Vertical luxury living is on the rise in Houston with luxury condos in short supply. The definition by price, of luxury condos in Houston is starting at around $750,000 plus. More about luxury premiums here. These vertical luxury living options, known as luxury condos have amenities that rival most 4-Star hotels and nothing less is acceptable for their discerning buyers. So, who are the buyers of luxury condos in Houston and what do they expect? Here’s the scoop from the associations that manage them.
Luxury condos – Defining the Buyers
The buyers of luxury condos in the Houston area is mainly a draw of empty nesters from Memorial, Tanglewood, Sugar Land, The Woodlands and River Oaks. Houstonians are warming to the idea of larger vertical living spaces that are lock and leave, low maintenance and high on service.
Developers are accommodating with large open floor plans, 4-Star amenities and standard, top of the line everything. In short, luxury condo owners are people who know what they want, are accustomed to paying for it and expect what they pay for. They don’t threaten to sue; you hear from their attorney that they are suing. There’s nothing wrong with that either, but it does take a very special management company to manage a luxury condo property.
Luxury condos – Setting the Standards
From the point of the first preview, association management for luxury condos begins looking at the potential buyer. It takes more than just wealth to buy, the association management is creating a community and lifestyle that blends, it’s smart management.
Most luxury condos have right of refusal for prospective owners. Don’t discount the financial obligation either which is sure to include a substantial down payment, excellent credit score and above average income to qualify as a factor to maintain a standard as well. Owners and developers look to the association management to make recommendations to accomplish these task without fear of retribution in terms of a lawsuit or damaging publicity.
Luxury condos – High requirements on staffing, maintenance and living.
We touched on it earlier, luxury condo owners get the best because they are willing to pay for it. However, they also expect performance and not excuses. Demands for service are high and require top of the line staffing and plenty of it from their association management company.
In fact, many luxury condos hire in concierge services that handle their high-end clienteles’ personal request. Requests that can range from jet reservations to birthday gifts for family members. It started in New York, but it’s nationwide now.
Luxury Condo Buyers – They are savvy buyers and not afraid to sue.
It can’t be said enough; luxury condo buyers have a set of standards they expect you to meet and it’s not optional. They don’t just demand higher service, they demand a high level of performance by management when it comes to setting and enforcing the rules.
Developers are prime targets for this class of luxury condo owners; if you advertise a Jenn-Aire stainless steel appliance package in the kitchen, then it better be just that. It’s not just the developer of their property either. In Houston there are several ongoing battles between luxury condo owners and developers of surrounding property for a variety of reasons that center around changing the character of the neighborhood. Again, this high-end buyer has the means to be heard and the money to back it. Read more about some of these cases here.
If you’re looking for the type of management company it takes to run a luxury condo, look to RISE in Houston. Find out more about their service by contacting RISE at (713) 936-9200 or [email protected].