane sold for $1,406,250 on July 26. This 3,407 sq. ft home has 4 beds and 3.1 baths.

1115 Anthony Road sold for $1,005,000 on July 29. This 2,176 sq. ft home has 4 beds and 4 baths.

25 Mary Lane sold for $745,200 on July 27. This 2,489 sq. ft home has 4 beds and 3 baths.

5 Benedict Avenue sold for $625,000 on July 30. This 2,276 sq. ft home has 4 beds and 3 baths.

120 Pheasant Drive sold for $612,500 on July 30. This 1,330 sq. ft home has 3 beds and 2 baths.

14 Pioneer Lane sold for $390,000 on July 29. This 1,288 sq. ft home has 4 beds and 1 bath.

59 King Phillip Street sold for $335,000 on July 30. This 1,200 sq. ft home has 3 beds and 1 bath.

338 340 West Main Road sold for $406,000 on July 29. This one-story home spans 1,536 sq. ft.

Jamestown

121 Steamboat Street sold for $699,900 on July 27. This 1,288 sq. ft home has 3 beds and 2 baths.

53 Conanicus Avenue #3F sold for $654,900 on July 30. This 1,309 sq. ft home has 2 beds and 2 baths.

Tiverton

274 Teaberry Lane sold for $800,000 on July 28. This 3,030 sq. ft home has 4 beds and 2.1 baths.

120 Horizon Drive sold for $515,000 on July 26. This 1,792 sq. ft home has 3 beds and 3.1 baths.

240 Hooper Street sold for $328,000 on July 30. This 1,154 sq. ft home has 3 beds and 1.1 baths.

60 Kaufman Road sold for $320,000 on July 30. This 1,254 sq. ft home has 3 beds and 1.1 baths.

1034 Stafford Road sold for $295,000 on July 28. This 1,150 sq. ft home has 2 beds and 1 bath.

23 Willow Street sold for $217,500 on July 30. This 546 sq. ft home has 1 bed and 1 bath.

15 Blackbird Street sold for $185,000 on July 29. This 960 sq. ft home has 2 beds and 1.1 baths.

100 Songbird Lane sold for $165,000 on July 30. This 1,300 sq. ft home has 2 beds and 2 baths.

Little Compton

Nothing to report.

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