Property development has become increasingly popular in recent years in the highest levels of the United States market. A decade ago, it would have been unimaginable that there would be property listed at $30 million or more, but now there are quite a lot of houses in the $10 to $40 million range. These properties located in cities such as Miami, Los Angeles, the Hamptons and New York are nothing like the modern boxes or story buildings of past days. Instead, they boast over the top features that demonstrate the developer’s considerable attention to detail that keeps the end user in mind. Other factors making these properties appealing to most discerning buyers include:
Improvements in safety and design
Modern properties are far from the rusted tin boxes that a large population still pictures. In the 21st century, these homes are built with high-end interiors to attract the discerning buyers considering their cheap nature compared to a new custom built property. Many property developers offer a wide range of properties with preselected luxury designs containing sturdy roofing materials, custom carpentry, imported marble floors and energy efficient doors, and windows.
Time and lifestyle factors
For buyers looking to build a home, the complexities of the project turned over to move-in day can average from two to three years. Most listed properties are meant to be move-in ready which is a hugely appealing factor in luxury markets where most people own second or third homes. Most buyers tend to use the houses for a few weeks or months in the year and want something they can begin to enjoy more quickly than having to wait for a high-end property to be built from scratch. They’re also looking to avoid the hefty prices and headaches that come with new construction. The process of buying already developed property becomes fast and more relaxed and less vulnerable to delays. For a listing of competitive townhomes, apartments, brownstones, and condominiums, check www.mdevelopmentnyc.com
Higher resale value
Land bought during a recession has risen exponentially in value and left developers with an option to either sell that land when things start picking up and reinvest in other areas or opt to develop a house on the property then sell it. Those that choose to build a home then sell make huge profits as more equity is built into the project. Buyers looking for the high-end property have the ability to get in early enough and customize the features as they get to deal with a high-end architects or builders during the preliminary stages of the project. In some cities, not knowing the right people when starting a new construction may cause the new development to be delayed or compromised. From a business perspective, the whole process requires a lot of patience and a great team to pull it off.
In addition to being in demand, these developed properties can be a good buy when you factor in the turnkey solution offered, in most cases the valuable land that they stand on and the new market building trend toward a high level of detail that keeps the homeowner in mind. When looking for an area to invest, you can always turn to property development as this is a lucrative sector.